Avnos – a Los Angeles-based company developing novel Hybrid Direct Air Capture (HDAC) technology for carbon dioxide removal – announced it had closed $36 million in Series A funding. Avnos will use the new funding round to grow its world-class team, deploy additional HDAC assets across North America and Europe, and open a new, state-of-the-art research and development facility located just outside New York City.
NextEra Energy – one of America’s largest utilities and investors in clean energy infrastructure – led the round. Other investors include Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management.
The funding supplements Avnos’ previously announced capital raises and strategic commercial agreements with Shell Ventures, ConocoPhilips, JetBlue Ventures and the Grantham Foundation, as well as pilot projects with the U.S. Department of Energy and the U.S. Office of Naval Research.
Avnos pioneered HDAC using proprietary materials and processes to simultaneously capture carbon dioxide and water from the atmosphere. This process eliminates the need for external heat input and produces approximately 5 tons of water for every 1 ton of carbon dioxide captured. Avnos’ resource-intelligent technology means lower impact on and expanded employment opportunities for the communities surrounding HDAC facilities.
This new and multi-million-dollar research and development facility, equipped with best-in-class equipment and infrastructure, will enable Avnos to accelerate the pace of scaling the company’s HDAC technology while ensuring its systems continue to operate at peak performance. And the 20,000-square-foot facility will be fully operational in February 2024 and will employ an estimated 20 new employees.
KEY QUOTES:
“At Avnos, we believe our novel HDAC technology is the world’s best shot at reaching the much-needed gigaton scale of carbon dioxide removal. We feel the urgency to roll out HDAC more broadly so as to deliver on the enormous, positive climate and economic opportunities in front of us. With this substantial funding, Avnos continues to expand its unparalleled roster of partners supporting our rapid acceleration.”
– Will Kain, CEO of Avnos
“Our state-of-the-art lab underscores our mission to push the frontiers of innovation and deliver scalable and efficient carbon removal solutions. As we expand our dynamic technical team, I’m proud to cultivate a collaborative environment that brings together top-notch talent, actively shaping and advancing the cutting-edge technologies driving Avnos towards impactful solutions.”
– Ben McCool, Senior VP of Technology at Avnos
“Avnos has demonstrated their clear leadership in the CO2 removal industry. Our investment in Avnos is a part of NextEnergy’s commitment to attain Real Zero and enable a carbon-free future. Accelerating Avnos’ pace of development and scale creates a virtuous cycle: growing demand for NextEra’s core renewable power business, while leveraging our existing assets – team, skills, infrastructure – to generate new revenue and keep us on the front edge of innovation as the energy market continues to evolve.”
– NextEra Energy spokesperson
“Safran is thrilled to be part of this pioneering journey, investing in a company leading the way in transformative carbon removal solutions. Safran is actively supporting startups that contribute to a more sustainable aviation industry. Avnos’ unique approach and energy efficient solution for CO2 capture will enable optimization of the economics and the footprint of synthetic aviation fuels production.”
– Florent Illat, CEO of Safran Corporate Ventures
