Cool Planet Technologies secures €23.7 million to expand carbon capture tech

Cool Planet Technologies, a leader in innovative carbon capture technology, has successfully secured €23.7 million in a Series A2 funding round.

This investment underscores the growing demand for efficient and cost-effective solutions to reduce industrial carbon emissions.

The funding round was led by Taranis Carbon Ventures, with participation from industry giants CRH Ventures and BlueScopeX, as well as existing investors Eni Next, NEVA SGR, and Audacy Ventures.

This strategic partnership will enable Cool Planet to accelerate the commercialisation of its compact, low-energy carbon capture technology.

The newly acquired funds will be used to expand Cool Planet’s manufacturing capabilities and deploy its technology at scale.

By focusing on point source emissions, the company aims to make a significant impact on reducing the carbon footprint of industrial operations.

This successful funding round follows the company’s oversubscribed Series A1 round completed in September 2022, further solidifying Cool Planet’s position as a frontrunner in the carbon capture market.

Andrew Corner, CEO of Cool Planet Technologies, stated: “We are delighted to have the support of these three new major industrial investors and we want to thank our existing investors for their continued support. The investment is a significant endorsement and demonstrates their confidence in the technical advantage and commercial potential of our technology as well as the Cool Planet team.”

“Cool Planet is committed to bringing affordable, modular decarbonisation solutions to industries and sectors that historically have been hard to decarbonise. We believe that our technology will significantly reduce the cost of carbon capture and help to accelerate its adoption at scale.”

“This investment will enable us to demonstrate both the potential of our technology at scale and how Cool Planet will become a leading player in providing affordable solutions to help decarbonise multiple industries. We look forward to demonstrating our advanced modular membrane capture technology next year at a plant capturing 10,000 tonnes per annum of carbon dioxide at Holcim’s Höver cement plant near Hannover in Germany.”

By Violet George, Carbon Herald