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Billionaires back B.C. company to build first ‘negative emissions’ plant

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The Squamish-based company announced Thursday it had closed another equity financing round and raised US$68 million, which it describes as the largest private investment to date in technology that …

CALGARY – Privately held, billionaire-backed Carbon Engineering Ltd. has raised enough money to design its first “negative emissions” facility to suck carbon out of the atmosphere.

“A financial investor invests because they like your business plan. We were able to bring some pretty big Silicon Valley venture capital to us,” Carbon Engineering president and CEO Steve Oldham said. While Carbon Engineering is still small and relatively unknown, it has attracted big-name shareholders, including Bill Gates and Canadian Natural Resources Ltd. founder Murray Edwards.

Oldham wouldn’t say whether Carbon Engineering’s industrial investors are looking to deploy the technology at their own operations, just that industrial emitters could use its system to offset their carbon at a price under US$100 per tonne. If the two technologies are used together, the company believes it can create a “closed loop” of carbon emissions, where the carbon that is emitted from the “air to fuels” process is the same carbon that had already been collected.

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