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Carbon Clean Solutions Limited, a provider in low-cost carbon dioxide capture and separation technology, has closed a new equity investment of $22 million from a Series B investment round with Equinor Ventures and ICOS Capital.

EV and ICOS join the three global investors, WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation, who injected $16m into CCSL in February.

The funds will be utilised to grow the team and deliver its proven CO2 capture technology for carbon capture, utilisation and storage projects across the steel, cement, waste management and refining & petrochemicals sectors.

Aniruddha Sharma, CEO of CCSL, said: “As the world tries to recover from an unprecedented pandemic, achieving net zero ambitions remains a top priority for a green recovery. This investment demonstrates the need felt by major industrial companies for break-through technology in the carbon capture space.

“We look forward to working with our investors and partners to support a number of CCUS projects in the coming months to limit the climate impact of the use of fossil fuels.”

UK-headquartered CCSL is at the forefront of developing affordable carbon capture technology for utilisation and storage. Having showcased the technology at the world’s largest commercially funded industrial-scale carbon capture and utilisation plant in Tuticorin, India, CCSL plans to further expand its customer base to accelerate the cost-effective decarbonisation of industry.

Gareth Burns, VP Equinor Ventures added, “We are pleased to invest in CCSL as it supports Equinor’s journey towards carbon neutrality. CCSL is well positioned to further drive down cost ensuring CCUS is a viable option for more industrial players.

“People are concerned that Covid-19 and the oil-price drop may push Equinor to delay climate action. The reality is rather the opposite; Equinor is committed to accelerating emission reduction and using CCUS to decarbonise multiple industrial sectors. This investment confirms and supports this commitment.”

Peter van Gelderen, Partner at ICOS Capital, “We are proud to become part of the international investor base of CCSL and to invest in and support the roll-out of its carbon capture and utilisation solution in multiple application markets. For ICOS, carbon capture and utilisation is not only an urgent necessity from a climate change perspective, but it also has huge business potential now and in the near future.

“We are confident that the CCSL team is on the right track to capture this phenomenal opportunity.”