Saudi Aramco unit backs US climate tech startup

Reuters/Tim Wimborne

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.

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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.

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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.