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Carbon America Closes $30 Million Series A to Launch Carbon Capture Industry’s First Vertically Integrated Super Developer
Carbon America, the first vertically integrated carbon capture and sequestration (CCS) super developer, today announced it has secured $30 million in Series A funding to deploy commercial projects and scale up its technology. Participating investors include the Canada Pension Plan Investment Board (CPP Investments), ArcTern Ventures, Energy Impact Partners, the Grantham Environmental Trust’s Neglected Climate Opportunities Fund, and Golden Properties. The shareholders will also have an option to invest an additional $15 million by April 2022 to support the company’s continued accelerated growth.
“We’re extremely pleased to be joining with an amazing set of financial partners who are committed to climate solutions and who have a sophisticated understanding of the emerging supply chain and economies of scale in carbon capture,” said Alex Lau, Chairman and Co-Founder of Carbon America. “Having such strong financial and strategic partners is a key enabler to advance our mission of working with some of the biggest emitters in North America to mitigate their climate impact, capture as much CO2 as possible as quickly as possible, and drive down the cost of carbon capture for the world.”
Carbon America’s team of highly skilled and experienced talent spans the entire CCS value chain, from development to financing, engineering and execution, and provides the foundation for moving CCS projects from concept to operation faster and more cost effectively than existing approaches. The company is currently developing multiple projects that accelerate emissions reductions and commercial deployment of CCS.
“As a long-term investor, we believe carbon capture will have an important role to play in the world’s transition to address climate change,” said Bruce Hogg, Managing Director, Head of the Sustainable Energies Group at CPP Investments. “Carbon America’s focus on the entire carbon capture and sequestration supply chain makes this investment a good fit for our Innovation, Technologies and Services strategy, in support of our Sustainable Energies program and overall investment mandate.”
“Carbon capture is an increasingly pivotal part of the toolkit for fighting the climate crisis – particularly for really tough sectors like cement and steel – and we’re excited to support such a highly capable team in their pursuit of supercharging growth in this field,” said Tom Rand, Co-Founder and Managing Partner at ArcTern Ventures. “We believe Carbon America has a new and unmatched level of strategic and savvy thinking on CCS, tremendous technical depth, and we look forward to seeing the impact they bring as they deploy projects and help drive this important industry forward.”
Carbon America anticipates further announcements regarding project deployment and technology scale-up over the course of 2022.
“Carbon capture technology has been around for a long time,” said Hans Kobler, Founder and Managing Partner at Energy Impact Partners. “What’s been missing is the ability to finance, build and operate carbon capture projects, at scale, in an efficient, cost effective way. We think Carbon America has cracked the code on how to deploy CCS projects at scale with their vertically integrated model backed by technical expertise and look forward to seeing the emissions reductions from these projects.”
About Carbon America
Carbon America is a vertically integrated super developer of carbon capture and sequestration projects founded with a climate impact-focused mission to accelerate the technological, financial and operational maturity of CCS. More information can be found at carbonamerica.com.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2021, the Fund totaled C$541.5 billion. For more information, please visit www.cppinvestments.com.
About Energy Impact Partners
Energy Impact Partners, LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About ArcTern Ventures:
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability – we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet’s biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth.
About Grantham Trust’s Neglected Climate Opportunities
Neglected Climate Opportunities LLC is a climate-focused venture capital vehicle that invests to redesign energy systems, improve soil health, spare the ocean from acidification, and recapture carbon from the atmosphere. NCO is a wholly owned subsidiary of the Jeremy and Hannelore Grantham Environmental Trust which, along with its affiliate, the Grantham Foundation for the Protection of the Environment, believe that innovation and technology are the best hope for an enduring future. The Grantham Trust and Foundation have, for over 15 years, focused almost exclusively on climate change mitigation and currently support over eighty grantees and forty portfolio companies around the world.
Antenna for Carbon America