The transition to a low-carbon energy future can’t be considered without the development of emission reduction solutions like carbon capture, utilization, and storage (CCUS). Carbon Clean Solutions Limited (CCSL) provides affordable CO2 capture and separation technology for gas emitted from power plants, boilers, kilns, and chemical facilities. CCSL developed the CRDMax™ Process that removes 50 to 95% of the CO2 from industrial applications and is competitively priced because its drop-in solvent technology is more absorbent, less volatile, and less energy-intensive than its competitors. CCSL plans to get its prices down $30/tonne cost of CO2 by 2021. While this goal may seem ambitious, CCSL has a track record of success; it helped the world’s first commercially funded, industrial-scale carbon capture and utilisation plant in Tuticorin, India save 60K tonnes of CO2 emissions per year.
London TechWatch caught up with CEO and Cofounder Aniruddha Sharma to discuss the inspiration for the company, the technology at work, and recent funding round.
Who were your investors and how much did you raise?
We recently completed our Series B round. The round closed at $22M with a new $6M equity investment coming from Equinor Ventures (EV) and ICOS Capital (ICOS). This adds to the $16M that was previously contributed to the round by WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation in February 2020.
Tell us about the product or service Carbon Clean Solutions offers.
Carbon Clean Solutions Limited (CCSL), provides low-cost carbon dioxide (CO2) capture and separation technology across four core sectors:
Cement, steel, waste-to-energy, and refining & petrochemicals.
The cost-effective technology captures CO2 from industrial emitters prior to it entering the earth’s atmosphere – helping cut emissions from hard-to-abate sectors. This CO2 can be converted into useful commercial products such as soda ash (an ingredient found in household products), fuels, or stored underground.
What inspired the start of Carbon Clean Solutions?
CCSL started as a conversation between me and my cofounder Prateek Bumb, who is now our CTO. We were studying at the Indian Institute of Technology, Kharagpur at the time. During a conversation about our internships, Prateek explained that he was working on a chemical for carbon capture. After some discussion on how the technology worked, I asked if there was anyone in India (our home country) providing this technology. When he said that there was not, that’s when CCSL began.
When we realised we had a viable product, we relocated to the UK in pursuit of partnerships and funding.
How is Carbon Clean Solutions different?
We are an industry leader. In 2016 we supplied our carbon capture technology to the world’s first commercially funded, industrial-scale carbon capture and utilisation plant in Tuticorin, India. Since then, the plant has saved 60K tonnes of CO2 emissions a year.
Our containerised technology is 10X smaller than the best available technology for carbon capture. It is also offered at a cheaper price than our competitors – we are aiming for $30/tonne cost of CO2 by 2021 (not including carbon credits), a cost so low that large emitters could potentially offset the cost of carbon capture with their carbon tax from as early as next year.
The low cost is due to our drop-in solvent technology being more absorbent, less volatile, and less energy-intensive than other available technologies. This also reduces corrosion.
What market is Carbon Clean Solutions targeting and how big is it?
Our core markets are the US, India, and Western Europe. We have ambitious growth targets for these geographies. By some estimates, CCUS has the potential to become a $1T market by 2030.
What’s your business model?
CCSL offers integrated technology solutions in partnership with global companies like Veolia from France and Wood from the UK.
How has COVID-19 impacted your business?
Our growth outlook remains as ambitious as it was pre-pandemic. We have seen numerous businesses emphasize that achieving ‘net-zero’ remains a top priority for a green recovery. This is despite many having to suspend dividends and make difficult redundancy decisions.
The funding that we have received is evidence of this: industrial firms investing in technology like ours and requesting access to our services demonstrates commitment to reducing emissions and decarbonising operations.
What was the funding process like?
It was an experience.
What are the biggest challenges that you faced while raising capital?
Having to align the financial and corporate objectives to ensure a positive outcome for investors and business partners.
What factors about your business led your investors to write the check?
Our investors share our vision for the future – to achieve a sustainable ‘net-zero’ future. They see our technology playing a key role in the energy transition.
What are the milestones you plan to achieve in the next six months?
We’re making strides in driving down the cost of our carbon capture solutions.
We’re aspiring to provide $30/tonne cost of CO2 by 2021 (not including carbon credits). We are also looking to grow the team and are currently recruiting for a number of positions including Chief Corporate Officer, VP of Sales, and several engineering roles.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Cash flow planning is key – you should project weekly cash flows for 12 weeks ahead at a minimum.
Cash flow planning is key – you should project weekly cash flows for 12 weeks ahead at a minimum.
It is also really important to take a targeted approach to your work – focusing on key markets and your key value proposition. Lastly, communicating and keeping a great team together is crucial.
Where do you see the company going now over the near term?
We see ourselves in the context of the wider climate change discussion. To ultimately reach ‘net-zero’, we know that 100% renewable energy is a long-term solution and should be the overarching objective. But in the short to medium-term, renewable energy alone will not be enough to help the world transition away from fossil fuels.
New technologies such as carbon capture, utilisation, and storage (CCUS) has a crucial role to play in the energy transition, helping cut emissions from hard-to-abate industries. Consequently, we anticipate heightened demand for our solutions in the near-term.
What is your favorite restaurant in London?
Rosa’s Thai.
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