Canada invests $25M in Carbon Engineering
Squamish, B.C.-based company to expand CO2 capture and Air to Fuels technologies to commercial scale.
Carbon Engineering (CE) announced that the Government of Canada has invested CAN$25 million in the clean energy company. This investment follows the company’s recently completed private investment round of CAN$91 million.
The Squamish-based firm designs technologies that capture and reuse carbon dioxide (CO2) directly from the atmosphere. CE’s Direct Air Capture (DAC) technology can remove CO2 directly from the atmosphere for use or storage; and its complementary AIR TO FUELS technology produces ultra-low carbon intensity fuels out of captured atmospheric CO2, water and clean electricity. These fuels are cleaner burning than fossil fuels and can power existing cars, trucks, ships, and airplanes without any modifications.
With this funding, CE says it will design, construct and operate the Newport Innovation Centre in Squamish, British Columbia, which will include an Advanced Development Facility and a fully integrated DAC and AIR TO FUELS plant. This plant will be capable of capturing 4.5 tonnes of CO₂ from the atmosphere and capable of producing at least 320 litres of ultra-low carbon fuel each day.
“With an increasing focus worldwide on the need to transition to a low carbon economy, companies that provide cost-effective and scalable solutions for lowering carbon levels will be leaders in an emerging global economy,” said Steve Oldham, CEO of Carbon Engineering. “CE’s air treatment technologies have the potential to realize significant Greenhouse Gas reductions, create jobs and investment in Canadian projects, and deliver clean fuels to consumers. We are grateful for this support as we work to commercialize our technology and cement our position as a world leader in this field.”
The company says it will continue with core research and development activities and begin the design and engineering of the company’s full scale commercial plants, each capable of capturing one megatonne of CO2 per year. According to CE, each of its commercial-scale AIR TO FUELS plants will have the capacity to produce more than 100 million litres of clean fuel each year.