London based carbon capture and storage specialist closes £9m funding round
Brilliant Planet Limited, the London based carbon capture and storage company, today announced the closing of its oversubscribed $12m (approx. £9.2m) Series A funding co-led by Union Square Ventures and Toyota Ventures.
Additional and follow-on investors include Future Positive Capital, AiiM Partners, S2G Ventures, Hatch and Pegasus Tech Ventures.
Brilliant Planet is “unlocking the power of algae” as an affordable method of permanently and quantifiably sequestering carbon at the gigaton scale. The company’s innovative processes enable vast quantities of microalgae to grow in open-air pond-based systems on coastal desert land.
Following four years of trials at its three-hectare research facility in Morocco, Brilliant Planet will use the proceeds of the Series A round to prepare for construction of a 30-hectare commercial demonstration facility while continuing its fundamental R&D programme based in London.
Brilliant Planet is supported by partners including UK Research & Innovation, Scottish Association of Marine Science and Southampton University across a range of research initiatives such as remote sensing, oceanography, sensor development and fluid dynamics.
Adam Taylor, CEO of Brilliant Planet, commented: “Nature-based solutions to climate change are normally the most scalable and cost-effective but it is often difficult to verify the amount of carbon removed by these methods and the permeance of the storage.
“On the other hand, man-made solutions such as direct air capture can be easily verified but are prohibitively expensive due to the significant inputs of energy, chemicals and fresh water required. Brilliant Planet has now developed a uniquely cost-effective, scalable and verifiable nature-based system that delivers on all requirements.”
Raffael Jovine, chief scientist and co-founder added: “By using empty desert and seawater that would not have otherwise come to the surface, our solution creates ‘new’ Net Primary Productivity. In other words, we employ underutilised natural resources to grow new biomass and draw down excess carbon dioxide.
“Per unit area this approach sequesters up to 30 times more carbon per year than rainforests, while it also de-acidifies the local coastal seawater back to pre-industrial levels.”
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