Heirloom, a leading Direct Air Capture (DAC) technology provider, announced it has raised $150 million in Series B funding. The funding round was co-led by Future Positive, and Lowercarbon Capital – which also invested in Heirloom’s Series A. A range of new investors, including Japan Airlines, Future Positive, H&M Group, Mitsubishi, Mitsui, MOL Switch, Quantum Innovation Fund, and Siemens Financial Services also participated.
Repeat investors include leading climate and carbon removal investors like Ahren Innovation Capital, Breakthrough Energy Ventures, Carbon Direct Capital, Lowercarbon Capital, and MCJ Collective.
This is a major vote of confidence in Heirloom’s ability to be a leading pathway to net zero. And the funding will be used to continue to drive down the cost of the technology, develop additional projects and provide the funding needed to subsequently access infrastructure capital.
Since being founded in 2020, Heirloom has progressed rapidly to become one of the world’s leading DAC companies. Heirloom is part of the team building Project Cypress — a Department of Energy supported DAC Hub, which is eligible for up to $600 million in government funding, and which will bring one million tons of yearly carbon dioxide removal capacity to Louisiana and will create nearly 1,000 new jobs.
Heirloom also received strong bi-partisan U.S. political support, as demonstrated by their recently unveiled plans for a number of Louisiana facilities, including an initial 17,000 ton facility set to be operational in 2026. Late last year, Heirloom began operating North America’s first commercial DAC facility in Tracy, California, shortly after signing one of the largest carbon dioxide removal deals to date with Microsoft. And the company has also signed deals to provide carbon removal to Stripe, Meta, Shopify, JPMorgan, McKinsey, Workday, H&M Group, Autodesk, and others.
Heirloom’s technology enhances the power of limestone – which is the world’s second most abundant, and one of the cheapest, minerals – to capture carbon dioxide directly from the air. The Heirloom process starts with natural limestone, nearly 50% of which is carbon dioxide.
By extracting this carbon dioxide from the limestone and adding water, the Heirloom process creates a material that is thirsty for carbon dioxide so it can return to a natural limestone state. This material acts like a sponge, pulling carbon dioxide from the atmosphere. Heirloom’s technology accelerates this process, reducing the time it takes to absorb CO2 in nature from years to just three days. Once the carbon dioxide is absorbed, it is extracted from the limestone material using a renewable energy-powered kiln and stored permanently underground.
JP Morgan Securities served as the lead placement agent and HSBC served as the co-placement agent to Heirloom on the raise.
KEY QUOTE:
“We’re honored to receive this vote of confidence from new and repeat investors alike. We believe DAC is all about cost, cost, and cost – and that it will only scale to make a meaningful difference on climate change if it is affordable. This is precisely why people are investing in Heirloom. Through our real-world deployments and continued technological advancements, we are demonstrating not only that Heirloom has a clear trajectory to the lowest-cost DAC solution – but that we are executing on that vision and delivering results.”
- Shashank Samala, CEO of Heirloom
