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With carbon removal now considered a necessary part of the climate solution, the company is seeing more opportunities from investors. The company’s CEO said that after the IPCC published its report in October, Global Thermostat received investment offers totaling $200 million in just one day. This development shows how the IPCC report and the growing urgency surrounding climate should help jump-start the industry.56 Global Thermostat, with its steady funding over the years, is nearing commercialization. Since 2010, it has run demonstration plants at SRI International in California, and currently, it is building its first commercial plants in Huntsville, Alabama, with operating costs at $150 per ton. But the company expects costs to drop and is targeting $50 per ton, with help from selling CO2 to soda companies to inject into carbonated drinks. Having beverage producers as clients can position Global Thermostat to reach commercialization. The company says that with the combination of its customer base – which will purchase CO2 – and the federal government tax credit, it can soon reach the $50 per ton figure, the level at which it can scale up its technology. One of the advantages of the company’s cost structure is that it uses low amounts of electricity in its capture process, instead mostly utilizing leftover process heat to power its facilities.57 The Alabama plant can currently suck only 4,000 tons annually out of the air, hardly enough to move the needle in combating climate change. The company claims, though, that less than 400 of the company’s plants could reduce annual global emissions by one percent, the total emitted by 60 million cars. The company is aiming to grow globally: It now has 35 patents in 147 countries and plans to sell CO2 captured for water desalination, synthetic fuels and polymers along with beverages. “We expect global adoption and we will favor scaling up in developing nations where most of the growth of the world economy will be located,” said Graciela Chichilnsky.58 Carbon Engineering Carbon Engineering Ltd., based in British Columbia, is nearing the commercialization phase, using DAC to either sequester the CO2 underground or use it to produce transportation fuels. The company has received almost $70 million in private funding since its inception in 2009.59 The U.S. Department of Energy has contributed funding, as well as the government of Canada. Carbon Engineering has been able to survive the lab-to-marketplace transition because the company has patient, strategic investors who are committed to long-term term success of carbon removal. Its Founder is David Keith, a Harvard professor, and one of the company’s investors is Microsoft’s Bill Gates. In January, oil giants Chevron and Occidental announced that they are investing in Carbon Engineering, giving significant backing to the company’s bottom line and the commercial viability for DAC for the longer term. 56 Magill, Bobby. “Carbon Removal Firms see Opportunity in U.N. Climate Report.” Environmental & Energy Report. Bloomberg. October 12, 2018. https://www.bna.com/carbon-removal-firms-n73014483159/ 57 Siegel, RP. “The Fizzy Math of Carbon Capture.” Grist. October 10, 2018. https://grist.org/article/direct-air-carbon-capture- global-thermostat/ 58 du Besse, Alessandro. “The Global Thermostat can fight cliate change. Interview with Graciela Chicilnisky.” Impakter. April 4, 2018. https://impakter.com/global-thermostat/ 59 Carbon Engineering. ”Carbon Engineering concludes USD $68 million private investment around and proceeds with commercialization of carbon dioxide removal technology.” Carbon Engineering. March 21, 2019. https://carbonengineering.com/carbon-engineering-concludes-usd68-million-private-investment-round/ Figure 6: Carbon Engineering's Direct Air Capture System 28PDF Image | Carbon Removal Final Report
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