Cleantech startup Avnos today announced it has raised $36 million, with proceeds from its Series A funding round being used to support the company’s growth and expansion of its proprietary Direct Air Capture (DAC) carbon removal technology.
Founded in 2020, Avnos offers a patented Hybrid Direct Air Capture (HDAC) solution that uses only air, electricity and solid sorbents to capture both water and CO2 from the atmosphere. While most DAC solutions require water and heat to capture carbon, Avnos’ technology uses no water or heat and produces approximately five tons of water for every ton of carbon dioxide captured, enabling reduced impact and lower energy costs .
Avnos has been awarded multimillion-dollar projects from the U.S. Department of Energy to demonstrate its HDAC solution in the field, and from the U.S. Office of Naval Research to test carbon capture and e-fuel production.
Proceeds from the new fundraising will be used by the company to expand its team, deploy additional HDAC resources in North America and Europe, and open a research and development facility near New York City.
Will Kain, CEO of Avnos said:
“At Avnos, we believe our new HDAC technology has the world’s best chance to achieve the much-needed gigatonne scale of carbon dioxide removal. We feel the urgency to roll out HDAC more broadly to realize the enormous, positive climate and economic opportunities that lie ahead.”
The Series A round was led by NextEra Energy Resources and also included participation from investors including Safran Corporate Ventures, Shell Ventures, Envisioning Partners and Rusheen Capital Management. The financing complements Avnos’ previously announced capital increases and strategic commercial agreements with Shell Ventures, ConocoPhillips, JetBlue Ventures and the Grantham Foundation.
Rick Clark, Vice President of Strategy and Product Solutions at Nextera Energy Resources said:
“NextEra Energy Resources continues to explore new markets that have the potential to use large amounts of renewable electricity. We believe that wind and solar energy together with Avnos technology can provide a viable option to reduce emissions from sectors that are difficult to decarbonize.”