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illuminem summarizes for you the essential news of the day. Read the full piece on Axios or enjoy below:
🗞️ Driving the news: Heirloom, a direct air capture (DAC) startup, has secured $150 million in a Series B funding round co-led by Future Positive and Lowercarbon Capital
• The financing also includes investments from notable corporates like Japan Airlines, Mitsubishi, and Siemens
• Heirloom plans to use the funds to scale its limestone-based CO2 capture technology and develop infrastructure projects
🔭 The context: Founded in 2020, Heirloom operates a 1,000-ton per year DAC facility in Tracy, Calif., with two additional projects underway in Louisiana
• Companies like Microsoft and Frontier purchase carbon removal credits generated by its projects
• The startup aims to cut the high cost of carbon capture, currently $600–$1,000 per ton, to as low as $100 per ton
🌍 Why it matters for the planet: Direct air capture is crucial for achieving net-zero emissions and mitigating climate change
• Heirloom's innovative use of limestone offers a scalable and potentially cost-effective solution for removing CO2 directly from the atmosphere
• Lowering the cost per ton is essential to make carbon removal viable on a global scale
⏭️ What's next: Heirloom will expand its operations with infrastructure capital and focus on reducing costs at its new Louisiana facilities
• The company’s scaling efforts aim to drive down costs by 90% compared to current operations
This funding round also signals growing corporate and industrial interest in carbon capture solutions
💬 One quote: "We believe we’re on the path to providing low-cost, permanent, and scalable carbon removal at the scale the planet needs," - Heirloom CEO Shashank Samala
📈 One stat: DAC projects currently cost between $600 and $1,000 per ton, with companies like Heirloom aiming to reduce costs to $100 per ton in the long term
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