Carbon capture technology is poised to be a vital tool in the global fight against climate change. The only problem is high costs and a limited commercial market makes scaling it up a rather slow process. Recently, however, that trend seems to be changing.
Take, for example, a Canadian company by the name of Carbon Engineering that has recently received $68 million in funding to bring its CO2 capturing technology to the market on a commercial scale, making it the largest private investment ever made in a Direct Air Capture (DAC) company.
The firm plans on using the money to commercialize and enter the mainstream markets with its fully demonstrated DAC technology that is able to capture and purify atmospheric carbon dioxide for under $100 per ton. The company claimed that a 30-acre commercial negative emissions plant could scrub one megaton of CO2 from the atmosphere each year – the equivalent of planting 40 million trees!