(Energy Analytics Institute, 5.Dec.2024) — Mitsubishi Corporation made a significant investment in Heirloom Carbon Technologies, Inc. and a Direct Air Capture (DAC) facility.
The announcements comes as Heirloom completed its＄150mn fundraising round.
This strategic investment reflects Mitsubishi’s commitment to exploring direct participation in future DAC projects being developed by Heirloom, Mitsubishi said 5 Dec. 2024 in an official statement.
With this investment, Mitsubishi will support Heirloom’s commercialization process and global market expansion, while contributing to the realization of a decarbonized society through DAC, the Japanese company said in the statement.
In Jul. 2023, together with Mitsui O.S.K. Lines, Ltd., Mitsubishi became the first Japanese company to participate in Heirloom’s growth journey through convertible securities. The securities, also known as a Simple Agreement for Future Equity (SAFE), are a popular financing method for startups, providing capital in exchange for the right to convert shares at a future date.
DAC is an innovative technology that employs various methods to capture carbon dioxide (CO2) from the atmosphere directly from the air. Captured CO2 is then sequestered for long periods through underground storage or utilization. While successful commercialization of DAC has already been achieved in Europe and the US, the technology is still in the early stages of scaling and deployment.
Utilizing limestone, a globally abundant and inexpensive adsorbent that covers approximately 10% of the Earth’s surface, Heirloom’s process captures CO2 efficiently. This approach positions Heirloom at the forefront of cost-effective and scalable carbon capture solutions, Mitsubishi said in the statement.
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