Heirloom, America’s leading Direct Air Capture (DAC) technology provider, has raised $150 million in Series B funding. The round was co-led by Future Positive, and Lowercarbon Capital – which also invested in Heirloom’s Series A. A range of new industrial investors, including Japan Airlines Co., Ltd., Mitsubishi Corporation (Americas), Mitsui & Co., Ltd., and Siemens Financial Services, representing difficult to decarbonize sectors of the economy – automotive, shipping, aviation, and advanced manufacturing — also participated. This is a strong vote of confidence in Heirloom’s ability to be a leading pathway to net zero. The funding will be used to continue to drive down the cost of the technology, develop additional projects and provide the funding needed to subsequently access infrastructure capital.
New investors in Series B include: Future Positive, H&M Group, Japan Airlines Co., Ltd., Mitsubishi Corporation (Americas), Mitsui & Co., Ltd., MOL Switch LLC, Quantum Innovation Fund, and Siemens Financial Services among others.
“We’re honored to receive this vote of confidence from new and repeat investors alike,” said Shashank Samala, CEO of Heirloom. “We believe DAC is all about cost, cost, and cost – and that it will only scale to make a meaningful difference on climate change if it is affordable. This is precisely why people are investing in Heirloom. Through our real-world deployments and continued technological advancements, we are demonstrating not only that Heirloom has a clear trajectory to the lowest-cost DAC solution – but that we are executing on that vision and delivering results.”
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The breadth of participation in Heirloom’s Series B speaks to the company’s industry leadership, technical progress and deployment momentum.
Heirloom has progressed rapidly to become one of the world’s leading DAC companies. Heirloom is part of the team building Project Cypress — a Department of Energy supported DAC Hub, which is eligible for up to $600 million in government funding, and which will bring one million tons of yearly CO2 removal capacity to Louisiana.
Heirloom’s technology enhances the power of limestone – the world’s second most abundant, and one of the cheapest, minerals – to capture CO2 directly from the air. The Heirloom process starts with natural limestone, nearly 50% of which is CO2. By extracting this CO2 from the limestone and adding water, the Heirloom process creates a material that is thirsty for CO2 so it can return to a natural limestone state. This material acts like a sponge, pulling CO2 from the atmosphere. Heirloom’s technology accelerates this process, reducing the time it takes to absorb CO2 in nature from years to just three days. Once the CO2 is absorbed, it is extracted from the limestone material using a renewable energy-powered kiln and stored permanently underground.
SOURCE: Businesswire