Avnos secures $36 million in series A funding

Safran Corporate Ventures has invested in Avnos Inc, a California-based startup specialising in a C02-capture method called Direct Air Capture (DAC). Safran is joined in this Series A funding round by NextEra Energy Resources, LLC, Shell Ventures, ConocoPhillips, Jet Blue Ventures, Envisioning Partners and Rusheen Capital Management; raising a total of $36 million. Avnos is pioneering a process it calls Hybrid Direct Air Capture (HDAC), consisting of capturing the low concentrations of C02 in ambient air. This approach ‘significantly reduces the energy used in the DAC process and, unlike other technologies, does not consume any water,’ explains Safran. Using proprietary materials and processes, the HDAC method eliminates the need for external heat input and produces approximately five tons of water for every ton of C02 captured. Ambient air is circulated with an absorbent material to extract the water, with a second absorbent material capturing the C02, which is released following a further change in humidity conditions. The end result is a gas mixture with a high concentration of C02, with water able to be recovered for reuse. “We are racing to scale-up HDAC technology to realize its impact on climate change and leverage its economic potential to align stakeholders,” said Will Kain, CEO of Avnos, adding that “HDAC also creates a virtuous cycle for SAF producers by producing the feedstock for sustainable aviation fuel”. He concluded that this funding round gives Avnos “a solid base from which to accelerate [its] development”, believing that the company’s novel technology represents “the world’s best shot at reaching the much-needed gigaton scale of carbon dioxide removal”. Avnos will use its funds to grow its team, deploy additional HDAC assets across North America and Europe, and open a new research and development facility located just outside New York City. The 20,000 square foot pilot plant will be fully operational in February 2024.