Latest Caron Engineering News
Mar 21, 2019
Carbon Engineering, a cleantech company in Squamish, BC, has closed an equity financing round of $90 million CAD, which it called the largest private investment made into direct air capture (DAC) to date. Caron Engineering is helping to address climate change issues by removing carbon dioxide from the atmosphere. The company’s DAC technology allows it to capture and purify atmospheric carbon dioxide for under $135 CAD per tonne. Carbon Engineering has also developed another technology, Air to Fuels, in which atmospheric carbon dioxide is able to be recycled into liquid fuel. The company said it will use the funds to bridge the gap between its DAC and Air to Fuels technologies, while expanding its pilot plant in BC. The money will also go towards the engineering of its first commercial DAC facilities, which are expected to capture up to one million tonnes of carbon dioxide from the air each year. Carbon Engineering now names among its investors, Bill Gates as well as Canadian oil sands financier, Murray Edwards, who owns Canadian Natural Resources (and co-owner of the Calgary Flames). First Round Capital, which has previously funded Uber Technologies, and Lowercase Capital, which funded Twitter and 9Gag, have also invested in the Canadian cleantech company. Other notable investors include Chevron Technology Ventures and BHP, a multinational, Australian-based mining company. Caron Engineering said that it is helping to address climate change issues by removing carbon dioxide from the atmosphere and delivering negative emissions by permanently storing it underground. By integrating DAC technology with its Air to Fuels technology, the company is able to convert atmospheric carbon dioxide into ultra-low carbon fuels that are able to power existing cars, trucks, and airplanes.