Carbon Engineering concludes $68 million funding round for commercialization of direct air capture

April 11, 2019
Owning the Energy Transition
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The funding round concluded soon after Carbon Engineering added BHP to its portfolio of investors, which also includes Chevron's and Occidental Petroleum's venture arms. BHP contributed $6 million, while investments from Chevron and Occidental remain undisclosed. While the investment is significant, it does not solve the fundamental barrier of direct air capture technology, which is the low concentration of CO2 in ambient air that requires high amounts of energy to isolate. Despite Carbon Engineering's conviction that it will reach sub-$100/MT costs of capture, direct air capture remains an overhyped technology for which a strong and viable business opportunity remains far away.

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