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Direct air capture startup Heirloom closes $150M

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By illuminem briefings

· 2 min read


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

Click for more news covering the latest on carbon removal

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