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 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.
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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.
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“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.
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“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.
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