Clean-tech startup Carbon Clean Solutions has raised $16 million in fresh funding from US-based WAVE Equity Partners and Chevron Technology Ventures, and Japan’s Marubeni Corporation, as it shores up capital in a highly competitive and evolving carbon capture industry. The company works with industries to help them reduce their emissions with its biggest installation being in Tuticorin.
Carbon Clean said new funds will be used to deliver an existing pipeline of projects across the globe and also develop a containerised solution that the company says will be able to bring down the cost of CO2 capture to $30 per tonne by next year.
“This investment demonstrates the confidence our new investors have in our technology and its commercial scalability. We can now grow our company to a size that can help deliver projects to make a ‘net zero’ emissions world possible,” said Aniruddha Sharma, CEO of Carbon Clean Solutions.
The financing will also give the company access to customers globally through joint projects along with firms such as Marubeni Corporation. In a statement, the Japanese firm said it is keen to jointly develop carbon capture utilisation and storage businesses along with Carbon Clean Solutions.
Carbon Clean Solutions was among the nominees in the ‘Top Innovator’ category at The Economic Times Startup Awards 2019.
“CCSL reduces the cost of carbon capture from industrial emissions by more than half. This is the hardest 25% of greenhouse gas emission to control, and this affordable solution turns an economic liability into an asset,” said Praveen Sahay, Managing Director at WAVE.
The company said its goal is to reach gigatonne or 1 billion tonnes of CO2 capture, without giving a timeframe in which it plans to do so. The International Energy Agency recently said that growth of global energy-related carbon dioxide emissions remained stagnant at 33 gigatonnes in 2019.