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A US$68 million investment for Carbon Engineering

The money will allow the company to bridge pilot tech to the mainstream market
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Carbon Engineering at Squamish's waterfront.

 

About US$68 million has been injected into Squamish's high-profile carbon capture company, Carbon Engineering.

"This financing round — the largest of its kind into a [direct air capture] company — shows the growing recognition of both the benefits and commercial readiness of our DAC technology," said said CEO Steve Oldham in a news release.

"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."

Carbon Engineering says the investment will allow the company to bridge the gap from the pilot demonstration of its technology, to mainstream market deployment.

The funding enables expansion of its pilot plant in Squamish and the engineering of its first commercial facilities, the news release says.

Carbon Engineering has touted its technology as a game-changer in fighting climate change.

The company says it can remove carbon dioxide from the atmosphere and deliver large-scale negative emissions by permanently and safely storing the material underground.

It also says its technology 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.

Publicly announced Carbon Engineering investors now include: Bill Gates, Murray Edwards, BHP, Chevron Technology Ventures, Oxy Low Carbon Ventures, LLC, Bethel Lands Corporation Ltd, Carbon Order, First Round Capital, Lowercase Capital, Rusheen Capital Management, LLC, Starlight Ventures, Thomvest Asset Management (an affiliate of Peter J. Thomson), the Benjamin Family, the Hodgkinson Family, and the Hutchison Family. Additionally, all of CE's Board, management and many of CE's staff have personally invested into the company as part of this round.

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