C-Capture raises £3.5m funding to combat climate change
C-Capture, the designer of chemical processes for carbon dioxide removal, has raised £3.5m in new equity funding in a round led by BP Ventures, Drax, and IP Group.
The funding is said to underline the credibility of C-Capture’s technology as the company positions itself to help reduce climate change by providing systems removing carbon dioxide emissions from power stations and cement, steel and aluminium facilities.
C-Capture is currently conducting a demonstration project at Drax Power Station in the region, which will remove carbon dioxide from emissions produced by generating electricity from sustainable biomass.
Tristan Fischer, chairman of C-Capture, said: “We’re delighted that Drax, IP Group and now BP have all seen that our unique technology has the potential to be applied at scale around the world as part of the global drive to tackle climate change.
“We’re all very excited about the pilot project with Drax, and also that this new funding will help to develop our technology for use across a range of industries.
“We are looking carefully at the broader market for our carbon capture technology, which includes not just power generation but also the production of cement, steel and aluminium, as well as biogas, across a range of territories including India and China.”
C-Capture will use the new funding to further develop the technology, support larger pilot projects in other industries, and increase marketing globally.
The UK government is committed to developing and deploying CCS technology to cut emissions.
C-Capture’s technology uses new proprietary solvents to remove carbon dioxide, offering a safer and less expensive alternative to current technologies based on the use of amines.
Ben Murphy, Cleantech’s investment manager at IP Group plc, added: “IP Group has been involved with the company from the outset and we’re delighted to see C-Capture winning the recognition we feel the technology merits.
“C-Capture’s technology is world-leading, with exceptional potential to mitigate climate change. That BP and Drax have chosen to invest in the business is further strong validation of C-Capture’s technology.
“IP Group is delighted to support the team with this fundraising and remains extremely excited about C-Capture’s prospects.”
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →