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Direct air capture company announces $68M investment allowing commercialization

Canadian clean energy company Carbon Engineering Ltd. completed a $68 million equity financing round, the largest private investment made into a direct air capture company, according to a company release.

The financing will allow Carbon Engineering to enter mainstream markets with its direct air capture technology, which removes and purifies carbon dioxide from the atmosphere for less than $100 per tonne. The company's technology can also store carbon underground.

"DAC is a viable tool for reducing emissions while continuing to provide affordable energy," CEO Steve Oldham said in the release.

The company will use the funding to expand its British Columbia-based pilot facility and build commercial plants that can capture up to 1 million tonnes of carbon dioxide annually.