Equinor Ventures participated in a series B that represents the CO2 separation technology provider's second funding round this year.
UK-based carbon dioxide (CO2) separation technology developer Carbon Clean Solutions (CCSL) closed $22m in series B funding yesterday from oil and gas supplier Equinor and venture capital firm Icos Capital.
Equinor took part in the round through corporate venturing unit Equinor Ventures. Chevron Technology Ventures, a subsidiary of oil and gas provider Chevron, had joined trading group Marubeni and Wave Equity Partners to supply $16m in series A funding for CCSL in February this year.
CCSL is working on technology intended to facilitate the cost-effective separation of CO2 from emissions at industrial and gas facilities. The funding will go to technology development and increasing headcount at the company.
Aniruddha Sharma, CEO of CCSL, said: “This investment demonstrates the need felt by major industrial companies for breakthrough technology in the carbon capture space.
“We look forward to working with our investors and partners to support a number of [carbon capture, utilisation and storage] projects in the coming months to limit the climate impact of the use of fossil fuels.”