Origen Power has secured $13m in Series A funding to scale its limestone-based direct air capture (DAC).
Origen uses the natural chemistry of abundant limestone to absorb carbon dioxide (CO2) from the atmosphere.
Source: Origen
It separates the carbon from the limestone rock, safely storing it underground, to create the mineral lime, which is effective at pulling carbon from the atmosphere through a naturally occurring and passive process. Its proprietary technology covers the entire value stack, including the kiln, lime preparation, and air contactor.
Ben Riddle-Turner, CEO of Origen, said limestone can act as a “natural sponge” for CO2 in the atmosphere.
“The challenge is that we need investment to deliver at scale. This funding gives us the runway we need to streamline our process and reduce costs to deliver the carbon reductions that our planet needs,” he said.
The funding round was led by Barclays Climate Ventures, Shell Ventures, Exascale Fund, Elemental Impact, and Hatch also participated. The company also plans to invest in further research at its technology and research centre in Bristol, UK.
Steven Poulter, Head of Barclays Climate Ventures, said Origen has the process, technology, and team needed to deploy efficient DAC at scale.
The company recently announced a partnership with the Energy and Environmental Research Center (EERC) to capture 1,000 tonnes per annum (tpa) of CO2 per year using this process at a facility under construction in North Dakota, which is due to launch this year.
“So that Origen can deliver impact, the focus is rightly now on proving the technology via Origen’s project with EERC and preparing for the development of commercial projects, which Barclays is proud to support through today’s investment.”
Origen previously announced a partnership with Shell and Mitsubishi to begin the development process on the Pelican Gulf Coast Carbon Removal DAC project, which aims to come on stream late 2020s.
The project is expected to remove up to 50,000 tonnes of carbon per year – more than 10 times the largest operating DAC facility in the US today. The potential offtake includes up to $3m in advanced carbon removal credits. It is also working on a Community Alliance for Direct Air Capture (CALDAC) project in California, targeting 50,000 tonnes of carbon removal.
Quennie Co, Managing Partner of Shell Ventures, said, “Origen’s technology relies on raw materials that have established supply chains and has the potential to generate low-cost carbon removal credits at scale, which can catalyse the industry.”
