Noya PBC – a San Francisco-based climate tech company deploying Direct Air Capture projects to remove society’s historic carbon dioxide emissions from the atmosphere – announced an $11 million Series A financing round. This funding round was led by Union Square Ventures and Collaborative Fund, with participation from Lowercarbon Capital, Fifty Years, MCJ Collective, EQT Foundation, Climate Capital, Nexwell Group, and a confidential university endowment. This investment will enable Noya to hire new team members, expand testing and manufacturing capabilities, and deploy their first commercial pilot later this year.
As part of the funding round, Fred Wilson from USV and Sophie Bakalar from Collaborative Fund have joined Noya’s board of directors.
Launched in 2020 by CEO Josh Santos and CTO Daniel Cavero, Noya is on a mission to accelerate the world’s transition to carbon negativity with innovative Direct Air Capture technology that is scalable and cost-effective. And Noya is trusted by planet-forward industry leaders like Shopify and Watershed who have each purchased Noya’s carbon removal credits.
Noya is also announcing the signing of its latest carbon removal agreement. And this multi-year deal with a confidential university endowment will help this leading university’s endowment reach its sustainability goals with high-quality and permanent carbon removal credits.
The carbon removal market is poised to see rapid growth in the next few years as companies and governments race to implement plans to meet their Net Zero goals. And the UN’s International Panel on Climate Change has deemed carbon removal essential to keep global temperatures from rising above 2˚C.
KEY QUOTES:
“Carbon removal is critical for the planet to meet its climate targets. We believe direct air capture can become the leading way to perform carbon removal, and Noya’s low capex, high modularity process can become the leading direct air capture approach. USV is thrilled to support Noya through its future scale-up and growth.”
— Fred Wilson, Managing Partner at Union Square Ventures (New Noya board member)
“We believe Noya’s approach to DAC will allow them to scale quickly and deliver low-priced CDR in the near term. We’re very impressed with how the team put our upfront payment to work, quickly using it to build a pilot unit to refine the most critical components of their technology.”
— Stacy Kauk, Shopify’s Head of Climate and a member of Collaborative’s Sustainability Advisory Board
“At Collab, our mission has always been to bring planet-improving technologies out of the lab and into the mainstream. What Noya is doing is building a technological foundation for global sustainable change. DAC is one of the most promising pathways to scale affordable, high-quality CDR, and they’re scaling this technology at a rate we’ve never seen before. We’re excited to be working alongside them and Fred as we embark on what is a truly world changing climate journey.”
— Sophie Bakalar, Partner at Collaborative Fund (New Noya board member)
“By developing and deploying Direct Air Capture technology, we will be able to scale carbon removal to the volumes and costs needed to meet global climate targets,” Santos says. “We are deeply committed to removing carbon dioxide from the atmosphere to help restore our shared planet.”
— CEO Josh Santos
