Kenya's Octavia Carbon Gets $5M to Build Direct Air Capture Plant

BREAKING NEWSOctober 21, 2024 at 12:33 PM UTC

TLDR

Kenyan cleantech startup, Octavia Carbon, secures $5 million in seed funding for Direct Air Capture (DAC) storage plant, targeting climate change mitigation.
DAC technology by Octavia stores captured CO2 underground in Kenya's Rift Valley basalt, converting it to solid rock, offering carbon credits for sale to offset emissions.
Octavia aims to drive down CO2 capture costs by utilizing Kenya's geothermal energy, aiming to reduce extraction expenses from $680-$820 per ton to around $100.

Octavia Carbon, a Kenyan cleantech startup, has raised $5 million in seed funding to develop its Direct Air Capture (DAC) storage plant. DAC technology removes carbon dioxide (CO2) directly from the atmosphere, helping to mitigate climate change by reducing excess CO2 levels.

The company captures CO2 and stores it underground, utilizing the porous basalt of Kenya’s Rift Valley, where the gas mineralizes into solid rock. Octavia generates revenue by selling carbon credits to companies and individuals seeking to offset their carbon emissions.

It aims to lower the cost of capturing CO2 by leveraging Kenya’s geothermal energy, using waste heat to meet 80% of its electricity needs. This positions Octavia to capture CO2 more efficiently, with plans to reduce extraction costs from the current $680-$820 per ton to around $100.

Key Takeaways

Founded in 2022, Octavia is among 18 companies worldwide developing DAC technology. It has pre-sold 2,000 tons of CO2, potentially generating over $1 million in revenue. The company aims to capture 1,000 tons of CO2 annually and become an Original Equipment Manufacturer (OEM) for DAC machines.

Venture Capital

Octavia Carbon

Kenya

Cleantech

Climatetech

Octavia

Startups