Origen Power Secures $13 Million to Enhance Limestone-Based Carbon Capture Technology

Origen Secures $13 Million for Carbon Capture Innovation

In a significant move for climate technology, Origen Power Limited, based in the UK and US, has announced the successful closure of a $13 million Series A funding round. This investment was spearheaded by Barclays Climate Ventures, accompanied by contributions from well-known entities like Shell Ventures, Exascale Fund, Elemental Impact, and Hatch.

The newly acquired funds will be instrumental for Origen to scale its limestone-based direct air capture (DAC) technology, aimed at efficiently removing carbon dioxide from the atmosphere. This project forms part of their broader strategy to enhance commercial carbon removal initiatives worldwide while also expanding research efforts at their technology and research center located in Bristol, England.

Origen’s unique approach leverages the natural chemistry found in limestone, a readily available resource, to absorb atmospheric carbon. The innovative process involves extracting carbon from limestone rock and securely storing it underground, transforming it into lime, which can further pull more carbon from the air through a naturally occurring passive mechanism.

Ben Riddle-Turner, CEO of Origen, emphasized the necessity for investment to achieve the scale required to make a real difference, noting, “Efficiently enabled by the technology we have developed at Origen, limestone can act as a natural sponge for carbon dioxide in our atmosphere. The challenge is that we need investment to deliver at scale.” He added that this funding will streamline their processes and lower costs, crucial for achieving necessary carbon reductions globally.

As climate change accelerates, it's become critically important to halt the increase of carbon emissions and actively reduce existing atmospheric carbon levels. DAC technologies, like the ones Origen is developing, are essential steps in addressing pollution from hard-to-decarbonize industries such as manufacturing and shipping.

Steven Poulter, head of Barclays Climate Ventures, praised Origen's capabilities and stressed the importance of supporting the company in demonstrating their technology's efficacy through projects like their collaboration with the Energy and Environmental Research Center (EERC). The EERC project aims to capture an impressive 1,000 tonnes of CO2 annually at a facility currently being constructed in North Dakota.

In addition to the partnership with EERC, Origen has taken steps in collaboration with Shell and Mitsubishi to advance the Pelican Gulf Coast Carbon Removal Direct Air Capture project, which is expected to achieve annual carbon removal figures of up to 50,000 tonnes, far exceeding any existing operational DAC facility in the United States. This initiative alone may generate around $3 million in advanced carbon removal credits.

Quennie Co, managing partner at Shell Ventures, expressed enthusiasm regarding Origen's developments, highlighting that catalyzing the energy transition through carbon removal technologies is vital. With established supply chains for the raw materials needed, Origen’s technology has the potential to generate low-cost carbon removal credits at scale, crucial for driving the industry forward.

The growing recognition and support for Origen's innovative tactics in the climate technology landscape reflect a shift towards more sustainable practices. As Chris Anderson, Head of TED and General Partner at Exa, noted, the inspiration from talks on using limestone for CO2 removal indicates profound early interest in these ideas. Exa's partnership in this funding round alongside robust partners further exemplifies the momentum behind Origen's mission.

Danya Hakeem from Elemental Impact summarized the impact of such projects, stating that the focus on carbon capture extends beyond reduction measures; they also create jobs and spur economic opportunities within local communities.

Origen has positioned itself strongly at the forefront of climate technology, aiming for substantial carbon reduction goals as encapsulated in their mission, "The Atmosphere, Restored." With ambitious targets to scale their operations significantly in the coming years, the company's innovative approach to direct air capture via limestone not only contributes to immediate environmental benefits but also supports long-term sustainability efforts across multiple sectors of the economy.

For further information about Origen and their projects, visit www.origencarbon.com.