- The raise is an expansion of Captura’s Series A funding and reflects the company’s growing momentum towards commercialization of its climate solution
- Captura’s Direct Ocean Capture technology captures CO2 from the ocean, creating capacity for the ocean to draw down additional CO2 from the atmosphere
- The captured CO2 can be permanently stored or turned into lower GHG emission fuel, providing a flexible and powerful tool to help hard-to-decarbonize sectors reach net zero
LOS ANGELES (January 22, 2024) — Today, Captura announced it expanded its Series A funding round to raise an additional US$21.5 million to commercialize its Direct Ocean Capture (DOC) technology that harnesses the power of the ocean to absorb carbon dioxide (CO2) from the atmosphere.
Maersk Growth, Eni Next, and EDP Ventures came aboard as new investors in the round, bringing expertise across shipping and logistics, energy, and utilities to Captura’s team. Many of Captura’s existing backers also re-invested, including Future Planet Capital who led the expanded round, Equinor Ventures, Freeflow Ventures, Hitachi Ventures, Aramco Ventures, mTerra Ventures, and EIC Rose Rock Venture Fund.
Captura raised an initial US$12M in January 2023 and increased its Series A financing to reflect growing momentum as the company progresses its technology pilot program and begins design work for commercial plants. Captura has two operational pilot plants in California and is developing its third in partnership with Equinor. This plant has a capture capacity of 1000 tons of CO2 annually and is planned to be installed in Norway in Fall, 2024. Following this pilot, Captura plans to move into large-scale commercial deployments with early plants capturing tens of thousands of tons of CO2 or more annually.
These plants will use Captura’s unique DOC technology that captures CO2 from the ocean so it can be permanently stored or turned into lower GHG emission fuel or other products. Removing CO2 from the ocean using DOC amplifies the ocean’s natural capability as a carbon sink, creating capacity for an additional drawdown of CO2 from the atmosphere.
The result of the process is removal of atmospheric CO2 via the ocean, without adding anything to the ocean. With CO2 roughly 150 times more concentrated volumetrically in the ocean compared to air, this provides an inherently scalable and efficient way to remove excess atmospheric CO2.
Maersk has a 2040 target of net zero greenhouse gas emissions and aims to transport a minimum of 25% of ocean cargo using green fuels by 2030. As part of these ambitious targets, Maersk Growth has committed to invest in and partner with a variety of green fuel and greenhouse gas reduction solutions.
“Maersk Growth is actively looking for promising startups in the Energy Transition space who can enable and accelerate the journey towards net-zero shipping and logistics,” says Ida Christine Brun, Head of External Innovation and Ecosystem Engagement at Maersk Growth. “Captura has developed a promising technology, and we are looking forward to joining forces with them.”
Eni Next, the corporate venture capital arm of Eni, invests in high-growth start-ups with the most innovative, disruptive and scalable technologies to accelerate the energy transition toward a zero-carbon future.
“Eni Next is looking for new technological solutions leading towards energy transition and Captura represents an example of an innovative company we aim to support. We believe that the Direct Ocean Capture (DOC) technology has the potential to provide a meaningful contribution to reach net zero” said Clara Andreoletti, President and CEO of Eni Next.
EDP have stated a commitment to have 100% renewables generation by 2030 and Net Zero emissions by 2040. With a goal to support and stimulate the open innovation process in the energy sector, EDP Ventures – as the strategic venture arm of EDP Group – invests in early-stage tech startups with the potential to impact the lives of millions of people.
“A greener, safer, and more sustainable world begins with unwavering commitments from those dedicated to leading the energy transition. EDP has pledged to achieve net-zero emissions by 2040 and we are thrilled to collaborate with Captura in their mission to scale carbon removal. It’s becoming increasingly important to include carbon removal technologies as a part of a net-zero strategy, and Captura stands out as the leading player in this promising field. At EDP Ventures, we are delighted to contribute to this transformative journey,” said Luís Manuel, Executive Board Member of EDP Innovation and Managing Partner at EDP Ventures.
“This past year, Captura has made remarkable strides on our path to commercialization,” said Steve Oldham, CEO of Captura. “As we work to advance both our technology and business, we’re thrilled to welcome investment from industry-leading companies like Maersk, Eni Next, and EDP, and to have the continued support of our existing investors. With our growing network of deployment partners and investors, and the success of our technology pilot program, Captura is now well-positioned to bring our technology to market and deliver climate solutions at meaningful scale.”
About Maersk Growth:
Maersk Growth is the global partner for external innovation at A.P. Moller – Maersk on a mission to digitise, democratise, and decarbonise supply chains, investing in and partnering with promising startups to support new business models and technologies.
About Eni Next:
Eni Next is Eni’s Corporate Venture Capital company, created to integrate corporate research, carried out by internal and external researchers and in joint projects with other partners, with open innovation, enhancing the value of dynamic and innovative start-ups through early-stage financing and successive capital increases.
In particular, Eni Next evaluates and invests in companies developing technologies with a lower carbon footprint for energy production, improved efficiency for industrial operations and digital solutions.
EDP is one of the largest renewable energy producers in the world, with a global and distinctive portfolio of assets across hydro, onshore wind and solar, as well as offshore wind. It started this journey 3 decades ago in Europe and has since then scaled up across 30 countries in North America, South America and APAC. The company is reimagining the energy sector and driving a massive acceleration to meet the urgent need for cleaner, more reliable, and affordable energy for all, leaving no one behind. That is why EDP has the ambitious commitment of investing more than €25 billion in the energy transition by 2026, as well as deploying 4.5GW/year of renewables between 2023-2026 and doubling its wind and solar installed capacity by 2026. Being the strategic venture capital arm of the group, EDP Ventures actively supports this green energy revolution.
