CarbonCapture, a climate technology company based in the United States, has successfully secured $80 million (approximately Dh293 million) in funding from a variety of investors, with notable participation from Saudi Aramco’s venture capital arm.
Led by Prime Movers Lab, the Series A fundraising effort attracted investments from key players such as Aramco Ventures, Amazon’s Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff’s Time Ventures.
This substantial investment, reported by Reuters through industry tracker PitchBook, represents one of the largest injections of private capital into direct air capture technology. Headquartered in Los Angeles, CarbonCapture stands at the forefront of this significant funding round.
The US startup specializes in the development of direct air capture machines aimed at extracting carbon dioxide from the atmosphere. Leveraging innovative technology, the company has already secured pre-sales exceeding $26 million (around Dh95 million) worth of carbon removal credits from various global corporations.
Prominent clients include industry giants like Microsoft, Boston Consulting Group, Alphabet, Meta, Stripe, Shopify, McKinsey & Company, and JPMorgan Chase & Co.
In 2022, Saudi Aramco introduced a $1.5 billion (approximately Dh5.5 billion) fund dedicated to investing in technologies facilitating the transition to cleaner energy.
Managed by Aramco Ventures, the fund is strategically positioned to support the company’s ambitious goal of achieving net-zero greenhouse gas emissions by 2050 across its entire operational portfolio.
This initiative also encompasses the development of innovative lower-carbon fuels, aligning with Aramco’s commitment to sustainability and environmental stewardship.
