Avnos secures $36 million funding for CO2 removal technology
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Los Angeles-based Avnos announced the closure of a $36 million Series A funding round for carbon dioxide removal with its innovative Hybrid Direct Air Capture technology. The capital will fuel Avnos’ expansion efforts across North America and Europe and establish a cutting-edge research and development facility near New York City.
“At Avnos, we believe our novel HDAC technology is the world’s best shot at reaching the much-needed gigaton scale of carbon dioxide removal,” said Will Kain, CEO of Avnos, in a release. “We feel the urgency to roll out HDAC more broadly so as to deliver on the enormous, positive climate and economic opportunities in front of us. With this substantial funding, Avnos continues to expand its unparalleled roster of partners supporting our rapid acceleration.”
The round was led by a subsidiary of NextEra Energy Resources and included investments from Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management.
“NextEra Energy Resources continues to explore new markets that have the potential to use large quantities of renewable electricity,” said Rick Clark, vice president of strategy and product solutions at NextEra Energy Resources. “We believe wind and solar, together with Avnos’ technology, could provide a viable option to abate emissions from hard-to-decarbonize sectors. We continue to evaluate adding direct air capture to our comprehensive portfolio of decarbonization solutions that complement our core capabilities in renewable energy generation and storage.”
Avnos’ HDAC technology simultaneously captures carbon dioxide and water from the atmosphere using proprietary materials and processes. The process requires no external heat input and yields approximately five tons of water for every ton of carbon dioxide captured.
Avnos’ approach emphasizes resource efficiency, resulting in minimal impact on the surrounding communities and providing expanded employment opportunities.
Also read: US Department of Energy to invests $100 million in CO2 removal industry
“Our state-of-the-art lab underscores our mission to push the frontiers of innovation and deliver scalable and efficient carbon removal solutions,” said Ben McCool, Senior Vice President of Technology at Avnos. “As we expand our dynamic technical team, I’m proud to cultivate a collaborative environment that brings together top-notch talent, actively shaping and advancing the cutting-edge technologies driving Avnos towards impactful solutions.”
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