Avnos Secures $36M in Funding for Hybrid DAC R&D Facility
Avnos will use the $36 million in Series A funding to grow its team, deploy hybrid direct air capture assets, and open an R&D facility to further develop its technology.
Avnos has announced that it closed a Series A funding round for $36 million, which it will use to expand its team, deploy hybrid direct air capture (HDAC) assets across North America and Europe, and open a new research and development (R&D) facility just outside New York City. A subsidiary of NextEra Energy Resources led the funding round, with other investors such as Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management joining in.
Avnos will use the funding to supplement previously announced capital raises and commercial agreements with Shell, ConocoPhillips, JetBlue, and the Grantham Foundation, as well as pilot projects with the U.S. Department of Energy (DOE) and Office of Naval Research.
“At Avnos, we believe our novel HDAC technology is the best shot at reaching the much-needed gigaton scale of carbon dioxide removal,” said Will Kain, CEO of Avnos. “We feel the urgency to roll out HDAC more broadly so as to deliver on positive climate and economic opportunities in front of us. With this substantial funding, Avnos continues to expand its roster of partners supporting our rapid acceleration.”
Will Kain, CEO of Avnos; Image Credits: Business Wire
The HDAC technology uses proprietary materials and processes to capture both CO2 and water from the atmosphere. The process eliminates the need for external heat input and produces approximately five tons of water for every ton of CO2 captured. Avnos’ technology lowers impact and expands opportunities for communities surrounding HDAC facilities.
This multi-million dollar R&D facility is fully equipped with necessary infrastructure, and will enable Avnos to accelerate the pace of scaling the company’s HDAC technology while ensuring the systems continue to operate at peak performance. The 20,000 sq. ft. facility will enter commercial operation in February 2024 and will employ approximately 20 new employees.
"Our state-of-the-art lab underscores our mission to push the frontiers of innovation and deliver scalable and efficient carbon removal solutions,” said Ben McCool, Senior Vice President of Technology at Avnos. “As we expand our dynamic technical team, I'm proud to cultivate a collaborative environment that brings together talent, actively shaping and advancing the technologies driving Avnos towards impactful solutions."
