Captura secures $45.3 million in expanded Series A round

Captura has successfully expanded its Series A funding round, amassing a total of $45.3 million. This infusion of capital is a testament to the company’s dynamic growth and its commitment to advancing its Direct Ocean Capture (DOC) technology—a promising solution that leverages the ocean’s inherent carbon absorption capabilities.

The latest funding round welcomed National Grid Partners and Japan Airlines Innovation Fund/Translink Capital as new investors, joining forces with several of Captura’s existing backers. This diverse consortium of global investors is championing Captura’s innovative DOC technology, which stands out as a cost-effective and scalable method for carbon removal.

Following on the heels of two substantial funding boosts in January 2024 and January 2023, this recent financial milestone underscores Captura’s swift strides in its commercialization journey. The company currently operates two fully functional pilot plants in California and is gearing up to launch another in Norway by late 2024, in collaboration with energy giant Equinor. These initiatives pave the way for the first commercial deployments, poised to eliminate tens of thousands of tons of atmospheric CO2 each year.

At the heart of Captura’s strategy is its DOC technology, which directly extracts CO2 from seawater. This process not only augments the ocean’s natural CO2 absorption but also offers a pathway to store the captured carbon securely or utilize it in creating sustainable products like low-carbon fuels. Such innovations hold immense potential for reducing emissions in sectors like aviation and shipping, where traditional electrification solutions fall short.

Capitalizing on the ocean’s higher CO2 concentration relative to the atmosphere, Captura’s method presents an effective approach to curbing excess atmospheric CO2. Remarkably, the process involves no additional absorbents, generates zero by-products, and introduces nothing new to the ocean—it simply removes surplus CO2, which is then replenished by the atmosphere.

Kristian Bodek, Director of Corporate Venture Capital of National Grid Partners said: “Investing in Captura’s Direct Ocean Capture technology aligns with National Grid’s strengths and aspirations in sea-based electric network development, along with our plan to achieve net zero GHG emissions by 2050. We are excited to be part of this journey and to support Captura in scaling its impactful solution.”

Takao Suzuki, Executive Officer, Senior Vice President of Innovation at Japan Airlines said: “We have identified significant potential in Captura’s advanced Direct Ocean Capture (DOC) technology because their solution paves a new way for efficiently capturing CO2 while concurrently exploring alternative uses including e-fuels. We are pleased to work with Captura as they aim to contribute to society by tackling CO2 capturing and repurposing the earth’s environment through this innovative technology.”

Steve Oldham, CEO of Captura said: “We are thrilled to welcome investments from National Grid Partners and Japan Airlines Innovation Fund/Translink Capital, as they join us and our leading team of investors. This infusion of capital not only further highlights the potential of our Direct Ocean Capture technology but also accelerates our march toward a market-ready solution. With these strategic investments, we bolster our mission to create sustainable change at a climate-relevant scale.”