What a brilliant news for the global DAC community and the entire Climate Tech ecosystem!
Heirloom is obsessed about cost, cost, and cost. Ultimately, Direct Air Capture will only scale to billions of tons of CO2 removed if it’s affordable. That’s why we have been using limestone, a cheap naturally occurring mineral, as a sponge for CO2, combined with smart automation and modular design. To continue coming down the cost curve and executing on our projects, I am excited to share that we’ve raised a $150 million Series B financing round, co-led by Future Positive and Lowercarbon Capital. Japan Airlines, Mitsubishi Corporation, Mitsui & Co., MOL Switch LLC, Quantum Innovation Fund and Siemens also joined the round. Repeat investors include leading climate and carbon removal investors like Ahren Innovation Capital, Breakthrough Energy Ventures, Carbon Direct Capital, Lowercarbon Capital, and MCJ Collective. I'm especially excited that major players in aviation, shipping, and manufacturing joined our round. These partnerships, especially in regions like Japan and Europe where compliance carbon markets are taking shape, highlight the increasing acknowledgment that high-quality carbon removal is crucial for hard-to-abate sectors. The team at Heirloom has made several breakthroughs in bringing down our costs that I’m so excited to share in the coming months - stay tuned. For now, I want to take a moment to thank you all for being part of our journey. We have a clear path to making Direct Air Capture affordable and mainstream, and we’re thrilled to scale up and make a significant impact in the fight against climate change. Financial Times ➡️ https://lnkd.in/dknfS2R3 Nikkei ➡️ https://lnkd.in/gnQk8-8U Axios ➡️ https://lnkd.in/ddahNfwB Canary Media Inc. (no paywall) ➡️ https://lnkd.in/dZt5gzdt