Squamish's Carbon Engineering has received another injection of funds to continue to develop its direct air-capture technology.
Multinational mining, metals and petroleum company BHP is investing US$6 million in the company, a news release announced Tuesday.
“BHP is committed to accelerating the global response to climate change by investing in emerging technologies that have the potential to lead to material reductions in greenhouse gas emissions,” BHP’s vice-president, of sustainability and climate change, Fiona Wild said in the release.
“As the Intergovernmental Panel on Climate Change (IPCC) stated in late 2018, if we are to avoid the worst effects of climate change, technologies that capture and remove CO2 will be required. Direct air capture offers flexibility and potential and could play a vital role in reducing future global emissions. We hope that this investment can accelerate the development and adoption of this technology.”
The privately owned Carbon Engineering is funded or supported by investors and government agencies including Bill Gates, Chevron Technology Ventures, and BHP.
Carbon Engineering's Steve Oldham said the company is working to commercialize its technologies "that can play a critical role in addressing climate change. As we work to deploy our technologies at large scale around the world, we’re thrilled to welcome investment from industry-leading companies like BHP.”
In addition to its air capture technology; CE is developing a second technology that transforms captured CO2 into "clean, affordable transportation fuels."
The company has been removing CO2 from the atmosphere since 2015 at its oceanfront lands pilot plant and converting it into fuels since 2017.
