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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
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