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.