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Saudi Aramco unit backs US climate tech startup

US company CarbonCapture builds direct air capture machines that remove carbon dioxide from the atmosphere Reuters/Tim Wimborne
US company CarbonCapture builds direct air capture machines that remove carbon dioxide from the atmosphere

CarbonCapture, a climate tech company, has raised $80 million from investors, including Saudi Aramco’s venture capital unit.

The series A fundraising was led by Prime Movers Lab and included Aramco Ventures, Amazon’s Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff’s Time Ventures.

The Los Angeles-headquartered startup’s latest major funding round is one of the largest injections of private capital into direct air capture, Reuters reported, citing industry tracker PitchBook.

The US startup builds direct air capture machines that remove massive amounts of carbon dioxide from the atmosphere.

The company has pre-sold over $26 million in carbon removal credits to many global companies, including Microsoft, Boston Consulting Group, Alphabet, Meta, Stripe, Shopify, McKinsey & Company and JPMorgan Chase & Co.

In 2022, Aramco launched a $1.5 billion sustainability fund to invest in technology to support energy transition.

Managed by Aramco Ventures, the fund plans to invest in technologies that support the company’s announced net-zero 2050 ambition in its wholly-owned operational assets and develop new lower-carbon fuels.

Aramco aims to achieve net-zero greenhouse gas emissions across its operated assets by 2050.

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