Connect with us

Hi, what are you looking for?

CleanTechnica
CO2 turning to white stone in carbonate pools (image from Heirloom Blog)

Climate Change

Direct Air Capture Startup Heirloom Raises $53M In Series A Funding

Heirloom Carbon Technologies, a direct air capture (DAC) company, has just announced that it has successfully raised $53 million in equity financing. Notable investors participated in the round: Carbon Direct Capital Management, Ahren Innovation Capital, Carbon Removal Partners (CRP), and Breakthrough Energy Ventures (BEV), with the Microsoft Climate Innovation Fund as an additional participant, and a list of other VCs.

The co-founder, Shashank Samala, explained in a CleanTechnica interview in December of last year some of the background of the company.

Carbon removal technologies have become more talked about lately. The IPCC has made it clear that we must collectively and permanently remove tens of billions of tons of carbon dioxide from the air to maintain a sustainable standard of living on Earth — in addition to carbon avoidance and reduction efforts. This has encouraged individuals and corporations to buy carbon removal credits and invest in carbon removal technologies. The supply of carbon removals has to scale to several gigatons per year — many orders of magnitude from what is available today.

The Heirloom Looping Process

Heirloom is a California-based startup that intends to remove one billion tons (i.e. 1 gigaton) of carbon dioxide from the atmosphere by 2035. Unlike other carbon removal methods, Heirloom does not rely on solvents to separate the carbon dioxide from the air, instead, they decided to utilize limestone for their removal processes.

Heirloom Co-Founder Shashank Samala

“The costs of Direct Air Capture have to come way down to make a meaningful impact on climate change,” said Shashank Samala, Co-founder and CEO at Heirloom. “Utilizing low cost, earth abundant minerals as a sponge for CO2 is key to making the economics work. In the 10 months since we launched, we’ve made a breakthrough in the rate we take up CO2 from the atmosphere, giving us a clear path to ultra-low cost, highly scalable carbon removal, and achieving our mission to help reverse climate change.”

The company has already managed to attract some notable customers, such as Stripe and Shopify. This particular financing marks one of the largest private fundings in the direct air capture industry to date, and was apparently led by the clean technology fund Breakthrough Energy Ventures. The funds raised will finance additional research, development, and the deployment of Heirloom’s technology.

This funding round shows how carbon removal technology is gaining momentum. In other carbon removal news, there is the recent funding news for carbon removal platform Carbonfuture and new customer acquisitions by carbon removal company Climeworks .

 
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:



I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Advertisement
 
Written By

Jonny Tiernan is a Publisher and Editor-In-Chief based in Berlin. A regular contributor to The Beam and CleanTechnica, he primarily covers topics related to the impact of new technology on our carbon-free future, plus broader environmental issues. Jonny also publishes the Berlin cultural magazine LOLA as well as managing the creative production for Next Generation Living Magazine.

Comments

You May Also Like

Green Economy

Carbon removal and MRV platform Carbonfuture hosted its first carbon removal conference in Basel in April. The primary objective of the event was to...

Climate Change

Since the Industrial Revolution, humans have emitted more than 2,000 gigatons of carbon dioxide into the atmosphere. (A gigaton is one billion metric tons.)...

Climate Change

Restoring forests marks one of six approaches PNNL researchers are exploring as they seek to understand which carbon dioxide removal methods can limit global...

Interviews

An interview with Hannes Junginger, CEO of Carbonfuture, on how to achieve a gigaton-scale carbon removal market Can you give a simple explanation of...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.