LOS ANGELES--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
AVNOS, INC. SECURES $36 MILLION IN SERIES A FUNDING LED BY NEXTERA ENERGY RESOURCES
Announces new R&D facility to advance pioneering Hybrid Direct Air Capture Technology
Avnos, Inc. (Avnos), the Los Angeles-based company developing novel Hybrid Direct Air Capture (HDAC™) technology for carbon dioxide removal, today announced it has closed $36 million in Series A funding. Avnos will use the new funds to grow its world-class team, deploy additional HDAC assets across North America and Europe, and open a new, state-of-the-art research and development facility located just outside New York City. A subsidiary of NextEra Energy Resources, LLC, which together with its affiliated entities is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage, led the round. Other investors include Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management. The funding supplements Avnos’ previously announced capital raises and strategic commercial agreements with Shell Ventures, ConocoPhillips, JetBlue Ventures and the Grantham Foundation, as well as pilot projects with the U.S. Department of Energy and the U.S. Office of Naval Research.
Avnos has pioneered HDAC using proprietary materials and processes to capture both carbon dioxide and water simultaneously from the atmosphere. The process eliminates the need for external heat input and produces approximately five tons of water for every one ton of carbon dioxide captured. Avnos’ resource-intelligent technology means lower impact on and expanded employment opportunities for the communities surrounding HDAC facilities.
“At Avnos, we believe our novel HDAC technology is the world’s best shot at reaching the much-needed gigaton scale of carbon dioxide removal,” said Will Kain, CEO of Avnos. “We feel the urgency to roll out HDAC more broadly so as to deliver on the enormous, positive climate and economic opportunities in front of us. With this substantial funding, Avnos continues to expand its unparalleled roster of partners supporting our rapid acceleration.”
The new, multi-million-dollar research and development facility, equipped with best-in-class equipment and infrastructure, will enable Avnos to accelerate the pace of scaling the company’s HDAC technology while ensuring its systems continue to operate at peak performance. The 20,000 square foot facility will be fully operational in February 2024 and will employ an estimated 20 new employees.
"Our state-of-the-art lab underscores our mission to push the frontiers of innovation and deliver scalable and efficient carbon removal solutions,” said Ben McCool, Senior Vice President of Technology at Avnos. “As we expand our dynamic technical team, I'm proud to cultivate a collaborative environment that brings together top-notch talent, actively shaping and advancing the cutting-edge technologies driving Avnos towards impactful solutions."
“NextEra Energy Resources continues to explore new markets that have the potential to use large quantities of renewable electricity,” said Rick Clark, vice president of strategy and product solutions at NextEra Energy Resources. “We believe wind and solar together with Avnos’ technology could provide a viable option to abate emissions from hard-to-decarbonize sectors. We continue to evaluate adding direct air capture to our comprehensive portfolio of decarbonization solutions that complement our core capabilities in renewable energy generation and storage.”
"Safran is thrilled to be part of this pioneering journey, investing in a company leading the way in transformative carbon removal solutions,” said Florent Illat, CEO of Safran Corporate Ventures, “Safran is actively supporting startups that contribute to a more sustainable aviation industry. Avnos’ unique approach and energy efficient solution for CO2 capture will enable optimization of the economics and the footprint of synthetic aviation fuels production.”
Avnos is the world’s first Hybrid Direct Air Capture (HDAC™) company and best chance to get to gigaton scale in the removal of legacy carbon emissions. Founded in Los Angeles, California, Avnos produces water as it captures carbon dioxide from the air, making it the most resource-efficient and therefore cost-effective technology available on the market today. Designed to be licensed and deployed by companies committed to decarbonization – from energy companies to carbon utilization to project developers – Avnos allows customers to easily set up and manage their own direct air capture program regardless of geography and bring resources back into the communities where they operate. Avnos has been awarded multi-million-dollar projects from the U.S. Department of Energy to demonstrate its HDAC solution in the field, and from the U.S. Office of Naval Research to pilot CO2 capture and e-fuels production.
For more information, visit Avnos at www.avnos.com.