Global significant economies such as the United States of America, China, etc., are pulling the socks to curb the harmful carbon dioxide emission. The Consortium of G-20 members and various other countries are working towards the reduction of carbon emission into the environment in line with Euro-6 emission standards. The countries across the globe are transforming rapidly towards the zero-emission economy and have adopted various projects such as electrification of vehicles, less consumption of coal for energy production, etc. to curb the pollution level.
However, in the absence of any significant technology to curb the environmental pollution level, significant economies are taking stringent actions such as a ban on smelters, sintering mills, etc. which in turn is hampering the domestic economic condition of these countries as the revenue and GDP are highly dependable on these activities.
To solve the problems arising due to such ban or diminishing economic activities, the recent advancement in the technology of Direct air capturing devices are catching the attention of both investors and consumers.
The devices which work on the mechanism of capturing carbon dioxide directly from the air are gaining attention in the market, and various venture capital groups and global resource companies have invested a significant amount into the “direct air capture” (DAC) technology.
The companies such as Chevron, BHP Billiton is already burning a significant amount of cash over the technology which could become an answer to the problem associated with environmental pollution.
Many start-ups with different techniques are tapping in the DAC market, but the underlying fundamental of all these start-ups revolves around the gigantic fans pulling air across a contact surface that binds with the carbon dioxide molecule and then can be used for the collection of these carbon dioxide molecules. Despite the high cost of the technology and limited commercial market, these start-ups are gaining the attention of global investors and marking high capital inflows.
One such example of a start-up is Microsoft Co-founder Bill Gates-backed Carbon Engineering. The Canada-based company recently closed a $68 million fundraising round with investors such as Chevron and BHP Billiton.
The company creates clean fuel out of the air through two major technology front, i.e. DAC and “AIR TO FUEL.” While the former is explained, the latter can significantly reduce the carbon emission from transportation by creating clean synthetic fuels, which is made up of the air, water, and renewable power.
Another such example of a start-up which is extending its foot in the segment to tap the future potential of the segment is the Climeworks. Switzerland based DAC start-up secured a total of $50.1 million and controlled 14 operational plants across the globe.
DAC Technology to pull the carbon dioxide out of the air is not new; however; the high cost of building the technology is a challenge for it. But, with the recent awareness about the global environmental condition, the primary government and behemoth are expected to pull in the money requirements as the issue is a global threat and the technology could be a solution to the problem associated with the global warming.
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