Chevron Technology Ventures invests in modular CO₂ capture system

2/17/2020

LONDON - Carbon Clean Solutions Limited has completed an equity investment of $16 million from three global investors, WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation.

The investment will be used to deliver an existing pipeline of global projects to lower emissions from industry. Carbon Clean Solutions Limited (CCSL) will also work toward the development of “containerized” solutions to achieve $30/ton cost of CO₂ capture by 2021.

Aniruddha Sharma, CEO of CCSL, said: “This investment demonstrates the confidence our new investors have in our technology and its commercial scalability. We can now grow our company to a size that can help deliver projects to make a ‘net zero’ emissions world possible and expand our modularized CO₂ capture technology to heavy industry.”

“Our investors are active participants in helping to develop and scale carbon capture utilization and storage solutions. We look forward to collaborating closely with them to advance our technology and deliver real impact, on gigatons or 1 billion ton CO₂ abatement scale” Sharma said.

“Chevron is committed to producing affordable, reliable, and ever-cleaner energy. We invest in breakthrough technologies that both lower emissions in oil and gas and are integral to low carbon value chains. Our investment in Carbon Clean Solutions aims to help commercialize and scale carbon capture utilization and storage technologies, a key part of delivering on our commitment,” said Barbara Burger, President of Chevron Technology Ventures.

“With CCSL’s innovative and cost-competitive technology, we are very keen to jointly develop Carbon Capture Utilization and Storage business across the world by leveraging our global networks deeply rooted in various industries. We strongly believe that this breakthrough technology enables us to realize circular economy, maximizing the value of CO₂ as the resources.” said Eiji Okada, Chief Operating Officer of Plant Division of Marubeni Corporation.

Affordable CCS technology has a critical role to play in the transition to a low-carbon energy future. It is one of a host of technologies that will be required to tackle climate change. CCSL believes that renewables alone will not be enough if the world is to reach net zero emissions targets whilst also meeting the energy needs of a fast-growing global population still largely reliant on fossil fuels.

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