The past five years were the five hottest years since record-keeping began in 1880. It has become clear that the current Global Warming is caused by greenhouse gases emissions like carbon dioxide and methane. And the burning of fossil fuels by industries is the main contributor to this. But Carbon Clean Solutions Ltd. is reducing industrial CO2 emissions with an innovative technology. The company is of one of the few startups in the world specialised in carbon capture.
The idea is very simple: capture and concentrate CO₂ before it’s released to the air, store it deep where it can’t escape and avoid its emission to the atmosphere. Instead of adding to the climate crisis, CCSL is helping to use the captured CO2 for baking soda plants, or in factories making urea, fertilizer and cement. Carbon Clean Solutions Ltd. has developed a process that not only helps capture CO2 at rates much lower than market standards, but also allows industries to sell that carbon.
CCSL tries to overcome this challenge by providing the means to incentivize carbon capture. And the company publicises around the world the three main advantages of their innovation: it’s cheaper, it allows for the captured carbon dioxide to be monetized and it will help the user get a certified green product.
Finding green funds
The technology already achieved recognition from different investors. In the beginning of this year, the start-up “captured” $16m financing from three global investors, WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation. CCSL will use this funding to work on the development of “containerized” solutions to achieve $30/tonne cost of CO2 capture by 2021.
“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 and expand our modularised CO2 capture technology to heavy industry”, said Aniruddha Sharma, CEO of CCSL.
After showcasing the technology at the world’s largest commercially funded industrial-scale carbon capture and utilisation plant in Tuticorin, India, CCSL plans to expand its customer base further.
“Chevron is committed to producing affordable, reliable, and ever-cleaner energy. We invest in breakthrough technologies that both lower emissions in oil and gas and are integral to low carbon value chains. Our investment in Carbon Clean Solutions aims to help commercialize and scale carbon capture utilization and storage technologies, a key part of delivering on our commitment,” said Barbara Burger, President of Chevron Technology Ventures, one of the investors that participated in this funding round.
The affordable CCS technology has a critical role to play in the transition to a low-carbon energy future. Carbon Clear Solutions received a Phase 1 grant from the European Innovation Council. The project delivered a techno-commercial feasibility study for the scale-up and validation of an advanced carbon (CO2) capture technology.
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.