London-headquartered and IIT Kharagpur-incubated cleantech startup Carbon Clean Solutions Limited (CCSL), which also has offices in India and the US, has announced the completion of an equity investment of $16 million from three global investors WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation.
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 modularised CO2 capture technology to heavy industry.”
Founded in 2009 by Aniruddha Sharma and Prateek Bumb, CCSL is developing affordable carbon capture technology for utilisation and storage, as used by steel, cement, refining and petrochemicals and waste incineration plants.
The startup said the investment will be used to deliver an existing pipeline of global projects to lower carbon emissions from industry. CCSL will also invest in the development of “containerised” solutions to achieve $30/tonne cost of CO2 capture by 2021.
It had earlier raised $6 million from investors such as Blume Ventures and now plans to further expand its customer base.
“Our investors are active participants in helping to develop and scale carbon capture utilisation and storage solutions. We look forward to collaborating closely with them to advance our technology and deliver real impact, one gigatonne or one billion tonnes CO2 abatement scale,” added Sharma.
The startup believes that renewables alone will not be enough if the world is to reach net zero emissions targets, CCS technology has a critical role to play in the transition to a low-carbon energy future.
According to Praveen Sahay, Managing Director at WAVE, “CCSL reduces the cost of carbon capture from industrial emissions by more than half. This is the hardest 25 percent of greenhouse gas emission to control, and this affordable solution turns an economic liability into an asset.”
(Edited by Saheli Sen Gupta)