CarbonBlue Secures $10M to Expand Groundbreaking CO2 Removal Technology

PRNewswire 22-Jul-2024 8:00 AM

The funds will enable the expansion and deployment of the company's groundbreaking water infrastructure-harnessing CDR technology 

HAIFA, Israel, July 22, 2024 /PRNewswire/ -- Climate-tech startup CarbonBlue has announced the completion of a seed funding round to scale up and deploy its groundbreaking water-based Carbon Dioxide Removal (CDR) technology, bringing the funding raised by the company to $10 million. The completion of this round singles CarbonBlue out as an exceptional innovator in the climate-tech sphere. The financing will allow the company to expand its global operations, scale up its technology and pursue novel integrations with water-utilizing industrial facilities.

CarbonBlue's Direct Water Capture technology is unique in its ability to utilize any type of water in its environmentally friendly process. This universal water compatibility allows integration with any water-utilizing facility, and holds the potential to convert any existing water infrastructure into a CDR asset in the fight against global warming.

The round was led by Ibex Investors and FreshFund, joined by strategic investors Engie New Ventures, and ZIM Ventures, the corporate venture capital arm of ZIM Integrated Shipping Services, and included further investments by existing investors Jibe Ventures, MoreVC and Secret Chord Ventures.

"The closing of our seed round marks an important chapter in our company's journey," said Dr. Dan Deviri, CarbonBlue co-founder and CEO. "It will allow us to expand our collaborations with major players in the climate, energy, and water sectors, and help us solidify and mature our technology and its applications. This vote of confidence from industry leaders validates our approach; it shows that they believe climate change deeply affects their core businesses, and that CarbonBlue's contribution to this global effort is a significant one."

"Carbon Blue's process is a win-win, restoring ocean health while permanently removing CO2, all without the addition of chemicals. Their rate of technological and operational progress has been exciting to watch since Frontier first backed them last year," added Frauke Kracke, Science Lead at Frontier and Stripe Climate.

"What sets CarbonBlue apart from other CDR players is their ability to directly support and integrate into mission critical infrastructure projects such as efuels and desalination. The combination of CDR and industry co-benefits is the secret sauce Dan and Iddo, [CarbonBlue's co-founders], have nailed. Their strategic partnerships and investors are a testament of this unfolding," added Jonathan Schwartz, investor at Ibex Investors.

About CarbonBlue
CarbonBlue is an Israeli climate tech startup that has developed technology for the removal of CO₂ from the environment through the use of water and water-utilizing industries and infrastructure. Founded in 2022, the company is constructing a facility integrated with the Maagan Michael desalination plant, and is developing projects in Europe, the MENA region, and North and South America.  
For more information visit www.carbonblue.cc
Contact: AdamE@CarbonBlue.cc

About Engie
ENGIE New Ventures (ENV) is ENGIE's Research & Innovation investment fund dedicated to innovative start-ups in the field of climate technology. ENV makes minority investments in innovative start-ups that bring strategic value to the Group, with a specific focus on future disruptive technologies. Since 2014, it has invested in over 50 solutions in the cleantech sector, mainly involving renewable energy, energy efficiency and flexibility solutions, and green gases including hydrogen. ENV is represented in Paris, San Francisco and Tel Aviv. For further information: www.engieventures.com
ENGIE Group press contact:
Tel.: +33 (0)1 44 22 24 35
engiepress@engie.com
https://twitter.com/ENGIEnewsroom

About ZIM and ZIM Ventures 
Founded in Israel in 1945, ZIM (NYSE:ZIM) is a leading global container liner shipping company with established operations in more than 90 countries serving approximately 33,000 customers in over 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Through ZIM Ventures, ZIM's tech-focused investment arm, ZIM targets investments in disruptive technologies in shipping and broader supply chain and logistics related sectors, as well sustainability related technologies. These investments serve both as potential growth engines for the company as well as allow ZIM to incorporate cutting-edge technologies in its product offering, thereby enabling portfolio companies to leverage ZIM's market position to test their solutions in real market situations and advance their marketing efforts.  Additional information is available at www.ZIM.com

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SOURCE CarbonBlue