Squamish based Carbon Engineering Ltd announced USD$68 million in private investment. It will help expand local operations and enable commercialization of carbon dioxide removal technology.
The funding will help expand Carbon Engineering pilot plant in Squamish and the engineering of the first commercial facilities, the company said.
This funding is the largest investment made into Direct Air Capture – a climate change mitigation technology that captures carbon dioxide directly from the atmosphere.
These industrial-scale Direct Air Capture facilities can capture up to one million tonnes of CO2 from the air each year
The $68M financing will allow the company to commercialize and enter mainstream markets technology that is able to capture and purify atmospheric carbon dioxide (CO2) for under USD$100/tonne.
According to the company, Carbon Engineering’s DAC technology can help address climate change in two major and complementary ways: it can remove CO2 from the atmosphere and permanently store it underground.
Additionally, the carbon capture can reduce emissions from transportation by converting atmospheric CO2 into ultra-low carbon fuels that can power existing cars, trucks and airplanes without any modifications.
This financing shows the growing recognition of both the benefits and commercial readiness of our DAC technology,” said CE’s Chief Executive Officer, Steve Oldham.
“As the world assesses how to address climate change while keeping economies running with the energy they need, our technology can provide a key part of the solution.”
Oldham said the carbon capture technology can be deployed to help companies and nations meet their climate change commitments and achieve significant emissions reductions.
This will also allow opportunities for jobs, economic growth, and investment, he added.
Keith Klips says
Who is building it? Will there be local jobs to build it?