Feb 6, 2024   SOURCE: BusinessWire

Avnos, Inc. Secures $36 Million in Series A Funding Led by NextEra Energy

Avnos, Inc. (Avnos), the Los Angeles-based company developing novel Hybrid Direct Air Capture (HDAC™) technology for carbon dioxide removal, today announced it has closed $36 million in Series A funding. Avnos will use the new funds to grow its world-class team, deploy additional HDAC assets across North America and Europe, and open a new, state-of-the-art research and development facility located just outside New York City. NextEra Energy, one of America's largest utilities and investors in clean energy infrastructure, led the round. Other investors include Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management. The funding supplements Avnos’ previously announced capital raises and strategic commercial agreements with Shell Ventures, ConocoPhilips, JetBlue Ventures and the Grantham Foundation, as well as pilot projects with the U.S. Department of Energy and the U.S. Office of Naval Research.

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Pictured: Will Kain, CEO of Avnos at Bakersfield HDAC Project (Photo: Business Wire)

Pictured: Will Kain, CEO of Avnos at Bakersfield HDAC Project (Photo: Business Wire)

Avnos has pioneered HDAC using proprietary materials and processes to capture both carbon dioxide and water simultaneously from the atmosphere. The process eliminates the need for external heat input and produces approximately 5 tons of water for every 1 ton of carbon dioxide captured. Avnos’ resource-intelligent technology means lower impact on and expanded employment opportunities for the communities surrounding HDAC facilities.

“At Avnos, we believe our novel HDAC technology is the world’s best shot at reaching the much-needed gigaton scale of carbon dioxide removal,” said Will Kain, CEO of Avnos. “We feel the urgency to roll out HDAC more broadly so as to deliver on the enormous, positive climate and economic opportunities in front of us. With this substantial funding, Avnos continues to expand its unparalleled roster of partners supporting our rapid acceleration.”

The new, multi-million-dollar research and development facility, equipped with best-in-class equipment and infrastructure, will enable Avnos to accelerate the pace of scaling the company’s HDAC technology while ensuring its systems continue to operate at peak performance. The 20,000 square foot facility will be fully operational in February 2024 and will employ an estimated 20 new employees.

"Our state-of-the-art lab underscores our mission to push the frontiers of innovation and deliver scalable and efficient carbon removal solutions,” said Ben McCool, Senior VP of Technology at Avnos. “As we expand our dynamic technical team, I'm proud to cultivate a collaborative environment that brings together top-notch talent, actively shaping and advancing the cutting-edge technologies driving Avnos towards impactful solutions."

“Avnos has demonstrated their clear leadership in the CO2 removal industry. Our investment in Avnos is a part of NextEnergy’s commitment to attain Real Zero and enable a carbon-free future,” said NAME, TITLE at NextEra Energy. “Accelerating Avnos’ pace of development and scale creates a virtuous cycle: growing demand for NextEra’s core renewable power business, while leveraging our existing assets – team, skills, infrastructure – to generate new revenue and keep us on the front edge of innovation as the energy market continues to evolve.”

"Safran is thrilled to be part of this pioneering journey, investing in a company leading the way in transformative carbon removal solutions,” said Florent Illat, CEO of Safran Corporate Ventures, “Safran is actively supporting startups that contribute to a more sustainable aviation industry. Avnos’ unique approach and energy efficient solution for CO2 capture will enable optimization of the economics and the footprint of synthetic aviation fuels production.”

About Avnos

Avnos is the world’s first Hybrid Direct Air Capture (HDAC™) company and best chance to get to gigaton scale in the removal of legacy carbon emissions. Founded in Los Angeles, California, Avnos produces water as it captures carbon dioxide from the air, making it the most resource-efficient and therefore cost-effective technology available on the market today. Designed to be licensed and deployed by companies committed to decarbonization – from energy companies to carbon utilization to project developers – Avnos allows customers to easily set up and manage their own direct air capture program regardless of geography and bring resources back into the communities where they operate. Avnos has been awarded multi-million-dollar projects from the U.S. Department of Energy to demonstrate its HDAC solution in the field, and from the U.S. Office of Naval Research to pilot CO2 capture and e-fuels production.

For more information, visit Avnos at www.avnos.com.