B.C.’s Carbon Engineering secures $68-million to commercialize C02-removal technology

This illustration provided by Carbon Engineering in October 2018 shows one of the designs of the company's devices used to remove carbon dioxide from the atmosphere.A B.C. company that says it can help counter climate change by capturing carbon dioxide from the air has raised US$68-million to take its technology to market from a group of investors including three global resource giants and some of the world’s wealthiest individuals.

Carbon Engineering Ltd., which pulls up to one tonne of carbon dioxide from the air a year and transforms it into fuel at a pilot facility in Squamish, B.C., said it raised the funds from investors including mining giant BHP, Chevron Corp. and Occidental Petroleum Corp., as well as Canadian billionaire Peter J. Thomson. The nine-year-old company had previously raised US$30-million from backersNow, chief executive Steve Oldham, a former executive with B.C.

“People recognize if there is a cost of carbon to the planet, then eliminating it has a value,” said Mr. Oldham, who added the financing was the largest of its kind received to date by a “direct air capture” company. “That’s what we do. … My job is to make the tools that allow government to eliminate emissions” and help meet their obligations under the Paris Agreement.

He said his company planned to scale “aggressively but not recklessly” by focusing on just one or two plants to start to “confirm to ourselves the design is strong and everything is working” before it signs more plant development deals. “Our technology is ready to go to market, [but] we don’t want to end up in a situation where we miss something and we have to fix it in five or six different plants at once.

globebusiness Birds are gonna love that shit. Id preffer a temp increase and a nice view. 🤫

globebusiness Does it run on renewable energy? Otherwise it will release more carbon than it captures, since CO2 is the lowest energy state of carbon.

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Canadian carbon-capture firm exceeds financing target, will establish first commercial operationFounded in 2009, Carbon Engineering developed technology that captures carbon dioxide directly from the atmosphere and converts it into low-carbon fuels globebusiness No hush this up we only believe in carbon taxes!!!! globebusiness The irony of a gas guzzling pickup being parked beside their carbon capture machine is amusing globebusiness Beauty if can we install them on coal fired power plants as emission scrubbers/collectors..Win/schting$$
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