Seeks up to £10m
Startup building low-cost carbon capture system
A Scottish company is aiming to raise between £5m and £10m to commercialise its carbon capture technology that can be installed quickly and at a more affordable cost for small industrial customers.
Aberdeen-based CCU international, led by energy and healthcare executive Beena Sharma, is working on the project with Professor Peter Styring at the University of Sheffield.
Its modular systems are highly scalable and can capture hundreds of tonnes of CO2 per day. CCU is working with a Scotland-based manufacturing partner which will be disclosed at a later date.
Ms Sharma said: “Governments now recognise we can’t achieve net zero without carbon capture and our system enables smaller-scale industrials and SMEs to decarbonise cost-effectively for the first time as well as making it more efficient and affordable for all scales of emitters by creating a number of revenue streams as part of the process.”
CCU will be will be targeting a global market estimated to be worth $2.5bn today but more than $12bn by 2031.
It is projecting revenue of at least £1bn over the next 10 years, focusing first on the UK and US markets, and 100 employees over the same time frame..
As well as raising initial funding, CCU International is looking to agree partnerships with players in several sectors which both emit and use CO2. It is being advised by Hutcheon Mearns.