Image credit: Mission Zero Technologies
Mission Zero Technologies, a pioneering British firm specializing in direct air capture (DAC) technology, has announced a significant milestone with the successful closure of its Series A funding round, raising £21.8 million from a diverse group of investors. Notable backers include entities associated with Australian tycoon Andrew Forrest and renowned American entrepreneur Bill Gates.
The capital infusion will empower Mission Zero Technologies to expedite the development of its groundbreaking DAC product. It is poised to transition from extracting 1,000 tonnes of CO2 in the short term to achieving megatonne annual capacity by the end of the decade.
Venture capital firm 2150 is leading the Series A round, with prominent participation from Fortescue, the Australian mining giant led by Andrew Forrest, and Breakthrough Energy Ventures, the clean tech fund spearheaded by Bill Gates. Additional contributors encompass Siemens Financial Services and the World Fund, constituting a robust coalition of investors committed to driving environmental innovation.
Dr. Nicholas Chadwick, CEO of Mission Zero Technologies, expressed gratitude for the support from investors renowned for their environmental stewardship. He underscored the pivotal role of their manufacturing expertise and shared vision in propelling the rapid and responsible scaling of DAC technology, thereby amplifying its positive climate impact.
Established in 2020, Mission Zero's proprietary DAC technology harnesses electricity and a liquid solution to capture atmospheric CO2, employing a hyper-efficient electrochemical separation process to regenerate the capture solution and concentrate CO2 as pure gas. Renowned for its energy efficiency and compatibility with renewable energy sources, Mission Zero's solution offers flexible scalability and on-demand CO2 capture capabilities directly at the point of use.
The funding announcement follows closely on the heels of Mission Zero's milestone achievement—the inauguration of the UK's inaugural direct air capture plant at the University of Sheffield's Translational Energy Research Centre. With plans underway to deploy three commercial systems by the close of 2024, Mission Zero Technologies emerges as a trailblazer in the DAC landscape, positioning itself as one of the most advanced DAC companies globally.
Christian Jolck, co-founder and partner at 2150, hailed the rapid progress made by Mission Zero over the last few years. "Mission Zero's novel technology unlocks mass deployable, low cost, energy efficient DAC, enabling effective carbon removal while also providing a circular COâ‚‚ source that cities can use to make fuel, chemicals, building materials, and more," he said. "Mission Zero has gone from concept to commercial deployments in just three years and built a team with the technical talent and drive to rapidly deploy the most competitive DAC in the market."