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Saudi Aramco invests $80m in US climate tech company CarbonCapture

US-based climate technology firm CarbonCapture secured $80 million (Dh293 million) in funding from various investors, notably Saudi Aramco's venture capital unit.  Prime Movers Lab spearheaded the Series A fundraising, with contributions from Aramco Ventures, Amazon's Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff's Time Ventures.

The US startup specializes in constructing direct air capture machines designed to extract carbon dioxide from the atmosphere. Through its innovative technology, the company has already pre-sold more than $26 million (Dh 95 million) worth of carbon removal credits to numerous global corporations.

In 2022, Aramco unveiled a $1.5 billion (Dh5.5 billion) fund geared towards investing in technology that facilitates the energy transition.

Under the management of Aramco Ventures, the fund is strategically allocated to support the company's declared ambition of achieving net-zero greenhouse gas emissions by 2050 across its wholly owned operational assets.

Read the full story at Gulf News

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