CarbonBlue secures $10 million in Seed funding for CO2 removal technology
The Israeli startup has developed technology for the removal of CO2 from the environment through the use of water and water-utilizing industries and infrastructure.
Climate-tech startup CarbonBlue announced on Monday the completion of a $10 million Seed funding round to scale up and deploy its water-based Carbon Dioxide Removal (CDR) technology. Around $3 million in the round were raised through a SAFE agreement.
Full list of Israeli high-tech funding rounds in 2024
The round was led by Ibex Investors and Fresh Fund, joined by strategic investors Engie New Ventures, and ZIM Ventures, the corporate venture capital arm of ZIM Integrated Shipping Services, and included further investments by existing investors Jibe Ventures, MoreVC and Secret Chord Ventures.
CarbonBlue’s Direct Water Capture technology is unique in its ability to utilize any type of water in its environmentally friendly process. This universal water compatibility allows integration with any water-utilizing facility, and holds the potential to convert any existing water infrastructure into a CDR asset in the fight against global warming.
Founded in 2022 by Dr. Dan Deviri (CEO) and Iddo Tsur (COO), the company is constructing a facility integrated with the Maagan Michael desalination plant, and is developing projects in Europe, the MENA region, and North and South America.
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“The closing of our Seed round marks an important chapter in our company’s journey,” said Deviri, CarbonBlue co-founder and CEO. “It will allow us to expand our collaborations with major players in the climate, energy, and water sectors, and help us solidify and mature our technology and its applications. This vote of confidence from industry leaders validates our approach; it shows that they believe climate change deeply affects their core businesses, and that CarbonBlue’s contribution to this global effort is a significant one.”
“What sets CarbonBlue apart from other CDR players is their ability to directly support and integrate into mission critical infrastructure projects such as efuels and desalination. The combination of CDR and industry co-benefits is the secret sauce Dan and Iddo have nailed. Their strategic partnerships and investors are a testament of this unfolding,” added Jonathan Schwartz, investor at Ibex Investors.
