Carbon Capture Closes on $35M Funding; Will Deploy Tech at Tamarack Nickel Project

Carbon Capture Inc., a climate tech company that makes machines that remove CO₂ directly from the atmosphere, closed on a $35 million Series A funding round. Carbon Capture will use the funds to accelerate product development efforts and establish initial deployments of its renewable energy-powered Direct Air Capture (DAC) systems in locations throughout the U.S. It will start with the Tamarack nickel project in central Minnesota in partnership with Rio Tinto and Talon Metals Corp.

Carbon Capture has developed a set of technical innovations that enable, for the first time, the use of zeolites for capturing CO₂ as part of a commercial DAC system. A class of molecular sieves, zeolites are inorganic, inexpensive, long-lasting and non-toxic, the company said. Moreover, they are already manufactured in very large quantities for multiple industrial applications, eliminating a major barrier to economically scaling DAC to gigaton levels.

The company also appointed Adrian Corless as CEO.

“I’m incredibly excited about the opportunity to lead Carbon Capture,” CEO Adrian Corless said. “This funding, in combination with our transformative technology, world-class team, and top-tier commercial partners, provides us with all of the necessary ingredients to quickly become the leading DAC company in the U.S.”

Corless was formerly CEO of Canadian DAC company Carbon Engineering, where he successfully piloted the firm’s technology and built the company into a recognized leader in atmospheric carbon capture and synthetic fuels production.

Prime Movers Lab led the Series A investment. Also participating in the round was Rio Tinto, Idealab Studio, Idealab X, Marc Benioff’s TIME Ventures, and several additional VC firms and family offices. Equity financing raised by Carbon Capture since inception now totals more than $43 million.

“By 2050, DAC companies will capture upward of 5 to10 gigatons of CO₂ from the atmosphere each year. We are honored to participate in the very early stages of a new $500 billion plus industry,” said Brandon Simmons, general partner at Prime Movers Lab. “We identified Carbon Capture Inc. as having the winning tech and team in the field, and we are thrilled to partner with Adrian Corless and Bill Gross and provide the capital to scale this critical enterprise.”

Benioff said Carbon Capture Inc. represents the “spirit of innovation” needed to solve the climate crisis.

The company’s first deployments will be with Rio Tinto and Talon Metals, with feasibility studies beginning in the fourth quarter of 2021 at the Tamarack Nickel Project in central Minnesota.

“Our investment in Carbon Capture shows Rio Tinto’s commitment to supporting innovative technologies that can make a meaningful contribution to addressing the climate change challenge,” said Peter Toth, group executive, strategy and development, at Rio Tinto. “We look forward to working with Carbon Capture to explore the potential for permanently mineralizing and storing CO2 at Rio Tinto’s sites, which may also offer new commercial opportunities.”

Carbon Capture was created at Idealab Studio, the leading technology incubator founded by serial entrepreneur Bill Gross. Other pioneering companies founded by Bill Gross that aim to make a major impact on global sustainability include Heliogen, a provider of AI-enabled concentrated solar power, and Energy Vault, a provider of gravity-based grid-scale energy storage.

“I’ve made it the purpose of my life’s work to combat climate change by creating technology that will rapidly decarbonize the planet,” said Gross, founder, Idealab Studio and co-founder, Carbon Capture. “Heliogen is replacing fossil fuels with carbon-free energy from sunlight, Energy Vault is deploying cost- effective and sustainable renewable energy storage technology, and now Carbon Capture is cleaning the atmosphere by removing massive amounts of CO₂. I’m confident that, with Adrian at the helm and with the support of our investors, Carbon Capture will follow in the footsteps of Heliogen and Energy Vault as it progresses toward large-scale deployments of its technology.”