Avnos Inc., the company developing Hybrid Direct Air Capture (HDAC) technology for CO2 removal, signed a series of investment partnerships exceeding $80 million in aggregate with ConocoPhillips, JetBlue Ventures and Shell Ventures LLC, the company announced in a July 13 press release. (Source: Shutterstock.com)
Avnos Inc., the company developing Hybrid Direct Air Capture (HDAC) technology for CO2 removal, signed a series of investment partnerships exceeding $80 million in aggregate with ConocoPhillips, JetBlue Ventures and Shell Ventures LLC, the company announced in a July 13 press release.
Intended to expedite Avnos’ commercialization efforts, the subsequent capital raised from these partnerships is expected to be used by Avnos to deliver commercial-ready HDAC units by the end of 2025.
“Adding blue-chip strategic partners such as ConocoPhillips, JetBlue Ventures, and Shell provides us with an incredible opportunity to access more resources, know-how and global reach to meaningfully accelerate our deployment schedule,” said Will Kain, CEO of Avnos. “Ultimately, we will be able to remove more atmospheric carbon, faster and at lower costs than we would have been able to on our own.”
Avnos was founded in 2020 and is currently developing resource efficient, geographically flexible and cost-effective technologies in the direct air capture market. It has been awarded multi-million dollar projects from the U.S. Department of Energy to test the HDAC technology and received awards from the U.S. Office of Naval Research to work on carbon capture and e-fuels production.
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