Octavia Carbon, a pioneering Kenyan-based company specializing in direct air capture (DAC) technology and a finalist in the prestigious XPRIZE Carbon Removal competition, has announced that it has successfully closed a US$5 million seed funding round.
This investment will fuel the company’s ambitious mission to harness geothermal energy to efficiently capture and permanently sequester carbon dioxide (CO2) from the atmosphere.
Founded in 2022, Octavia Carbon is at the forefront of developing innovative DAC solutions that can be deployed anywhere, offering a versatile approach to combatting climate change.
According to the firm’s website, the company’s strategic focus is on utilizing waste heat from geothermal energy sources to power its DAC units, making CO2 removal more cost-effective and sustainable.
Funding to Fuel Growth and Accelerate DAC Unit Construction
The newly secured funding will enable Octavia Carbon to expand its operations and accelerate the construction of DAC units across Kenya.
The company’s ultimate goal is to establish Kenya as a global leader in atmospheric CO2 removal by 2025.
“The captured CO2 will be stored underground, where it will mineralize into solid rock, effectively removing excess emissions from the atmosphere,” the firm noted.
Project Hummingbird: A Major Step Forward
The company, which currently operates two DAC systems, will utilize the new investment to expedite the development of Project Hummingbird, its DAC+Storage pilot plant slated for launch in late 2024.
“Project Hummingbird will initially have a removal capacity of 250 metric tons of carbon per year, with the ambitious goal of reaching 1,000 metric tons annually. This significant expansion will be facilitated by a carbon storage partnership with Cella.”
Strong Investor Support
The seed funding round was co-led by Lateral Frontiers and E4E Africa, two prominent African venture capital firms.
Additional investors include Catalyst Fund, Launch Africa Ventures, Fondation Botnar, and Renew Capital.
Notably, Octavia Carbon has also secured US$1.1 million in non-dilutive carbon financing, demonstrating strong market demand for its carbon offset credits.
A Vision for a Sustainable Future
Co-founder and Chief Executive Officer (CEO) of Octavia Carbon, Martin Freimüller expressed his excitement about the funding, stating, “This investment is a significant step towards our vision of becoming the second DAC company globally to fully integrate CO2 capture and geological storage on-site. We are committed to driving positive climate action and creating a sustainable future.”
A general partner at Lateral Frontiers, Samakab Hashi commended Octavia Carbon’s groundbreaking work, emphasizing its potential to redefine economic progress in Africa.
“Octavia’s advanced technology is a clear demonstration of Africa’s ability to lead in the development of climate-friendly solutions,” Hashi added.
Octavia Carbon is a Kenya-based DAC company that is working to reverse climate change by removing carbon dioxide from the atmosphere.
The company stated that it aims to make Kenya the world’s cost-effective hub for building and deploying DAC machines.