EDP invests in startup with innovative technology that captures carbon through the ocean
- EDP is one of the new investors in the US-based startup Captura, in a 21.5 million dollars funding round.
- Direct Ocean Capture allows captured CO2 to be permanently stored or transformed into low emission fuel, thereby assisting the most challenging sectors in decarbonization.
EDP, through EDP Ventures, is one of the new investors in the startup Captura, which is developing a technology that harnesses the power of the ocean to absorb carbon dioxide (CO2) from the atmosphere. The US-based company announced this week that it has completed a new round of Series A funding totalling 21.5 million dollars (close to 20 million euros) to commercialize the Direct Ocean Capture (DOC) technology.
In this new round, in addition to EDP Ventures, other new investors such as Maersk and Eni Next have joined, thus strengthening Captura's competencies in the areas of energy and transport and logistics. Many of the company's current backers have reinforced their investment, including Future Planet Capital, which led the larger round, Equinor Ventures, FreeFlow Ventures, Hitachi Ventures, Aramco Ventures, mTerra Ventures and the EIC Rose Rock Venture Fund.
After a first round of financing, in January 2023, in which it raised a total of 12 million dollars (around 10 million euros), Captura decided to increase its financing to support the development of this innovative technology and launch the phase DOC commercial. Captura currently has two operational pilot plants in California and is developing a third. This plant can capture one thousand tons of CO2 per year and is expected to be installed in Norway in the autumn of this year. After this pilot project, Captura plans to expand commercial operations, with the first installations capturing tens of thousands of tons of CO2 or more per year.
The strong commitment to innovation and technologies that actively contribute to accelerating the energy transition are motivations behind this new investment by EDP.
"A greener, safer, and more sustainable world begins with unwavering commitments from those dedicated to leading the energy transition. EDP has pledged to achieve net-zero emissions by 2040 and we are thrilled to collaborate with Captura in their mission to scale carbon removal,” said Luís Manuel, Executive Board Member of EDP Innovation and Managing Partner at EDP Ventures. It's becoming increasingly important to include carbon removal technologies as a part of a net-zero strategy, and Captura stands out as the leading player in this promising field. At EDP Ventures, we are delighted to contribute to this transformative journey.”
To support and stimulate the process of open innovation in the energy sector, EDP Ventures - as the strategic arm of the EDP group in venture capital investment - invests in early-stage startups with the potential to have an impact on the lives of millions of people. Captura is one of these cases that reinforces EDP Ventures' innovative portfolio.
Captura's plants use Captura's exclusive DOC technology which, after capturing CO2 from the ocean, can store it permanently or transform it into other products with lower GHG emissions. Removing CO2 from the ocean using DOC amplifies the ocean's natural capacity as a carbon sink, creating capacity for additional CO2 removal from the atmosphere. With CO2 around 150 times more volumetrically concentrated in the ocean when compared to air, this provides a scalable and efficient way to remove excess atmospheric CO2.
“This past year, Captura has made remarkable strides on our path to commercialization,” said Steve Oldham, CEO of Captura. “As we work to advance both our technology and business, we’re thrilled to welcome investment from industry-leading companies like Maersk, Eni Next, and EDP, and to have the continued support of our existing investors. With our growing network of deployment partners and investors, and the success of our technology pilot program, Captura is now well-positioned to bring our technology to market and deliver climate solutions at a meaningful scale.”