Brisbane, Calif. – Heirloom, a prominent U.S.-based Direct Air Capture (DAC) company, has successfully raised $150 million in Series B funding to scale its innovative carbon removal technology. The round was co-led by Future Positive and Lowercarbon Capital, with notable participation from high-profile investors, including Japan Airlines, Mitsubishi Corporation (Americas), Mitsui & Co., Ltd., and Siemens Financial Services.
Advancing Cost-Effective Carbon Capture Solutions
The Series B funding will be directed towards reducing the costs associated with DAC technology and accelerating its deployment, with a focus on large-scale carbon removal projects. One such project is Project Cypress, backed by a $600 million grant from the U.S. Department of Energy (DOE). This ambitious project aims to capture and remove one million tons of CO₂ annually from the atmosphere in Louisiana by 2026.
At the core of Heirloom’s approach is its proprietary limestone-based DAC technology, which dramatically speeds up the natural carbon capture process. Traditionally, capturing CO₂ through limestone can take years, but Heirloom has managed to compress this process into just three days. This breakthrough offers a low-cost, scalable solution for capturing and storing carbon at a global level, positioning Heirloom as one of the most cost-effective players in the DAC space.
Shashank Samala, CEO of Heirloom, emphasized the company’s commitment to making DAC a financially viable solution. “We believe DAC is all about cost, cost, and cost. Through our real-world deployments and continued technological advancements, we are demonstrating Heirloom’s trajectory to the lowest-cost DAC solution—and delivering results,” Samala said.
Strategic Partnerships and Market Confidence
Heirloom’s growth trajectory has been bolstered by strong partnerships with major companies committed to reducing their carbon footprints. The company has secured CO₂ removal agreements with tech giants such as Microsoft, Stripe, Meta, Shopify, and JPMorgan, signaling a broad market demand for scalable, permanent carbon removal solutions.
In addition to Project Cypress, Heirloom has already begun operating North America’s first commercial DAC plant in Tracy, California, which began production in late 2023. This milestone highlights Heirloom’s role as a leader in the rapidly evolving DAC sector, demonstrating the company’s ability to bring its technology from concept to real-world application.
Industry-Wide Appeal
The Series B funding round reflects the growing confidence in Heirloom’s ability to revolutionize the DAC sector. Notably, several investors come from industries that are notoriously difficult to decarbonize, including aviation, shipping, and manufacturing. These sectors’ interest in Heirloom’s technology underscores the potential for DAC to be integrated across a broad range of industries and become a vital tool in the global effort to combat climate change.
The backing from investors in hard-to-decarbonize industries further validates the scalability and relevance of Heirloom’s carbon removal solutions, especially as businesses and governments seek cost-effective pathways to meet net-zero emissions targets.
A Growing Leader in Carbon Removal
Since its founding in 2020, Heirloom has made significant strides in establishing itself as a leader in the DAC space. The company’s ability to combine cutting-edge technological innovation with tangible deployment has positioned it at the forefront of the global carbon removal movement. As climate change becomes an increasingly urgent challenge, Heirloom’s advancements in DAC technology offer a promising solution for large-scale atmospheric CO₂ removal.
The company’s focus on driving down costs, coupled with its partnerships with major corporations and support from government-backed projects, places Heirloom in a strong position to play a pivotal role in the fight against climate change.
Conclusion
Heirloom’s successful Series B funding round and its expanding portfolio of projects signal the company’s growing influence in the carbon removal space. With a focus on cost reduction and scalable technology, Heirloom is well-positioned to continue leading the way in Direct Air Capture and contribute to the broader global efforts to address climate change. As the need for effective, large-scale carbon removal solutions intensifies, Heirloom’s innovations offer a crucial pathway to meeting climate targets and achieving a sustainable future.
