![]() Or that the company would wind up raising money from Breakthrough Energy Ventures, the billionaire-backed investment vehicle focused on financing companies developing technologies to reduce greenhouse gas emissions, and some of the world’s largest industrial and oil and gas companies.Īt the time, Jones was working for Beryllium Capital, a small investment office out of South Dakota, and had identified a potential investment opportunity in C-Zero, a company commercializing a new way of making hydrogen developed by Eric McFarland, a professor at UCSB. Now it is time for international agreements to get the ball rolling so we can start making serious progress towards our climate goals.Four years ago when Zach Jones went to do due diligence on C-Zero, a startup out of Santa Barbara, California commercializing a new approach to producing hydrogen, for the small family office he was working for, he had no idea he’d wind up as the company’s chief executive officer. “There are technological solutions ready to be deployed. ![]() To this end, a CO2 removal industry needs to be rapidly scaled up, and that begins now, with countries looking at their responsibilities and their capacity to meet any quotas,” added the report’s co-lead author Dr Carlos Pozo, from the University of Girona. “By 2050, the world needs to be carbon neutral – taking out of the atmosphere as much CO2 as it puts in. One suggestion made by the researchers involves a trading scenario, whereby somewhere like the UK, with an abundance of space for CCS, could sell capacity to other countries. Issues of cost and culpability mean it will be a challenging task to get countries to agree on the best way forward. The team involved in the study modelled different ways of assigning quotas across Europe. It will work best if we all work together.” “It is imperative that nations have these conversations now, to determine how quotas could be allocated fairly and how countries could meet those quotas via cross-border cooperation. Both will be necessary going forward, but the longer we wait to start removing CO₂ on a large scale, the more we will have to do,” said Dr Niall Mac Dowell,” from the Centre for Environmental Policy and the Centre for Process Systems Engineering at Imperial. “Carbon dioxide removal is necessary to meet climate targets, since we have so far not done enough to mitigate our emissions. In 2020 researchers from Imperial College London, the University of Girona, ETH Zürich and the University of Cambridge, said a system must be put in place for such quotas. ![]() With the increasing development and deployment of these technologies has come increasing calls for CO₂ removal quotas. At the switch-on, Jan Wurzbacher, co-CEO and co-founder of Climeworks, hailed Orca as a “milestone in the direct air capture industry”. The stackable container-size collection units it uses are powered by geothermal energy in a system that injects CO₂ deep underground into rocks, in a process that turns it to stone. The new Orca plant, launched by Climeworks and Carbfix, was a historic moment for the technology. Last year the world’s largest carbon capture and CO₂ storage facility was switched on in Iceland. “This innovation has provided a paradigm change for both industrial and air capture – and the Verdox team has made great strides to reduce the concept to economical commercial practice.” CO₂ removal industry “The high energy efficiency and scalability of Verdox’s technology could enable the company to play a major role in addressing the carbon removal challenge,” says Carmichael Roberts from BEV. The pair pioneered a carbon removal technique that uses electrical energy to capture and release the carbon dioxide, saving the need for the amounts of heat and water typically used for its removal. The company’s core technology was first developed at the Massachusetts Institute of Technology (MIT) by Professor T. Verdox’s technology has the potential to capture carbon from any industrial source or the air – and at up to 70% relative energy savings. ![]() The company says that will now soon change, as the $80 million will allow for an acceleration of its plans to ‘develop and deploy’ the technology. An American startup has attracted $80 million of investment to develop its promising new electrochemical carbon capture technology.īreakthrough Energy Ventures (BEV), led by Bill Gates, are among the early investors in Verdox’s emissions drawdown technology which, for now, remains operable only in the lab.
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