Led by Climate Investor Grantham Foundation for the Protection of the Environment
BALTIMORE, Aug. 14, 2023 /PRNewswire/ — Electrochemistry innovator EDAC Labs announces $3M in seed funding to scale up its unique carbon removal technology. The round was led by the Grantham Foundation for the Protection of the Environment, an early-stage investor in climate-related innovations, together with a prominent set of angel investors.
EDAC Labs’ electrosynthesizer device creates acid and base at half the energy of conventional processes. For conventional direct air capture developers, EDAC Labs provides technology that is low cost and operates at ambient temperature and pressure. For metal mines, EDAC Labs provides technology that extracts valuable metals while sequestering carbon to achieve carbon-negative mining. For direct ocean capture, ocean alkalinity enhancement, and enhanced weathering developers, EDAC Labs supplies electrochemistry solutions to developers that lower project costs.
The funding will enable the company to scale and demonstrate its technology at one ton per day of carbon dioxide capture by the end of 2024.
Cyril Yee, Director of Investments at the Grantham Foundation, has joined the company’s board of directors, which includes EDAC Labs founders James Lavin, CEO, Brian Toll, COO, and Johns Hopkins Associate Professor Chao Wang, CTO.
Quote from Cyril Yee, Direct of Investments, Grantham Foundation
“EDAC Labs core technology significantly reduces the energy required and cost for many carbon removal methods including direct air capture, mining, ocean alkalinity enhancement, and more. This platform technology opens the door for EDAC to both develop projects as well as provide technology to developers around the world.”
Quote from James Lavin, Founder and CEO, EDAC Labs
“We’re extremely excited to receive this support from the Grantham Foundation, which validates our core belief that low-cost acid and base is a foundational technology that can hasten decarbonization via air capture and changes in core industrial processes. We look forward to working with the Foundation and its portfolio companies to scale and widely disseminate our acid/base electrosynthesizer technology.”
In July, EDAC Labs was selected for the prestigious Third Derivative First Gigaton Captured Cohort 2, which included seven groundbreaking climate tech startups focused on carbon dioxide removal.
Related logos and images can be found here: https://edaclabs.com/media
About the Grantham Foundation for the Protection of the Environment
The Grantham Foundation for the Protection of the Environment, and its affiliate, Grantham Environmental Trust, believe that innovation and technology are the best hope for an enduring future. The Grantham Trust and Foundation have, for over 15 years, focused almost exclusively on climate change mitigation and support over 150 grantees and 90 companies around the world. For more information, visit https://www.granthamfoundation.org/.
About EDAC Labs
EDAC Labs uses the electrochemical production of acid and base to decarbonize the world through conventional direct air capture, enabling carbon-negative mining, and by providing technology for other applications such as direct ocean capture, ocean alkalinity enhancement, and enhanced weathering. Learn more at www.edaclabs.com.
SOURCE EDAC Labs