Mission Zero Technologies, a developer of versatile modular direct air capture (DAC) technology, announced it has raised €25.4 million in Series A funding led by 2150, with participation from World Fund, Fortescue, Siemens Financial Services and Breakthrough Energy Ventures. This funding will help Mission Zero accelerate the development of a mass deployable DAC product recovering 1,000 tonnes of atmospheric CO₂ a year, that can be flexibly scaled to unlock megatonne annual capacity by the end of the decade.
To keep global temperature rise to 1.5°C, global society needs to remove vast volumes of CO₂ from the atmosphere while also drastically reducing new emissions, as illustrated in recent IPCC reports. Since its foundation in 2020, Mission Zero has rapidly pioneered a versatile new direct air capture technology for any industrial use case, location, and scale. The business is already working to empower diverse carbon removal and utilisation pathways, as it seeks to democratise access to a radical new source of sustainable, circular carbon to end dependence on fossil fuels.
Inspired by the biological processes that manage CO₂ in the body, Mission Zero utilises electricity and a liquid solution to capture atmospheric CO₂ in its organic form. Hyper-efficient electrochemical separation continuously regenerates the capture solution and concentrates CO₂ as a pure gas. Built for rapid scaling and deployment, the technology is cost-effective even at a smaller scale, leverages proven components, established supply chains, and a modular design for global use. Mission Zero’s technology is energy efficient and compatible with load-variable renewable sources, allowing it to flexibly ramp up and down to provide on-demand atmospheric CO₂ directly at the point of use.
Mission Zero represents one of the few pioneers in the direct air capture space to have moved beyond self-financed R&D pilot plants to commercially funded deployments with international customers. By the end of 2024, Mission Zero will have three systems on the ground in projects pioneering CO₂ mineralisation, carbon-negative building materials, and sustainable aviation fuel.
“We are delighted to welcome VCs and strategic investors with some of the strongest environmental credentials of any investors on the planet,” said Dr Nicholas Chadwick, CEO of Mission Zero Technologies: “Their world-leading manufacturing acumen and deep alignment with our vision will be catalytic in allowing us to scale DAC rapidly and responsibly for maximum positive climate impact.”
“Mission Zero’s novel technology unlocks mass deployable, low cost, energy efficient DAC, enabling effective carbon removal while also providing a circular CO₂ source that cities can use to make fuel, chemicals, building materials, and more. Mission Zero has gone from concept to commercial deployments in just three years and built a team with the technical talent and drive to rapidly deploy the most competitive DAC in the market. We are excited to support Mission Zero in their ambition to deliver climate impact at scale as the world needs solutions like this to meet the Paris Agreement goals,” added Christian Jolck, Co-founder and Partner at 2150.
Read the orginal article: https://www.eu-startups.com/2024/03/london-based-mission-zero-technologies-raises-e25-4-million-to-empower-carbon-removal-around-the-world/
