Amsterdam-based startup Brineworks has secured €2 million in funding, led by VC firm Pale blue dot. This investment highlights the confidence in Direct Ocean Capture (DOC) technology and its potential to transform the e-Fuel arena.
Brineworks’ seawater electrolysis technology enables sustainable and affordable extraction of CO2 and H2 from the ocean. This is key for achieving large scale e-Fuel production and decarbonizing highly emitting industries like maritime and aviation.
The startups’ recent seawater electrolyzer developments have set a new standard for CO2 extraction, with a clear path to under $100 per ton, compared to $230 – $630 per metric ton of CO2 for Direct Air Capture according to the International Energy Agency.
“Current CO2 capture methods, whether from industrial sources or Direct Air Capture, are either not sustainable, too limited in scale, or too costly,” said Gudfinnur Sveinsson, CEO of Brineworks. “Brineworks offers an alternative that is sustainable, scalable, and cost-effective, making e-Fuel scale-up for the maritime and aviation industries a real possibility.”
Brineworks’ seawater electrolyzer enables industry-leading CO2 extraction with its high-efficiency design, while co-producing green hydrogen (H2) at a low cost. This dual-output process not only provides a significant revenue stream but also sets a new standard by being able to offer CO2 extraction at under $100 per ton. The electrolyzer provides a clean, decentralized, and self-sufficient energy solution, capable of powering engines without relying on the grid or being affected by geopolitical conflicts over fossil fuel supplies. This is true energy sustainability.
“What if any nation in the world could make sustainable oil from renewable electricity and seawater alone? We think Brineworks found the key to that,” added Hampus Jakobsson, General Partner at Pale blue dot.
This new investment will help Brineworks, co-founded by Gudfinnur Sveinsson and Dr. Joseph Perryman, accelerate its technical development and will be key to deploying its first technical pilot project.
Read the orginal article: https://www.eu-startups.com/2024/09/amsterdam-based-brineworks-secures-e2-million-to-drive-down-cost-of-e-fuel-feedstocks/
