Chevron announced a new investment in Carbon Clean, just days before the publication of the second instalment of the UN Intergovernmental Panel on Climate Change’s (IPCC) Sixth Assessment Report.
10th March 2022, The Netherlands
Carbon Clean doesn’t shy away from a big goal; it is targeting the removal of 1 billion tonnes of CO2 through its cost-efficient carbon capture solutions. The Icos Capital portfolio company (ICF III) is a step closer to that goal, with the injection of additional funds from the U.S. energy major, Chevron. The timing of this announcement couldn’t be better for the world.
Action is Needed Now
The second installment of the UN IPCC’s Sixth Assessment Report was published recently and explains how environmental damage is happening faster than we thought before and how action is needed immediately. The world must urgently reduce emissions and rapidly achieve Net Zero strategies and heavy industry has huge potential to invest in, and scale, clean technology. Carbon Clean offers clean technology solutions, focusing on carbon capture to help companies reduce their emissions. Most importantly, its technology has already been proven at scale in over 44 sites around the world and the cost of carbon capture will be radically reduced with its latest breakthrough fully modular technology (CycloneCC).
“We are seeking to deliver a revolution in carbon capture driven by our modular technology and are thrilled that Chevron shares our vision for the sector,” said Aniruddha Sharma, Co-founder and CEO of Carbon Clean. “It is vital that we decarbonise hard-to-abate sectors while developing new low-carbon technologies. This latest investment and our work with partners, such as Chevron, will provide us with the opportunity to deliver exponential growth in carbon capture and meet ever rising demand.”
Chevron is targeting 25 million tonnes of CO2 per year in equity storage by the end of this decade, with a focus on developing regional hubs that leverage its existing and emerging partnerships with customers, governments, and industry.
Carbon Clean and the Carbon Market
Carbon Clean is a market leader in the carbon capture space, offering an economically viable solution deployed at the point of emission. The company is a great example of accelerating sustainability profitably in the Icos portfolio. “Some time ago, carbon was given a price, one which has since increased, especially since 2018. That goes hand in hand with the fact that people and industries are taking CO2 emissions seriously and we saw the opportunity in Carbon Clean to lead in a market that was gaining significant traction,” says Peter van Gelderen, Managing Partner, Icos Capital.
Within the Icos Carbon Strategy, investment isn’t solely focused on carbon capture. “Carbon capture is just one aspect of the emission reduction potential of the industry. Our team is closely tracking many promising startups in decarbonization,” explains Nityen Lal, Managing Partner, Icos Capital. Carbon Clean also provides complete solutions across the full Carbon Capture and Utilisation (CCU) value chain, including projects that are benefiting from the circular carbon economy – providing new revenue streams through the use of CO2 in commodities such as fuels and chemicals like soda ash (sodium carbonate), an ingredient used in household products, glass manufacturing and paper production.
“Every day the challenge to reverse climate change and decarbonize the world becomes more pressing. We are seeing that affordable solutions with high profitability capacity hold enormous potential to scale at a rapid pace. That’s something we urgently need and are excited to be a part of with the launch of our next fund later this year,” says Nityen Lal.
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About Carbon Clean
Carbon Clean is a global leader in carbon capture solutions for hard-to-abate industries such as cement, steel, refineries and energy from waste. The company’s patented technology significantly reduces the costs of carbon capture when compared to existing solutions.
For further information: www.carbonclean.com.
About Icos Capital
Icos Capital is a leading sustainable venture and growth capital investment firm in a uniquely
established collaborative venturing model. This model engages corporations and financial
institutions in a collaborative partnership to facilitate growth of promising scale-ups. Since 2006, Icos Capital has backed ambitious startups and scale-ups and continues to focus on sustainable industry, circular economy, decarbonization and sustainable food.
For further information: www.icoscapital.com