Spiritus, a direct air capture (DAC) climate technology company, has successfully completed a Series A funding round worth $30 million. The round was anchored by Aramco Ventures and joined by Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures. The capital will fund Spiritus to expand its carbon removal technology and help reduce industrial and energy emissions while preserving economic growth.

Addressing the Energy-AI Paradox

The increasing need for artificial intelligence (AI) and industrial growth is creating more demand for energy and infrastructure development. However, these processes are increasing carbon emissions as well. AI data centers will be major electricity consumers, whereas the construction sector remains one of the biggest contributors to emissions.

Spiritus wants to solve this problem by using cost-effective and scalable DAC technology. The company’s approach seeks to enable industrial and energy expansion while simultaneously reducing carbon footprints.

Expansion of Carbon Capture Facilities

With the new investment, Spiritus is accelerating the development of three major carbon removal projects. The New Mexico Pilot Facility will remove 1,000 tons of CO2, proving industrial-scale carbon capture with fast deployment in months.

The Orchard One facility in Wyoming will capture two megatons of CO2 annually, combining geological sequestration with a modular framework. Moreover, Spiritus is globalizing by partnering with Aramco to take DAC technology on a large scale globally, including Saudi Arabian deployments, further extending the international presence of carbon capture technologies.

Also read: Spiritus Launches First Direct Air Capture Pilot Facility in New Mexico

Cutting Costs to Scale Carbon Removal

Historically, high costs have constrained DAC technology, typically reaching up to $1,000 per ton of CO2 captured. Spiritus is attempting to get this down to about $100 per ton, making it economically feasible at scale for carbon removal.

Bruce Niven, Executive Managing Director of Strategic Venturing at Aramco Ventures,stated that while Direct Air Capture has significant potential in decarbonizing hard-to-abate sectors of the economy, it has previously been too costly to have a meaningful impact. He further mentioned that breakthrough approaches, such as those developed by Spiritus, are essential, and expressed excitement about partnering with the company to bring this important technology to market.

With the industry growing further, governments and companies seek alternatives that are conducive to economic growth and have carbon emissions in them. Spiritus’ DAC technology provides a platform to ensure that infrastructure and AI expansion can still be achieved with controlled carbon emissions and the protection of the environment.

International Finance Corporation (IFC) has announced a $100 million five-year loan to QNB Finansal Kiralama A.Ş. (QNB Leasing), the Turkish arm of QNB Türkiye, to increase access to sustainable energy for small and medium-sized enterprises (SMEs) in Türkiye. The investment will help companies transition to renewable energy and increase energy efficiency, as well as blue finance operations to promote sustainable management of water resources.

Improving Access to Green Finance for SMEs

SMEs account for 99% of Türkiye’s businesses and are severely hindered in accessing long-term financing for renewable energy and energy efficiency ventures. The IFC loan will enable QNB Leasing to finance SMEs for equipment upgrades, reducing energy expenses, and also promoting sustainability.

QNB Leasing will allocate a minimum of 10% of the loan to blue finance projects for the sustainable management of water resources. This project will also offer a special chance to promote sustainable productivity growth in the country.

QNB Leasing’s Sustainable Finance Commitment

Osman Tas, the General Manager of QNB Leasing,stated that at QNB Leasing, they believe sustainable finance is not just an option, but a responsibility. He added that the collaboration with IFC marked a significant step forward in their mission to drive Türkiye’s economic growth through smart, sustainable investments. By supporting SMEs, they were fostering innovation, creating jobs, and contributing to a greener future. He expressed excitement about the collaboration with IFC and looked forward to expanding their joint efforts in the years ahead.

Also read: IFC Invests €100 Million to Support Sustainable Infrastructure in Bulgaria, Poland, and Romania

Empowering Türkiye’s Low-Carbon Transition

IFC is supporting the transition of Türkiye to a low-carbon economy by mobilizing private sector resources and providing creative financing solutions. The collaboration with QNB Leasing will trigger new opportunities for SMEs to expand and compete, while serving pressing environmental goals according to IFC Regional Industry Head Momina Aijazuddin. This project serves as a best practice for other leasing companies on how to upgrade their contribution towards sustainable financing.

This partnership supports IFC’s ongoing dedication to the leasing sector, offering small companies an alternative from traditional financing barriers. Türkiye has a portfolio of nearly $5.4 billion as of February 2025 and ranks as IFC’s third-largest country exposure globally.