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Most likely the globe Breezy past Temperatures will rise by 1.5°C above pre-industrial levels this year, exceeding the ambitious target of the 2016 Paris Agreement. Rising temperatures increase the risk of catastrophic consequences, including more frequent severe droughts, floods and fires; Stronger hurricanes and faster-spreading infectious diseases; Decreased numbers of wildlife and fish. A group of carbon capture startups hope to reverse this trend by removing large amounts of carbon dioxide2 From the atmosphere.
One such startup, Heirloom Carbon, announced Wednesday that it has raised $150 million in Series B funding to help scale its carbon removal technology.
The startup is betting that by building bigger and capturing more carbon, it can lower the cost of removing each metric ton of carbon dioxide.2Which currently ranges from $600 to $1,000, according to the company’s own estimates. Legacy The company expects industry-wide prices to fall to $200 to $300 per metric ton by the early 2030s, company spokesman Scott Correll told TechCrunch.
“Heritage has a clear vision of profitability at these prices,” he said.
That’s still well above the $100 per metric ton that experts say is the sweet spot to make carbon capture a viable industry, though Curiel added that the company is “on a trajectory” to reach that price in the long term.
To put Heirloom’s fundraising into context, if the new round were to buy carbon credits at current prices, it would be enough to buy 150,000 to 250,000 metric tons worth. This equates to about a decade of decarbonization from the company’s Louisiana plant, which is expected to open in 2026. (Although the new round does not include carbon credits for investors.)
Unlike many other direct air capture (DAC) startups, Heirloom doesn’t use a liquid to capture carbon dioxide from the air, but rather crushed lime derived from limestone. The company treats the lime with a special compound to accelerate the rate of carbon dioxide absorption2. Once the absorbed gas turns enough lime into limestone, the company heats it to release carbon dioxide so it can be stored elsewhere.
Although carbon removal is generally considered too expensive to be deployed on a large scale today, climate scientists have come to acknowledge that this technology will be needed in the coming decades as the world continues to burn fossil fuels relentlessly.
Future Positive and Lowercarbon Capital led the round with participation from Ahren Innovation Capital, Breakthrough Energy Ventures, Carbon Direct Capital, Japan Airlines, MCJ Collective, Mitsubishi Corporation, Mitsui & Co., MOL Switch LLC, Quantum Innovation Fund, and Siemens Financial Services.
Heirloom already has contracts to sell carbon credits to Microsoft, the main buyer of DAC credits, and Frontier, the advanced market compliance company owned by Stripe.
Japan Airlines’ participation in the tour was notable Some experts They argue that it would be easier and cheaper to continue flying on fossil jet fuel and remove the resulting carbon pollution through direct air capture. Airlines are clearly considering DAC as a viable alternative to e-fuel, which also remains expensive.
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