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illuminem summarises for you the essential news of the day. Read the full piece on Axios or enjoy below:
🗞️ Driving the news: Carbon removal startup Avnos has secured $17 million in funding from Shell and Mitsubishi Corp. to build a commercial demonstration plant for its innovative direct air capture (DAC) technology
• Avnos claims its method of capturing CO₂ from the atmosphere uses significantly less energy than traditional DAC approaches, while also generating usable water
🔭 The context: Direct air capture is a promising technology to remove carbon dioxide from the atmosphere, which is essential for addressing climate change
• However, conventional DAC methods are often criticized for being energy-intensive and costly
• Avnos’ approach seeks to overcome these challenges by being more energy-efficient, which could help scale DAC projects in the future
🌍 Why it matters for the planet: The scaling of DAC technologies, especially more efficient ones like Avnos’, could play a crucial role in meeting global climate targets by directly removing CO₂ from the atmosphere
• If successful, Avnos’ model could reduce the environmental footprint of DAC operations and provide additional benefits, such as water production, helping address both carbon emissions and water scarcity
⏭️ What's next: Avnos plans to move forward with building its demonstration plant, with hopes that successful scaling could pave the way for larger DAC projects
• The support from Shell and Mitsubishi Corp. signals growing corporate interest in carbon removal technologies, which could accelerate investment and development in this field
💬 One quote: "Avnos’ method requires far less energy than other direct air capture methods, and produces lots of usable water." — Avnos
📈 One stat: Avnos has secured $17 million in financing to build a commercial demonstration plant, marking a significant step toward scaling its DAC technology
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