Venture Capital: EDAC Labs Raises $3M Seed For Direct Air Capture Of CO2
EDAC’s process captures carbon dioxide directly from the air for utilization and sequestration, enabling businesses to reduce energy consumption and the cost of carbon capture.
EDAC Labs, an innovator in electrochemistry, has secured $3 million in seed funding to expand its distinctive carbon removal technology. The funding round was spearheaded by the Grantham Foundation for the Protection of the Environment, renowned for investing in early-stage climate-related innovations, and supported by notable angel investors.
EDAC Labs’ pioneering electro-synthesizer device generates acid and base with half the energy consumption of traditional methods. Their technology offers cost-effective solutions for direct air capture, operating at ambient temperature and pressure.
Additionally, it facilitates carbon-negative mining by extracting valuable metals while sequestering carbon, and aids developers in ocean alkalinity enhancement, direct ocean capture, and enhanced weathering by providing efficient electrochemistry solutions that reduce project expenses.
With the newly acquired funding, EDAC Labs plans to scale up its technology and demonstrate its capability to capture one ton of carbon dioxide daily by the close of 2024. Cyril Yee, Director of Investments at the Grantham Foundation, has joined EDAC Labs’ board of directors alongside its founders: James Lavin (CEO), Brian Toll (COO), and Chao Wang (CTO), who is an Associate Professor at Johns Hopkins University.
According to Cyril Yee EDAC Labs’ technology significantly lowers the energy demand and costs associated with various carbon removal methods, positioning it as a foundational technology for global decarbonization efforts.
EDAC Labs was chosen to participate in the prestigious Third Derivative First Gigaton Captured Cohort 2 in July, a recognition of its contributions to climate technology advancements.
Related Story: Dioxycle Nabs $17M Funding For Turning CO2 Into Ethylene
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