Captura, a pioneering company in the field of climate solutions, has announced the expansion of its Series A funding round, securing a total of US$45.3 million. This increased investment underscores Captura’s growing momentum and highlights the substantial interest in its innovative Direct Ocean Capture (DOC) technology.
The DOC technology developed by Captura represents a promising avenue for mitigating carbon emissions by leveraging the ocean’s natural capacity to absorb carbon dioxide (CO2). By directly extracting CO2 from the ocean, Captura aims to address the pressing issue of excess atmospheric CO2 levels, a key driver of climate change.
Joining the roster of investors in this funding round are notable names including National Grid Partners and Japan Airlines Innovation Fund/Translink Capital, alongside existing investors who continue to demonstrate their confidence in Captura’s vision. This diverse and global coalition of investors recognizes the potential of Captura’s DOC technology as a cost-effective and scalable solution for carbon removal.
“Investing in Captura’s Direct Ocean Capture technology aligns with National Grid’s strengths and aspirations in sea-based electric network development, along with our plan to achieve net zero GHG emissions by 2050,” says Kristian Bodek, Director of Corporate Venture Capital of National Grid Partners. We are excited to be part of this journey and to support Captura in scaling its impactful solution.”
The latest injection of funds follows on the heels of two previous successful funding rounds in January 2024 and January 2023, highlighting Captura’s rapid progress in executing its commercialization strategy. With two operational pilot plants already in place in California and plans for a new pilot plant in Norway slated for late 2024 in collaboration with Equinor, Captura is poised to make substantial strides in carbon removal efforts.
Captura’s DOC technology operates by extracting CO2 directly from the ocean, thereby augmenting the natural carbon absorption capabilities of marine ecosystems. The captured CO2 can be stored securely for carbon removal purposes or utilized in the production of sustainable products, such as low carbon intensity fuels. These fuels hold particular promise for addressing the decarbonization challenges faced by industries like aviation and shipping, where traditional electrification approaches may not be viable.
One of the key advantages of Captura’s approach is its efficiency in leveraging the ocean’s inherently higher CO2 concentration compared to the atmosphere. By requiring no added absorbents, generating no by-products, and introducing no new substances into the ocean, Captura’s process represents a clean and sustainable method for CO2 removal.
“We are thrilled to welcome investments from National Grid Partners and Japan Airlines Innovation Fund/Translink Capital, as they join us and our leading team of investors,” says Steve Oldham, CEO of Captura. “This infusion of capital not only further highlights the potential of our Direct Ocean Capture technology but also accelerates our march toward a market-ready solution. With these strategic investments, we bolster our mission to create sustainable change at a climate-relevant scale.”
All images in this article are courtesy of Captura.
