Venture capital firm Northern Gritstone is contributing capital to clean tech company C-Capture’s ongoing funding round, which it is targeting a close of up to £10m.
C-Capture has devised a way to extract the carbon dioxide created by commercial manufacturing from the atmosphere. It can then send this captured CO2 for storage in geological reserves.
The Leeds-based firm can apply its technology to emissions from hydrogen, steel, thermal electricity generation and natural gas sweetening.
Tom White, CEO of C-Capture, said: “This investment brings us one step closer to realising our mission of mitigating climate change by allowing our team to focus on scaling our technology.”
The business was spun out of the University of Leeds’ School of Chemistry with support from IP Group back in 2009.
It has gone on to pull £8m in capital from BP Ventures, Kiko Ventures and Drax.
“Carbon capture is critical for the energy transition and C-Capture’s unique technology has the potential to be applied at scale around the world as part of the global drive to tackle climate change,” said Duncan Johnson, CEO of Northern Gritstone.
C-Capture is currently running a carbon removal pilot in Yorkshire at Drax power station, capable of eliminating one tonne of carbon dioxide a day.
Part of the latest funding round will go towards an up to 200-tonne carbon capture commercial proof of concept.
Northern Gritstone, which backs university spinouts across the North of England, recently raised an extra £50m from local authority pension funds.