CarbonCapture raises US$80mil from Saudi Aramco and others

Potential lifeline: An artist’s impression of the DAC container-sized modules. Carbon removal is seen as a way for the most difficult-to-abate sectors of the economy to reach carbon neutrality. — Reuters

WASHINGTON: Los Angeles-based CarbonCapture, which aims to build machines that suck carbon dioxide out of the air to fight climate change, says it has raised US$80mil from investors that include Saudi oil giant Saudi Aramco.

The money raised in CarbonCapture’s latest major funding round represents one of the largest injections of private capital into direct air capture (DAC) – a technology that has yet to be proven at scale –- over the last five years, according industry tracker PitchBook.