Corporate giants Shell and Mitsubishi have agreed to provide up to $17 million to a startup that plans to build a pilot plant capable of pulling carbon dioxide and water from the atmosphere.
The funding announced Thursday would cover the cost of building Project Cedar, which the direct air capture startup Avnos says could remove 3,000 metric tons of CO2 from the sky annually as well as 6,000 tons of clean water.
“What you’re seeing in Shell and Mitsubishi investing here is the opportunity to grow with us, to sort of come on this commercialization journey with us, to ultimately get to a place where we’re offering highly cost competitive CO2 removal credits in the market,” Will Kain, CEO of Avnos, said in an interview.
He declined to say where Project Cedar would be built, but it’s expected to be online by the end of next year.
