Cool Planet Technologies Limited has successfully raised €23.7 million in a Series A2 funding round, attracting support from industrial investors. This funding round was led by Taranis Carbon Ventures, with additional investments from CRH Ventures and BlueScopeX. Existing investors, including Eni Next, NEVA SGR (Intesa Sanpaolo Group’s venture capital company), and Audacy Ventures, also participated, further validating the appeal of Cool Planet’s compact, low-energy, and cost-efficient membrane-based carbon capture solution.
The new funding will help advance Cool Planet’s goal of becoming a leading provider of point-source carbon capture solutions for industrial emissions. It will also allow the company to complete the demonstration of its technology at scale, accelerate its commercial deployment, and facilitate the construction of a membrane manufacturing facility. Cool Planet previously closed an oversubscribed Series A1 round in September 2022. LAB Energy Advisors assisted the company in the latest capital raise.
Andrew Corner, CEO of Cool Planet Technologies, expressed his enthusiasm for the new investment: “We are delighted to have the support of these three major industrial investors and are grateful to our existing investors for their continued backing. This investment is a significant endorsement, reflecting confidence in the technical advantage and commercial potential of our technology, as well as the strength of the Cool Planet team.”
Corner further emphasised Cool Planet’s commitment to delivering affordable, modular decarbonisation solutions for industries that have traditionally been difficult to decarbonise. “We believe that our technology will significantly reduce the cost of carbon capture and accelerate its adoption at scale. This funding will allow us to demonstrate the potential of our technology and solidify Cool Planet’s position as a leading provider of decarbonisation solutions across multiple industries.”
Next year, Cool Planet plans to showcase its advanced modular membrane capture technology at Holcim’s Höver cement plant near Hannover, Germany, where it will capture 10,000 tonnes of carbon dioxide per annum.
For more information visit www.coolplanettech.com
