Limestone-based carbon removal: Heirloom secures $150M to remove 1 billion tonnes CO2 from atmosphere by 2035

Heirloom, a Brisbane, California-based Direct Air Capture (DAC) tech provider, has raised $150 million in Series B funding. The round was led by Future Positive and Lowercarbon Capital (which invested in Cloover, Carbyon, and Ulysses Ecosystem), with participation from notable investors such as H&M Group, Japan Airlines, Mitsubishi Corporation, Siemens Financial Services, and others.

This investment will drive Heirloom’s efforts to reduce the cost of its DAC technology, expand project development, and secure infrastructure capital for scaling its operations.

How Was the Idea Born?

Founded in 2020 by CEO Shashank Samala and Noah McQueen, the company aims to combat climate change and leverages the earth’s natural resources innovatively. The team developed an approach that enhances limestone, a cheap and abundant mineral, to absorb carbon dioxide directly from the atmosphere.

The idea was born from a simple yet powerful concept – nature’s ability to remove CO2 from the air through minerals like limestone. Nearly half of the limestone is composed of CO2. Heirloom’s technology extracts this CO2 and transforms limestone into a material that efficiently captures more CO2 when combined with water.

This process, which takes years naturally, is accelerated to three days using Heirloom’s proprietary methods. Once the CO2 is absorbed, a renewable energy-powered kiln extracts it, and the gas is stored permanently underground, ensuring a sustainable and scalable carbon capture solution.

North America’s First Commercial DAC Facility

In 2022, Heirloom unveiled North America’s first commercial DAC facility in Tracy, California. This move showcased the scalability of its technology and marked a turning point for the carbon removal industry. This facility can capture up to 1,000 tonnes of CO2 per year, which will be sent for centuries-long storage in concrete to fulfill commercial removal purchases.

Partnerships

Heirloom has secured major CO2 removal deals with corporate giants like Microsoft, Stripe, Meta, and Shopify. These partnerships underscore the increasing demand for DAC solutions among leading companies seeking to meet ambitious climate targets.

New Feasibility Studies in Illinois and Florida

This year, Heirloom announced feasibility studies to explore DAC hubs in Illinois and Florida. These projects represent the company’s commitment to scaling its technology across diverse regions, further advancing global carbon removal efforts.

Shaping the Future of Carbon Capture

With its innovative approach and significant backing, Heirloom is leading the charge in transforming how the world combats climate change. By combining its technology with nature’s proven solutions, the company is not only removing carbon but also inspiring a new era of environmental innovation.

As the urgency to address global emissions intensifies, Heirloom’s progress serves as a beacon of hope with its aim to remove 1 billion tonnes of CO2 from the atmosphere by 2035, demonstrating that impactful climate solutions are within reach.

Key Takeaways

• Heirloom raised $150 million in Series B funding.
• The technology accelerates the CO2 capture process from years to just three days.
• Heirloom’s DAC facility in Tracy, California can capture up to 1,000 tonnes of CO2 annually.
• Partnerships with Microsoft, Meta, and Shopify highlight the growing demand for carbon removal solutions.
• Feasibility studies are being conducted in Illinois and Florida for future DAC hubs.
• Heirloom aims to remove 1 billion tonnes of CO2 by 2035.