Heirloom raises $150 million in Series B funding to scale its Direct Air Capture (DAC) technology, aimed at reducing CO2 emissions. The company uses limestone to capture and store atmospheric CO2.
Heirloom, a leading carbon removal technology provider, has raised $150 million in Series B funding to accelerate the scaling of its Direct Air Capture (DAC) technology. The company aims to significantly enhance its ability to capture carbon dioxide (CO2) directly from the atmosphere, contributing to global efforts to reduce carbon emissions.
DAC technology is crucial for achieving a net-zero energy system, according to the International Energy Agency (IEA). The Intergovernmental Panel on Climate Change (IPCC) highlights that carbon dioxide removal methods, including DAC, must scale to billions of tons of CO2 annually to meet climate goals. Unlike traditional carbon capture systems that target emissions at their source, DAC captures CO2 from ambient air at any location.
Heirloom, founded in 2020 and based in California, uses limestone, one of the world's most abundant and affordable minerals, in its DAC process. By extracting CO2 from limestone and using renewable energy, Heirloom’s process can capture additional CO2 from the atmosphere and permanently store it underground.
The company’s clients include Microsoft, JP Morgan, McKinsey, Stripe, and Shopify. The $150 million funding will help lower the cost of Heirloom’s technology and facilitate the development of new projects. Investors in this round include Future Positive, Lowercarbon Capital, H&M Group, Japan Airlines, Mitsubishi Corporation, Mitsui & Co., MOL Switch LLC, Quantum Innovation Fund, Siemens Financial Services, and several others.
Shashank Samala, CEO of Heirloom, emphasized that the key to scaling DAC technology is reducing costs, making it more affordable to address climate change at a global scale.
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