EIC Rose Rock Announces Investment Into Captura
The EIC early-stage energy tech VC fund, EIC Rose Rock, has annouced a direct investment into Captura.
The California-based company, which closed its Series A funding round at $12 million, uses Direct Ocean Capture technology to remove CO2 from the atmosphere. As Rose Rock MD David Clouse puts it:
“Captura’s technology provides a pathway to low-cost, gigaton scale CO2 removal, and our investment creates an opportunity for our corporate energy partners to play a role in the growing carbon management sector.”
Captura leverages the world’s largest natural carbon dioxide (CO 2) absorber — the ocean — to remove CO 2 from the atmosphere at a large scale and an affordable cost.
EIC Rose Rock participated in Captura’s Series A financing with the deal’s lead investor, Equinor Ventures, as well as Aramco Ventures, the California Institute of Technology (Caltech) through the Caltech Seed Fund, Future Planet Capital, Hitachi Ventures and mTerra Ventures.
Captura began ocean trials of its first pilot system in 2022 in Newport Beach, California. That system is capable of capturing one ton of CO 2 from the ocean annually. Its next-generation pilot system, which has a capacity 100x larger than the first, will soon begin ocean operations at the Port of Los Angeles.
Captura plants can be situated either onshore or offshore. For early commercial facilities, the company expects to co-locate facilities with existing ocean-based infrastructure, such as desalination plants or decommissioned offshore wells.
“Captura’s technology provides a pathway to low-cost, gigaton scale CO 2 removal, and our investment creates an opportunity for our corporate energy partners to play a role in the growing carbon management sector,” said David Clouse, Managing Director of the EIC Rose Rock fund.
This investment will allow Captura to accelerate its rigorous piloting program while simultaneously continuing to improve the technology.
Steve Oldham, CEO of Captura, said, “Captura is thrilled to welcome investment from EIC Rose Rock as part of our Series A round. Our industry-leading cohort of investors are providing the funding to accelerate our technology development efforts, as well as the global reach and expertise to help drive our business to the next level. With our unique technology and world-class team, Captura is now well-positioned to become a major player in the growing carbon removal field.”
About EIC Rose Rock
EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock is committed to investing in companies dedicated to developing energy technology, including those that advance the energy transition, improve sustainability, and enhance the operational efficiency of existing assets. To learn more, visit www.eicroserock.com.
About Energy Innovation Capital
Energy Innovation Capital (EIC) is the premier capital provider for innovators serving the energy industry. EIC provides early- and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC’s team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what’s possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
About Captura
Captura is a Direct Ocean Capture company headquartered in Pasadena, California. Captura combines innovative technology with the natural carbon removal powers of the ocean to remove CO 2 from the atmosphere at large scale and at an affordable cost, providing a critical capability in the fight against climate change. Captura was founded at Caltech and its solution has been validated and supported by the Musk Foundation’s Carbon Removal XPRIZE, the Department of Energy’s ARPA-E, and Frontier Climate. For more information, please visit www.capturacorp.com.
Originally published at https://www.globenewswire.com on August 10, 2023.
