Climate technology firm Origen has successfully closed a Series A funding round, securing $13 million to enhance its innovative limestone-based direct air capture (DAC) technology. This funding round was primarily led by Barclays Climate Ventures, with notable participation from Shell Ventures, Exascale Fund, Elemental Impact, and Hatch.
The financial support will be directed towards powering and scaling Origen’s commercial carbon removal projects, with portions of the resources allocated for further testing at its technology and research centre located in Bristol, UK.
Origen’s approach to decarbonisation leverages the naturally occurring chemistry found in limestone, a material that is both abundant and easy to source. The company’s method involves effectively separating CO2 from limestone rock and subsequently storing it underground to create mineral lime, which is integral to the sequestration of atmospheric carbon through a naturally occurring and passive process.
Benjamin Riddle-Turner, the CEO of Origen, elaborated on the technology developed by the company, stating, “Efficiently enabled by the technology we have developed at Origen, limestone can act as a natural sponge for carbon dioxide in our atmosphere.” He indicated that securing funding poses a significant challenge for the company as it aims to scale its operations. He further commented, “This funding gives us the runway we need to streamline our process and reduce costs to deliver the carbon reductions that our planet needs.”
Origen has made notable progress in the carbon removal field, recently partnering with the Energy and Environmental Research Center (EERC) to utilise its technology for capturing 1,000 tonnes of carbon dioxide annually at a facility currently under construction in North Dakota.
Furthermore, the company has formed a partnership with Shell and Mitsubishi to develop the Pelican Gulf Coast Carbon Removal Direct Air Capture project, which is anticipated to remove up to 50,000 tonnes of CO2 each year, potentially generating up to $3 million in advanced carbon removal credits.
The advancements and funding secured by Origen reflect a growing trend of investment in climate technology businesses within the UAE by various entities, including venture capital firms, private equity companies, banks, and government organisations, indicating a concentrated effort towards addressing climate change through innovative solutions.
