Octavia Carbon, a Kenyan cleantech startup, has secured a $5 million seed round to expand its direct air capture (DAC) storage plant. The company plans to use the funds to build and operate machines that capture carbon dioxide from the atmosphere and store it safely underground.
DAC technology is crucial in combating climate change by removing excess carbon dioxide from the atmosphere, which contributes to the depletion of the ozone layer and increased UV radiation. Octavia Carbon’s innovative approach involves using geothermal energy waste to power its machines, significantly reducing operating costs.
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The company’s revenue model is centered around selling carbon credits to corporations and individuals seeking to offset their carbon emissions. By capturing and storing carbon dioxide, Octavia Carbon helps businesses achieve carbon neutrality.
With this new funding, Octavia Carbon aims to scale its operations and increase its carbon removal capacity. The company also plans to become an Original Equipment Manufacturer (OEM) for DAC technology, offering its machines to project developers worldwide.
Octavia Carbon’s success demonstrates the growing importance of cleantech solutions in addressing climate change and the potential for innovative startups to make a significant impact.
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