Carbon Clean Solutions (CCSL), a carbon capture technology company has raised a new tranche of funding from private clean energy investors. The US$5.2m (UK£3.4m) will support the scale-up and commercialization of CCSL’s breakthrough solvent technology that increases the energy efficiency and lowers the cost of carbon capture and reuse within the energy and industrial process markets.
CCSL’s ground-breaking work over the past five years has led to its CO2capture solvent technology being used at five sites in Europe, the US and India. To date, it has received support from the UK Department of Energy & Climate Change, UK Trade & Investment and the US Department of Energy, and established partnerships with a number of academic institutions including London’s Imperial College and Netherlands-based TNO. Last week (September 25th), CCSL announced a contract to test its technology at Norway’s Technology Centre Mongstad, the world’s largest and most advanced carbon capture research facility. Testing will start in November 2015.
Aniruddha Sharma, Chief Executive Officer of CCSL said: “This Series B funding round underlines growing investor confidence in our carbon capture solvent technology, our work to date and the market potential that exists worldwide. This new funding will help us expand our R&D and strengthen our sales team operations, enabling us to execute contracts in amine retrofit and CO2 capture and reuse projects.”
In particular, CCSL intends to deploy its unique carbon capture technology into natural gas and bulk chemical processing over the next 12-18 months by drawing on its success within the biogas sector.
Jan Petzel of Eldon Capital Management said: “Carbon Clean Solutions’ technology significantly improves the economics of CO2 capture for reuse addressing one the world’s foremost environmental challenges. Not only does the CCSL technology dramatically reduce the cost for new plants, it can also be applied to cost-efficiently retrofit existing plants across the oil and gas, biogas and process industries”.
CCSL came to the UK with the support of UK Trade and Investment’s Global Entrepreneur Programme. CCSL’s technology development was funded by a grant from the UK Department of Energy & Climate Change and is an outcome of research and development at the Institute of Chemical Technology Mumbai and Imperial College London. The end product has been tested at large facilities across the world, including the US Department of Energy run National Carbon Capture Center and TNO’s facility at Maasvlakte in the Netherlands.
Dr. Catherine Raines, CEO of UK Trade and Investment said: “The UK is a hot-bed of companies developing breakthrough low carbon technologies. Carbon Clean Solutions is a great example of an entrepreneurial company that has moved to the UK with the support of UKTI to take advantage of all the UK has to offer – working with our world leading universities to develop innovative technology. This has allowed them to accelerate their growth and to export their technology from the UK across the world.”