Octavia Carbon, a Kenyan-based cleantech startup, has secured $5 million in seed funding to accelerate the construction of its Direct Air Capture (DAC) storage plant, placing it at the forefront of global carbon removal technologies. Co-founded in 2022 by Martin Freimüller and Duncan Kariuki, the company aims to combat climate change by removing carbon dioxide (CO2) directly from the atmosphere and safely storing it underground, thereby preventing it from contributing to global warming.
According to CEO Martin Freimüller, “This funding enables us to soon become the world’s second DAC company to complete the full cycle of deploying CO2 capture and geological storage in the field.” The company’s technology involves capturing CO2, liquefying it, and injecting it into Kenya’s Rift Valley basalt formations, where the gas gradually mineralizes into solid rock, ensuring long-term storage.
Harnessing Geothermal Energy for Efficiency
What sets Octavia Carbon apart is its innovative use of Kenya’s abundant geothermal energy. “We harness geothermal energy, particularly waste heat, to power 80% of our electricity needs, significantly lowering the costs of DAC,” Freimüller explains. This is a crucial advantage in an industry where the cost of extracting CO2 remains high, currently ranging from $680 to $820 per ton. Octavia’s goal is to reduce this cost to around $100, making its carbon removal technology more accessible and scalable.
A Global Pioneer in Carbon Removal
Octavia Carbon is among just 18 companies globally, including industry leaders Climeworks and Carbon Engineering, building specialized DAC machines to capture CO2. These technologies are pivotal in meeting the United Nations’ climate goals for carbon removal, a critical step toward addressing global warming. The company’s flagship project, Hummingbird, aims to capture 1,000 tons of CO2 annually. However, Octavia plans to scale its operations to go far beyond that capacity, positioning itself as a leader in the global carbon removal industry.
In addition to its carbon capture plant, Octavia aims to become an Original Equipment Manufacturer (OEM) for DAC technology, allowing it to sell DAC machines to project developers around the world. This move could further bolster the company’s global footprint and impact in the fight against climate change.
Monetizing Carbon Removal with Pre-Sold Credits
Octavia Carbon generates revenue by selling carbon credits to corporations and individuals seeking to offset their carbon emissions. The company has already pre-sold 2,000 tons of CO2, potentially earning over $1 million from those sales. With its innovative model and increasing operational efficiency, Octavia Carbon is positioned to play a major role in the global carbon capture market.
As the company scales its technology and aims for a tenfold increase in carbon removal efforts, it remains committed to its mission of reducing CO2 levels in the atmosphere and helping countries and corporations achieve their carbon neutrality goals.
With the successful completion of its DAC storage plant in Kenya, Octavia Carbon will become one of the few companies in the world capable of completing the full cycle of CO2 capture and storage, paving the way for further innovations in the carbon capture and storage (CCS) sector.
In partnership with investors such as Lateral Frontier, E4E Africa, Catalyst Fund, Launch Africa, Fondation Botnar, and Renew Capital, Octavia Carbon is poised to revolutionize the carbon removal space, using cutting-edge technology and Kenya’s renewable energy resources to lead the charge against climate change.
