The co-founder of a pioneering carbon removal company once said its business plan was to “take CO2 from the air and turn it into cash.”
After nearly 15 years of trying to commercialize its climate technology, Global Thermostat is giving someone else a try: The company on Wednesday announced its sale to Zero Carbon Systems, a direct air capture startup led by a former private equity executive.
Global Thermostat was one of the world’s first direct air capture companies and attracted support from blue-chip businesses and the federal government. But it never managed to build a commercial DAC plant and has now been effectively sold for parts.
“We chose to be acquired because we recognized that Zero Carbon Systems’ advanced, large-scale design, strong and proven management team, and substantial financial resources, when combined with our highly developed core technology, would clearly position us to be a market leader within the Direct Air Capture industry,” said Edgar Bronfman, Global Thermostat’s chair, in a press release.
