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 Climate Change

Decarbonisation
Published on: May 17, 2022, 3:56 p.m.
Carbon Clean gets a fillip
  • Sharma: Carbon Clean’s vision is to deliver global industrial decarbonisation on a gigatonne scale

By Business India Editorial

London-based clean-tech firm Carbon Clean got a fillip to its goal of ‘global industrial decarbonisation on a gigatonne scale’ with a fund injection from US oil giant Chevron.

Chevron will invest $150m in Carbon Clean, which specialises in carbon capture for heavy industries like cement and steel. Heavy industries account for 30 per cent of global carbon emission.

The funding round was led by Chevron alongside a host of big name backers including Saudi Aramco Energy Ventures, AXA Investment Managers and Samsung Ventures.

Aniruddha Sharma, Chair and CEO of Carbon Clean, said: “Carbon Clean’s vision is to deliver global industrial decarbonisation on a gigatonne scale, and we are now on track to do this by the mid-2030s. We are at the forefront of sector innovation, delivering products that can genuinely change the world. Today’s funding round is testament to the confidence of industry and global investors in our technology and its importance to reach net-zero goals. Making carbon capture technology accessible for hard-to-abate sectors is a huge opportunity.

“All our investors are people in the cement business; in the energy generation business; in the oil and gas business. That shows that if you want to decarbonise heavy industry, we need a technology solution right now.”

Sharma said the firm was now eyeing up a growth push and looking to scale up the product “at least three times over next two years” to make one box that can capture 100,000 tonnes of Co2,  as well as rolling out to further sites in the US and Europe and bolstering the firm’s core team in the UK.

“Chevron is proud to lead Carbon Clean’s record Series C funding round, and we look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower carbon solutions,” Chris Powers, Vice President, CCUS for Chevron New Energies, said.

It comes amid a boom in investment into so-called cleantech firms, with UK firms alone attracting £134 billion last year – 18 per cent of all European funding into the space – according to data from IP and R&D tax credit firm GovGrant.

In the past 12 months, Carbon Clean has achieved several significant milestones. The business reached the landmark of 1.5 million tonnes of carbon captured, launched CycloneCC – the world’s smallest industrial carbon capture technology, and signed partnerships with global industrial players like Veolia, CEMEX and Chevron, as well as with one of the most mature carbon capture and storage and hydrogen projects in the UK, the Acorn Project.

Carbon Clean's latest technology, CycloneCC, launched in October 2021, can be a game changer for hard-to-abate sectors like steel, cement, energy from waste, refineries and upstream/midstream oil and gas. CycloneCC has a footprint ten times smaller than conventional carbon capture, making it easily deployable in less than eight weeks. The solution has the potential to reduce CapEx and OpEx by up to 50 per cent and drive down the cost of carbon capture to $30/tonne on average, which would make the economic case for CCUS undeniable.


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