February 6 (Renewables Now) - C-Capture, a chemicals producer that specialises in carbon dioxide (CO2) removal, has raised GBP 3.5 million (USD 4.5m/EUR 4m) in an equity funding round led by UK power producer Drax Group Plc (LON:DRX), BP Ventures and IP Group.
Leeds-based C-Capture, formed in 2009 as a spin-out from Leeds University, provides systems that eliminate CO2 emissions from power stations and cement, steel and aluminium plants. The company is currently executing a demonstration project at the Drax Power Station in North Yorkshire, which runs on biomass.
The carbon capture expert plans to use the proceeds from the funding round to further develop its technology, undertake larger pilot projects in other industries and grow marketing around the world.
Will Gardiner, CEO of Drax, commented that the power producer's investment in C-Capture gives it a long-term commercial agreement to work together with the carbon capture specialist.
“We’re confident that our bioenergy carbon capture and storage (BECCS) pilot project will be successful, and if we scale it up, it could enable Drax to become the world’s first negative emissions power station,” he added.
(GBP 1.0 = USD 1.297/EUR 1.139)