Saudi Aramco invests in US climate tech company
The startup constructs direct air capture machines designed to extract carbon dioxide
Dubai: US-based climate technology firm CarbonCapture secured $80 million (Dh293 million) in funding from various investors, notably Saudi Aramco's venture capital unit.
Prime Movers Lab spearheaded the Series A fundraising, with contributions from Aramco Ventures, Amazon's Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff's Time Ventures.
This substantial investment, reported by Reuters citing industry tracker PitchBook, marks one of the most significant injections of private capital into direct air capture. Based in Los Angeles, CarbonCapture is at the forefront of this latest major funding round.
The US startup specializes in constructing direct air capture machines designed to extract carbon dioxide from the atmosphere. Through its innovative technology, the company has already pre-sold more than $26 million (Dh 95 million) worth of carbon removal credits to numerous global corporations.
Notable clients include Microsoft, Boston Consulting Group, Alphabet, Meta, Stripe, Shopify, McKinsey & Company, and JPMorgan Chase & Co.
In 2022, Aramco unveiled a $1.5 billion (Dh5.5 billion) fund geared towards investing in technology that facilitates the energy transition.
Under the management of Aramco Ventures, the fund is strategically allocated to support the company's declared ambition of achieving net-zero greenhouse gas emissions by 2050 across its wholly owned operational assets.
This initiative also entails the development of novel lower-carbon fuels as part of Aramco's commitment to sustainability and environmental responsibility.