Cleantech startup Avnos has announced a significant milestone in its journey toward combating climate change with the successful closure of a $36 million Series A financing round. The proceeds from this funding round are earmarked to bolster the company’s growth trajectory and facilitate the expansion of its groundbreaking Direct Air Capture (DAC) carbon removal technology.
Established in 2020 and headquartered in California, Avnos specializes in developing innovative solutions to mitigate carbon emissions and combat climate change. At the heart of Avnos’ mission lies its proprietary Hybrid Direct Air Capture (HDAC) technology, a revolutionary approach that utilizes air, electricity, and solid sorbents to capture both water and CO2 from the atmosphere.
What distinguishes Avnos’ HDAC solution from conventional DAC technologies is its minimal environmental footprint. Unlike traditional DAC methods that rely on water and heat for carbon capture, Avnos’ HDAC technology operates without water or heat, significantly reducing energy consumption and environmental impact. Remarkably, for every ton of carbon dioxide captured, Avnos’ solution produces approximately five tons of water, showcasing its dual benefit of carbon removal and water generation.
Avnos has garnered significant recognition and support for its innovative approach to carbon capture. The company has secured multi-million-dollar projects from esteemed institutions such as the U.S. Department of Energy and the U.S. Office of Naval Research to demonstrate the efficacy of its HDAC solution in real-world settings.
With the infusion of capital from the Series A financing round, Avnos is poised to accelerate its growth initiatives and expand its operational footprint. The funds will be allocated toward expanding the company’s team, deploying additional HDAC assets across key regions in North America and Europe, and establishing a dedicated research and development facility near New York City.
Will Kain, CEO of Avnos, expressed the company’s commitment to leveraging its HDAC technology to address the pressing need for carbon dioxide removal at a gigaton scale. He emphasized the urgency of scaling up HDAC deployment to capitalize on the significant climate and economic opportunities on the horizon.
The Series A funding round was spearheaded by NextEra Energy Resources, a leading renewable energy company, underscoring the growing interest and investment in innovative carbon capture solutions. Notable investors, including Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management, also participated in the round, reflecting the widespread recognition of Avnos’ potential to drive meaningful change in the fight against climate change.
Rick Clark, Vice President of Strategy and Product Solutions at NextEra Energy Resources, highlighted the synergies between Avnos’ technology and renewable energy sources, envisioning a future where wind and solar power, combined with Avnos’ innovative solutions, offer a viable pathway to decarbonize hard-to-abate sectors.
As Avnos continues to push the boundaries of carbon capture technology, the company stands at the forefront of a burgeoning movement toward sustainability and environmental stewardship, demonstrating the power of innovation in addressing humanity’s most pressing challenges.