Captura is a Direct Ocean Capture company headquartered in Pasadena, California. Captura combines innovative technology with the natural carbon removal powers of the ocean to remove CO2 from the atmosphere at large scale and low-cost, providing a critical capability in the fight against climate change. Captura was founded at Caltech and its solution has been validated and supported by the Musk Foundation’s Carbon Removal XPRIZE, the Department of Energy’s ARPA-E, and Frontier Climate. For more information, visit www.capturacorp.com.
Captura Looks Back at 2023
As 2023 draws to a close, Captura reflects on a remarkable year of growth, strategic collaborations, partnerships, pilot expansions, and recognition for our pioneering efforts in ocean-based carbon removal technology. We are proud to end the year with a major milestone; our 100-ton-per-year ocean carbon removal system at AltaSea at the Port of Los Angeles is successfully operating end-to-end and capturing excess CO2 from the ocean. Using our Direct Ocean Capture (DOC) technology, this is our second operating pilot system!
The success of our 100-ton-per-year system lays the groundwork for large-scale commercialization and highlights the rapid progress Captura is making toward being a global climate solution. We thank SoCalGas for the funding of our pilot– it has been instrumental to the success of our pilot program and our efforts to scale up our technology so it can make a meaningful impact on the climate challenge.
Strategic Partnerships and Global Expansion
As we continue to grow our company, a major highlight has been the announcement of new pilot plants in Quebec and Norway in 2024 through strategic partnerships. Next year, we’re working with Deep Sky to deploy a Captura pilot system in Canada, starting with a pilot demonstration in Eastern Quebec that can capture 100 tons of CO2 from the ocean annually. Our collective aim is to eventually build commercial facilities in Canada that capture between 100,000 and one million tons annually.
That’s not our only pilot expansion next year. Captura is partnering with Equinor, a major player in the energy and engineering sectors, to deploy a 1,000-ton-per-year plant in Norway that can potentially serve as a launchpad to build large-scale, commercial plants in key regions around the world. The CO2 captured at this pilot is planned for the commissioning of the Northern Lights facilities – the world’s first open-source CO2 transport and storage infrastructure. This will be the final system in Captura’s technology piloting program and positions Captura to rapidly scale DOC and meet the increasing demand for sustainable solutions.
Captura wishes to thank all our partners and vendors who work with us every day to develop and grow our business and technology.
MRV Milestones and Investor Confidence
Captura believes the ocean is our greatest ally against climate change—but only if we take care of it. In October, Captura released our Carbon Dioxide Removal Pathway, outlining our practices for both monitoring, reporting, and verification (MRV) and ensuring our ocean operations are safe for the marine ecosystem. This will be a living document where we’ll publish data and results from our pilot systems and testing work, marking a crucial step in promoting transparency and accountability.
As part of a commitment to accountability, carbon credit suppliers collaboratively crafted the Reykjavik Protocol—a set of principles guiding responsible market entry. Captura proudly signed and supports these principles, standing alongside fellow innovators deploying technologies that harness natural processes to combat excess carbon in our environment.
Early this year, Captura announced our US$12 million Series A financing round. This milestone not only injected essential capital into the company but also brought aboard a global cohort of strategic investors who bring key experience and expertise to help us scale and deploy our solution.
Stay tuned for more major funding news in the new year!
Captura experienced substantial internal growth, expanding our team, and almost tripling its size in less than a year! This expansion included new team members in our Engineering, Pilot plant, Oceanography and MRV, Electrodialysis, Communication, and Human Resources teams.
Captura’s commitment to innovation and environmental stewardship did not go unnoticed, as Captura was named one of the most promising climate tech startups of 2023 by Business Insider, and one of the 10 most prominent ocean carbon removal companies by Carbon Herald. Our work in the carbon removal space also earned mentions in Reuters, The Times, The Verge, Time Magazine, Axios and more.
Government Recognition and Policy Advancements
2023 was a big year for climate policy momentum and support for carbon removal and ocean-based solutions. At COP28, we saw positive progress with new language agreed for the first time on the need to transition away from fossil fuels, and reference to the role of carbon removal. In the European Union (EU), the Carbon Removal Certification Framework has entered the final negotiation stage, a crucial last step toward adoption of this important framework to scale up, certify, and verify carbon removals in the EU.
Closer to home, Captura was encouraged to see the U.S. government introduce the new Fast-Track Action Committee on Marine Carbon Dioxide Removal as part of its new Ocean Climate Action Plan – the first-ever, government-wide approach for leveraging the power of the ocean to combat climate change.
We were also pleased to see the U.S. Department of Energy release details for its $35M Commercial CDR Purchase Prize in which it will directly procure carbon removal from solutions that “capture CO2 that is already in the atmosphere or upper hydrosphere”. We support this “one-ecosytem” approach that reinforces the need for a portfolio of strategies from both land and sea because they so closely interact.
As 2023 ends, Captura recognizes that even with these positive developments, much more work is needed, and thank all those working hard to develop and grow climate policies and markets so we can collectively progress on our climate goals.
Looking Forward to 2024
As Captura concludes this transformative year, we remain steadfast in our commitment to advancing feasible, scalable solutions for carbon removal. The partnerships, investments, and achievements of 2023 position Captura as a high-potential solution to help combat climate change through our innovative DOC technology. With our technology piloting program rapidly progressing, and a growing number of global partners and investors joining our team, we are gearing up to be ready for commercial scale in the near future. As we eagerly anticipate the year ahead, Captura is poised to continue its impactful journey toward a more sustainable and net-zero future.
We hope you can follow along and remember to sign up to receive exciting updates and milestones from Captura in 2024!