RepAir Carbon Capture, which has developed an energy-efficient and scalable carbon dioxide capture solution, has raised $10 million.
It says its Direct Air Capture (DAC) technology requires 70 per cent less energy than the industry average to reduce the carbon dioxide concentration in the atmosphere as a whole, by using large fans to push air through a filter.
The Israeli company’s solution operates at ambient temperatures and is powered exclusively by renewable energy.
RepAir estimates that its electrochemical DAC can bring down the price of carbon removal from the atmosphere to only $70 per ton. The target mark to achieve economic viability is $100 per ton, which makes the startup’s solution one of the most cost-effective climate solutions that can be scaled.
DAC technology can store carbon dioxide deep underground, use it in beverage carbonation or food processing, or combine it with hydrogen to produce synthetic fuels.
It is very energy intensive and expensive to do so, but it’s the “best worst solution”. Despite its price tag, carbon capture technology is essential to reversing the effects of global warming.
The possibility of technological advances to improve its efficiency could also make DAC a useful long-term solution to the climate crisis.
There is 47 per cent more carbon dioxide in the atmosphere than there was at the beginning of the Industrial Age. It causes temperatures to rise, the ocean to acidify, and extreme weather to become commonplace and intensify.
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According to the International Energy Agency, there are 18 DAC plants operating worldwide.
RepAir intends to use the funds to expand its operations and development efforts.
“Direct Air Capture technologies are a trillion-dollar market opportunity by 2050; however, to unlock that potential, solutions must be energy efficient, cost-effective, and scalable,” said Amir Shiner, the company’s CEO and Co-founder.
“RepAir is one of the very few solutions to be able to overcome those hurdles, and doing so may make it not only a leader in the space but also a key component of going green globally.
“This investment round, from some of the leading names driving the climate tech revolution, is a testament to our capabilities and the enormous business potential and good they can achieve.”
The funding was led by Extantia Capital, with participation from Equinor Ventures, Shell Ventures, and Zero Carbon Capital.
RepAir was founded in 2020 and is based in Yokneam, northern Israel.