Nairobi-based startup Octavia Carbon has successfully secured funding from Renew Capital, an Africa-focused impact investment firm, to advance its groundbreaking Direct Air Capture (DAC) technology. The company’s mission is to combat climate change by actively developing, constructing, and deploying machines designed to extract carbon dioxide (CO2) directly from the atmosphere.
Renew Capital’s investment in Octavia Carbon underlines the growing importance of African leaders and innovators in the global carbon markets. Octavia Carbon stands out as a rare direct air capture startup on the continent, with its projects including a strategic partnership with New York’s Cella Mineral Storage. Together, they aim to remove carbon from the air and store it in mineral rock in Kenya’s Great Rift Valley.
Esther Mwikali, Investment Manager at Renew Capital, expressed the firm’s commitment to positioning Africa as a key contributor to global climate solutions through their investment in Octavia Carbon. The exact amount of the investment remains undisclosed.
Martin Freimüller, the Founder and CEO of Octavia Carbon, emphasized the critical role of carbon capture technologies in addressing climate change. He confidently asserted that their DAC technology would significantly contribute to reducing global carbon emissions, aligning with the global goal of achieving a net-zero future.
Octavia Carbon not only focuses on cutting-edge technology but also provides a platform for individuals and companies to purchase carbon credits affordably. This service facilitates the offsetting of carbon footprints while promoting climate justice in Kenyan communities. The company strategically harnesses Kenya’s abundant geothermal resources, geographical advantages, and skilled workforce to operate cost-effectively.
Renew Capital’s investment highlights Octavia Carbon’s pivotal role in climate solutions and underscores Africa’s contribution to driving a sustainable future. The funding will undoubtedly propel Octavia Carbon forward in its mission to make a significant impact on the global fight against climate change.
By: Delino Gayweh
Serrari Financial Analyst
January 10, 2024
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