Clean02 announces $2.12M seed, names board advisors
Clean02 Carbon Capture Technologies (Clean02), a commercial-focused proptech tackling heating emissions, today announced closing a $2.12 million ($2.75M CAD) seed 2 funding round led by Regeneration.VC, according to a press release.
The company, which addresses fugitive carbon emissions from commercial building heating systems, also announced naming global sustainability leader William McDonough and Twist BioSciences co-founder Bill Peck to its advisory board.
It says the funding, which also included participation from Expert Development Canada (EDC), Duke Street Investments, TIRI Group and Local Investment YYC Cooperative, will be used to further tech development, optimize manufacturing, and grow its sales and marketing capacity.
Clean02 approaches this commercial sustainability issue through its patented carbon capture units, “CarbinX,” which convert C02 captured from natural gas heating system exhaust into stable carbonates. It says by leveraging these output carbonates, it produces “made with captured carbon” products for sale in consumer and commercial markets, including soaps, shampoos, detergents and fertilizers.
With natural gas as the primary source for heating buildings, you now have the ability to install a device that reduces emissions associated with that energy source. Our CarbinX unit captures 6-8 tonnes of CO2 emissions annually (roughly the equivalent of 300 trees) and saves up to 20% in energy consumption. Our version 4.0 will launch early 2023 and will double the volume of captured carbon emissions,” stated Kathi Fischer, CleanO2 co-founder and Chief Science Officer, in the release.
The company also noted that considering the $1.6 billion global carbon capture utilization and storage market, forecasted to grow at 17% CAGR, it has ample opportunity to scale and further develop its technology.
It says current customers and commercial partners include Lush Cosmetics, Volkswagen, Daimler, Radisson Blu, and named utility partners Centerpoint Energy, FortisBC, ATCO, Northwest Natural and Tokyo Gas.
“I am delighted to join CleanO2 as an advisor. Capturing fugitive carbon from HVAC emissions is the beginning of micro-scale carbon storage and utilization which harnesses the power of circular and regenerative principles in the circular carbon economy,” stated McDonough in the release.
“CleanO2 and their Alberta team are well positioned to bring a proven commercial technology to more commercial territories and customers. I look forward to working with them on their core technology as they scale production and work to enhance carbon capture and utilization within commercial buildings,” said Peck.
In other recent proptech news, Madison Realty Capital announced originating a $76 million loan for a luxury condominium in Miami. Matterport also acquired VHT Studios to bolster and expand its digital twin-based marketing services.