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Founded in 2021 by Henrik Utvik, Aqualung Carbon Capture is an Oslo, Norway-based company developing modular, membrane-based technology for carbon dioxide separation from industrial flue gas and biogas. Operating with an estimated 21 to 50 employees across its European and United States offices, the enterprise generates approximately $1.8 million in annual revenue by providing decarbonization systems to heavy industry emitters. To commercialize its proprietary hardware, the firm has successfully secured $10 million in strategic equity funding, reaching an estimated valuation of $5.8 million. Its investor syndicate and strategic partnership network feature notable corporate entities such as Nitto Denko Corporation, Delek US Holdings, Global Ship Lease, Golar LNG, and Macquarie. Led by CEO Andrew Robbins, the business deploys its absorbent-free equipment across the cement, steel, and natural gas sectors, including a pilot installation with Mustang Fuel Corporation.
Aqualung Carbon Capture has raised $10.0M across 1 funding round.
Aqualung Carbon Capture has raised $10.0M in total across 1 funding round.
Aqualung Carbon Capture is a technology company specializing in advanced membrane technology for carbon capture and separation, targeting heavy industrial emitters such as natural gas processing and cement production. Their patented, absorbent-free membrane system uses water to efficiently and cost-effectively capture CO2 emissions, offering a compact, modular, and low-energy alternative to traditional carbon capture methods. This technology enables retrofitting on existing industrial sites without major redesigns, addressing the need for scalable, economically viable decarbonization solutions across multiple sectors. Aqualung aims to accelerate the deployment of Carbon Capture, Utilisation, and Sequestration (CCUS) projects by providing the lowest cost and smallest footprint carbon capture solutions, thereby facilitating the energy transition and reducing greenhouse gas emissions globally[1][2][3][4].
Founded in 2021 and headquartered in Hovik, Norway, Aqualung Carbon Capture emerged from over 20 years of dedicated research and testing in membrane technology. The founders, leveraging deep expertise in environmental technology and membrane science, developed a novel non-pressurized facilitated transport membrane solution that avoids toxic additives and high energy demands typical of conventional carbon capture. Early pilot units demonstrated successful application across diverse industries such as natural gas processing, lime kilns, and waste-to-energy, proving the technology's cost-effectiveness and broad applicability. Strategic partnerships with global membrane manufacturers and industrial leaders have been pivotal in scaling the technology and securing funding rounds, marking key milestones in Aqualung’s evolution from research to commercial deployment[1][2][5].
Aqualung Carbon Capture rides the critical global trend of industrial decarbonization amid increasing regulatory and market pressures to reduce greenhouse gas emissions. The timing is crucial as industries face urgent mandates to lower carbon footprints while maintaining existing energy infrastructure. Aqualung’s technology addresses the limitations of current carbon capture solutions—high costs, large footprints, toxic chemicals, and energy intensity—by offering a scalable, retrofit-friendly alternative. This positions Aqualung as a key enabler in the energy transition, supporting the broader ecosystem by making carbon capture accessible to a wider range of industrial emitters. Their approach also aligns with growing economic incentives for carbon mitigation, helping industries transition to sustainable business models without sacrificing operational continuity[1][4].
Looking ahead, Aqualung Carbon Capture is poised for commercial scale-up, leveraging recent funding rounds and strategic partnerships to expand manufacturing and deployment. The company’s focus will be on scaling its patented membrane technology and expanding its project pipeline across diverse industrial sectors. Future trends shaping their journey include tightening carbon regulations, increasing demand for modular and retrofit carbon capture solutions, and growing corporate commitments to net-zero emissions. As Aqualung matures, its influence may extend beyond technology provision to shaping industry standards for cost-effective, scalable carbon capture, potentially catalyzing wider adoption of CCUS globally. This trajectory underscores Aqualung’s role as a transformative player in the decarbonization landscape, fulfilling its mission to enable clean carbon capture for the wider market[1][5].
Aqualung Carbon Capture has raised $10.0M across 1 funding round. Most recently, it raised $10.0M Series A in April 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 1, 2022 | $10M Series A | — | NEW AGE Ventures | Announced |
Aqualung Carbon Capture has raised $10.0M in total across 1 funding round.
Aqualung Carbon Capture's investors include New Age Ventures.
