UK-based carbon dioxide (CO2) capture technology developer Carbon Clean Solutions (CCSL) closed a $16m funding round yesterday that included oil and gas supplier Chevron and trading conglomerate Marubeni.
Private equity firm Wave Equity Partners also participated in the round while Chevron invested through its Chevron Technology Ventures unit.
Founded in 2009, CCSL is developing technology intended to capture and separate CO2 from industrial plant emissions, flue gases or waste-to-energy systems on a large scale so it can be stored and reconstituted instead of entering the atmosphere.
The company has built an industrial-scale plant in India and intends to collaborate with Chevron and Marubeni to advance its technology. The capital will go to advancing its existing project pipeline.
Eiji Okada, chief operating officer of Marubeni’s plant division, said: “With CCSL’s innovative and cost-competitive technology, we are very keen to jointly develop carbon capture utilisation and storage business across the world by leveraging our global networks deeply rooted in various industries.
“We strongly believe that this breakthrough technology enables us to realise circular economy, maximising the value of CO2 as the resources.”
CCSL has not revealed details of previous funding but its investors include venture capital firm Blume Ventures, which provided an undisclosed amount for the company in 2011 according to TechCircle.
