280 Earth, a Mountain View, CA- and The Dalles, OR-based company that removes CO2 from the air, raised $50M in Series B funding.
The round was led by Builders VC.
The company intends to use the capital to expand its DAC project development efforts.
Formed in 2022, 280 Earth aims to scale up and commercialize innovative direct air capture technology developed at X, The Moonshot Factory (Google X). The first phase of the commercial demonstration facility is designed to capture up to 500 tonnes per year of CO2, as well as water, from ambient air. The captured CO2 will be liquified and sequestered off-site or used in various industrial processes, while the related water can be used for cooling or other end uses. The facility is extensively instrumented to validate scale up plans for its technology as it progresses to a 5,000 tonne per year module.
Its direct air capture installation maximizes environmental benefits by using electricity with very low carbon content, principally from hydropower on the local grid. Additionally, 280 Earth’s low-temperature desorption process can minimize energy consumption by utilizing waste heat from nearby third-party industrial processes. Equipment in the facility is largely manufactured by American-based vendors and is being assembled with significant union labor content.
FinSMEs
21/05/2024