Kenya-based direct air capture (DAC) company Octavia Carbon has successfully completed a $5 million seed funding round.
This funding round was co-led by Lateral Frontiers and E4E Africa, with additional participation from Launch Africa Ventures, Catalyst Fund, Renew Capital, and Fondation Botnar.
Of the secured funding, $1.1 million was generated from contracted carbon credit presales, highlighting the growing interest in innovative climate solutions.
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CEO and co-founder Martin Freimüller noted that this funding will position Octavia Carbon to become the world’s second DAC company to fully implement both CO2 capture and geological storage in the field.
Utilising Kenya’s abundant geothermal resources, the company has developed a DAC system that captures CO2 directly from the atmosphere.
The captured carbon is stored underground, where it mineralizes into solid rock, creating a reliable method for permanently removing excess emissions. For this aspect of operations, Octavia is partnering with Cella, a company specializing in geologic CO2 sequestration.
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As an XPRIZE finalist, Octavia Carbon is focused on making this technology more affordable by reducing the costs associated with it.
The company, which currently operates two systems, plans to use the recent funding to expedite the development of Project Hummingbird, their DAC+Storage pilot plant set to launch by the end of 2024.
Initially, the pilot will have a carbon removal capacity of 250 metric tons, with a goal of scaling up to 1,000 tons per year, facilitated by a carbon storage site managed by Cella.
At the Hummingbird facility, Octavia Carbon will also implement the first digital monitoring, reporting, and verification (dMRV) mechanism for DAC, developed in collaboration with Carbonfuture.
This financial support will aid Octavia in advancing its DAC technology as it aims for large-scale deployment and commercialization of its solution.