illuminem summarizes for you the essential news of the day. Read the full piece here in Forbes or enjoy below

🗞️ Driving the news: Los Angeles-based startup Avnos has emerged from stealth, announcing financial commitments worth at least $80 million from oil giants ConocoPhillips and Shell Ventures, and JetBlue Ventures
• Avnos plans to commence commercial operations by 2025

🔭 The context: Avnos' HDAC technology centers on modules similar in size to a 20-foot shipping container: these modules draw in ambient air, process it through a series of filters, and generate water condensation akin to that produced by a dehumidifier
• The collected water is stored, while the CO2 is transferred into tanks

🌎 Why does it matter for the planet: Amid growing climate change crises, initiatives that not only capture CO2 but also produce valuable byproducts such as water are increasingly significant
• The captured CO2 could be used to manufacture synthetic fuels, contributing to a circular economy, while the generated water could provide a valuable resource in areas affected by drought

⏭️ What's next: A commercial-scale module, capable of removing 300 tons of CO2 and producing 1,500 tons of water per annum, is expected to be operational by 2024
• These modules can be combined for increased capacity, ideally utilizing power from large-scale solar or wind installations

💬 One quote: “We think a massive differentiator (for Avnos) is that water positivity and the ability to use HDAC as a tool in fighting drought,” said CEO Will Kain

📈 One stat: The pilot facility in Bakersfield, partly funded by a U.S. Department of Energy grant and by SoCal Gas, is projected to remove 30 tons of CO2 annually and generate 150 tons of water

Click for more news covering the latest on Green Tech