Carbon Engineering, a Canadian startup, says it has secured the funding to build a 30-acre facility that will remove carbon dioxide from the atmosphere at a rate equivalent to 40 million trees annually. The company's financial backers include Microsoft founder Bill Gates and several major energy companies, including Chevron and Occidental Petroleum Corp.
CEO Steve Oldham described the financing as "the largest of its kind into a [direct air capture] company" in a statement, adding that it "shows the growing recognition of both the benefits and commercial readiness of our DAC technology." He said the technology "can provide a key part of the solution" as the world seeks to address climate change while keeping economies running on the energy they need.
Carbon Engineering has not detailed the precise technology its facility will use. Its website says the captured carbon can be stored underground or used to synthesize fuel for regular vehicles.
In an interview with the Calgary Herald, Oldham suggested that some investors—including oil companies Chevron and Occidental Petroleum—might want to use the technology to offset their own carbon emissions. "It's a reasonable deduction for anybody to say those companies that have invested in Carbon Engineering would also be interested in becoming the first customers," he told the newspaper.
The funding round and the involvement of major oil companies highlight a growing interest in direct air capture as a tool for reducing atmospheric carbon. However, the company has not disclosed the exact amount of funding raised or a timeline for construction.
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