Kenya's Octavia Carbon gets capital for carbon capture technology
TLDR
- Renew Capital invests in Octavia Carbon, a Kenyan company focusing on direct air capture (DAC) technology.
- Octavia Carbon designs and deploys machines that capture CO₂ from the atmosphere to combat climate change.
- DAC technology plays a critical role in reducing carbon emissions and achieving a net-zero future.
Renew Capital has invested in Octavia Carbon, a Kenyan-based company, to support the development of its direct air capture (DAC) technology, specifically focusing on extracting CO₂ from the atmosphere.
Octavia Carbon is dedicated to combating climate change by designing, constructing, and deploying machines that directly capture atmospheric CO₂ through DAC technology.
Martin Freimüller, the founder and CEO of Octavia Carbon, emphasized the critical role of carbon capture technologies in addressing climate change. He stated, "Our DAC technology will contribute to reducing carbon emissions as part of the global efforts towards achieving a net-zero future."
Points clés à retenir
Carbon credits—instruments that allow individuals, firms, and governments to fund projects that reduce emissions (instead of reducing their emissions)—offer an opportunity to unlock climate finance for the African continent. But the region currently accounts for just 2% of trading on the global carbon markets valued at over $2 billion. With the demand for carbon credits expected to increase by a factor of 15 or more, and be worth over $50 billion by 2030, it’s clear why African startups are moving to increase their share of the booming market.
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