(Bloomberg) -- A Massachusetts-based startup that captures carbon dioxide directly from the air has raised $80 million from investors, including Bill Gates-led Breakthrough Energy Ventures.
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Founded in 2019, Verdox Inc.’s technology is still only operable at lab scale. But Chief Executive Officer Brian Baynes says that a recent breakthrough with the key material used to trap the greenhouse gas has given investors confidence to invest such a large sum at an early stage in the startup’s development.
As the world gets serious about reaching net-zero emissions within decades, there’s growing interest in technologies that can permanently sequester CO already in the atmosphere. Nature-based offsets such as forests have become a wildfire risk—ironically due, in part, to climate change—and could release any CO they might have stored. Direct air capture technology offers more hope that the offset will do away with the promised amount of greenhouse gas for thousands of years.
Carbon capture works by separating CO from the air or exhaust gases from factory smokestacks. The majority of current technologies use liquid solvents that attract CO like a magnet pulls iron filings. Once the liquid captures the gas, it’s heated to a temperature that allows the the CO to be released. The CO can then be compressed and injected deep underground for permanent storage. All these steps take a huge amount of energy, which contributes to making the technology expensive....
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