Kenyan direct air capture (DAC) company Octavia Carbon has closed a US$5 million seed round to further develop and deploy its groundbreaking technology, which leverages geothermal resources – especially waste heat – to permanently remove CO2 from the atmosphere. DAC technologies extract CO2 directly from the atmosphere at any location, unlike carbon capture, which is generally carried out at the point of emissions, such as a steel plant. The CO2 can be permanently stored in deep geological formations or used for a variety of applications. Octavia Carbon’s US$5 million seed round was co-led by leading African venture capital firms Lateral Frontiers and E4E Africa, with participation from Catalyst Fund, Launch Africa Ventures, Fondation Botnar, and Renew Capital. The startup has also secured US$1.1m of non-dilutive carbon finance as part of this round, signaling strong market demand for the company’s carbon credits.

Source: The North Africa Journal October 16, 2024 13:55 UTC