Carbon capture technology company C-Capture has announced that it has completed an £8 million ($11.13 million) funding round supported by existing shareholders IP Group, Drax, and bp Ventures, with additional funding from the British Business Bank’s Future Fund.
The investment reflects the confidence of the C-Capture board in C-Capture’s carbon capture technology and the Government’s support for companies who have the potential to help solve the climate crisis.
C-Capture has patented a unique, solvent-based technology that offers a safe, low-cost way to remove carbon dioxide from emissions using a post-combustion capture approach. It provides a means to make the removal of carbon dioxide significantly more economic from a range of large-scale processes, such as power generation from coal, gas and biomass, and the production of cement, steel, and aluminum.
C-Capture is one of the technologies being evaluated as part of a pilot program at Drax, to demonstrate carbon-negative power production. C-Capture was recently recognized by bp’s advancing low carbon program and was highlighted in a recent UK government report as an important emerging carbon capture technology.
C-Capture was founded in 2009 as a spin-out from the Department of Chemistry at the University of Leeds with backing from IP Group.
Tom White, C-Capture CEO, said: “Additional investment from our shareholders supports C-Capture in further optimising its carbon capture technology, improving performance whilst driving down costs. The benefits our technology can offer over current state-of-the-art carbon capture technologies may help deployment across a range of sectors to be accelerated. Securing this round of investment allows our technical team to really focus on developing a product that will change the way the world thinks about carbon capture.”
Ben Murphy, investment director at IP Group and C-Capture Director, said: “C-Capture is a testament to the potential for new science to shape the world for the better. C-Capture has the potential to be one of the most impactful startups in the world’s future energy system. At IP Group we are proud to have been there from the beginning, helping to build the company up from its foundations.”
Martin Sellers, low carbon digital technology principal at bp and C-Capture Director, said: “Carbon capture is an essential technology for the energy transition, as according to the International Energy Agency (IEA) Sustainable Development Scenario, it will account for 7% of the cumulative emissions reductions needed globally by 2040. bp ventures recognizes C-Capture’s progress in developing the technology, and in helping to meet that important target.”