Heirloom, a Direct Air Capture (DAC) technology provider, has raised $150 million in its Series B funding round co-led by Future Positive, and Lowercarbon Capital – which also invested in Heirloom’s Series A.
The round also saw participation from new industrial investors, including Future Positive, H&M Group, Japan Airlines Co., Ltd., Mitsubishi Corporation (Americas), Mitsui & Co., Ltd., MOL Switch LLC, Quantum Innovation Fund, and Siemens Financial Services among others.
Repeat investors include leading climate and carbon removal investors like Ahren Innovation Capital, Breakthrough Energy Ventures, Carbon Direct Capital, Lowercarbon Capital, and MCJ Collective.
The fresh funding will be used to continue to drive down the cost of the technology, develop additional projects and provide the funding needed to subsequently access infrastructure capital.
“We’re honored to receive this vote of confidence from new and repeat investors alike. We believe DAC is all about cost, cost, and cost – and that it will only scale to make a meaningful difference on climate change if it is affordable. This is precisely why people are investing in Heirloom. Through our real-world deployments and continued technological advancements, we are demonstrating not only that Heirloom has a clear trajectory to the lowest-cost DAC solution – but that we are executing on that vision and delivering results,” said Shashank Samala, CEO of Heirloom.
Founded in 2020 by Shashank Samala and Noah McQueen, Heirloom is a Direct Air Capture (DAC) company that uses limestone to capture CO2 directly from the air.
The Heirloom process starts with natural limestone, nearly 50% of which is CO2. By extracting this CO2 from the limestone and adding water, the Heirloom process creates a material that is thirsty for CO2 so it can return to a natural limestone state. This material acts like a sponge, pulling CO2 from the atmosphere. Heirloom’s technology accelerates this process, reducing the time it takes to absorb CO2 in nature from years to just three days. Once the CO2 is absorbed, it is extracted from the limestone material using a renewable energy-powered kiln and stored permanently underground.
Late last year, Heirloom began operating North America’s first commercial DAC facility in Tracy, California, shortly after signing one of the largest CO2 removal deals to date with Microsoft. The company has also signed deals to provide carbon removal to Stripe, Meta, Shopify, JPMorgan, McKinsey, Workday, H&M Group, Autodesk, and others.
