Heirlooma direct air capture company that uses modified limestone to remove CO₂ from the atmosphere announced Wednesday that it has raised $150 million in Series B financing.
The fundraising brings the four-year-old Brisbane, California-based company’s total investments to greater than $200 million. Major investors in the latest round include: A positive future AND Low-emission capital.
Heirloom’s financing comes amid an investment boom in carbon capture, storage and processing, which is increasingly seen as an essential a part of efforts to maneuver closer to net zero emissions. According to Crunchbase data, space funding is on track to attain its highest or second highest annual performance since we began tracking the category.
For its part, Heirloom desires to stand out in the direct air capture, or DAC, space for its cost competitiveness and scalability.
“We believe that DAC is all about cost, cost and cost – and that it will only scale to make a significant difference on climate change if it is affordable” – Heirloom CEO Shashank Samala – wrote in a statement accompanying the financing announcement.
He added that he believes Heirloom has a “clear path to the lowest-cost DAC solution.”
Currently, Heirloom is working on several projects. He’s a participant Cyprys projecta DAC facility in Louisiana that goals to supply one million tons of annual CO₂ removal capability. Last year, after signing a carbon dioxide removal contract, the company also began operating a business DAC facility in Tracy, California Microsoft.
It is one of several startups in the industry that are scaling up and attracting capital to do so.
According to Crunchbase data, in the first three quarters of this year, startups with business models related to carbon capture, storage and processing achieved equity and debt financing price nearly $1.2 billion. The largest recipients of financing included:
These efforts are supported by each strategic and climate-focused investors. For example, Heirloom also attracted several strategic investors in its latest round, including Japanese airlines, Mitsubishi Corp. (America), Mitsui & Co. AND Siemens Financial Services.