02/23/2021 | Press release | Distributed by Public on 02/23/2021 03:45
C-Capture is delighted to announce that it has completed an £8M funding round supported by existing shareholders IP Group, Drax, and bp Ventures, with additional funding from the British Business Bank's Future Fund. The investment reflects the confidence of the C-Capture board in C-Capture's groundbreaking technology, and the government's support for companies who have the potential to help solve the climate crisis.
Tom White, C-Capture CEO, said: 'Additional investment from our shareholders supports C-Capture in further optimising its carbon capture technology, improving performance whilst driving down costs. The benefits our technology can offer over current state-of-the-art carbon capture technologies may help deployment across a range of sectors to be accelerated. Securing this round of investment allows our technical team to really focus on developing a product that will change the way the world thinks about carbon capture.'
Ben Murphy, Investment Director at IP Group and C-Capture Director, said: 'C-Capture is a testament to the potential for new science to shape the world for the better. C-Capture has the potential to be one of the most impactful startups in the world's future energy system. At IP Group we are proud to have been there from the beginning, helping to build the company up from its foundations.'
Jason Shipstone, Chief Innovation Officer at Drax Group and C-Capture Director, said: 'Carbon removal technologies are essential in addressing the climate crisis. Drax and C-Capture will continue to work together to develop the vital negative emissions technology, bioenergy with carbon capture and storage, expected to make a significant contribution towards the UK reaching its legally binding net zero by 2050 target.'
Martin Sellers, Low Carbon Digital Technology Principal at bp and C-Capture Director, said: 'Carbon capture is an essential technology for the energy transition, as according to the International Energy Agency (IEA) Sustainable Development Scenario, it will account for 7% of the cumulative emissions reductions needed globally by 2040. bp ventures recognises C-Capture's progress in developing the technology, and in helping to meet that important target.'
Learn more in the C-Capture website.