Carbon capture technology developer C-Capture has secured £160,500 in seed funding from the Finance for Business North East Technology Fund and fund manager IP Group.
Carbon capture technology developer C-Capture has secured £160,500 in seed funding from the Finance for Business North East Technology Fund and fund manager IP Group.
A spinout from the University of Leeds’s chemistry department, C-Capture is developing a low cost and energy efficient technology that aims to capture carbon dioxide from the flue gas streams of coal-fired power stations and other power generation sites.
The seed funding comprises £100,000 from the £25 million technology fund and £60,500 from IP Group, which manages the fund. As part of this investment, Leeds-based C-Capture will move into the North East.
Founded in 2008, the company plans to use the investment to locate its engineering operations at The Wilton Centre in Redcar, where it will build and operate a pre-pilot scale solvent demonstrator rig. It will also retain a research base in the chemistry department at the University of Leeds.
C-Capture director Christopher Rayner comments, ‘This investment has come at a crucial time – both in terms of our development and the political landscape.
‘Without exception, power generators that use coal-fired power generation are getting ready to implement carbon emission reduction technology as soon as feasible, because there is a real recognition that the government will act promptly and firmly to protect our environment – and the UK should be looking to position itself as a technology leader in this field.’
Duncan Lowery, senior investment manager at IP Group, says, ‘C-Capture is a fantastic business that is absolutely of its time and which could put the North East on the map in terms of this emerging green technology. It is a good example of the type of clean technology we are seeking to back, that is, it makes sense in today’s economy as well as having significant future potential.’
Backed by the European Investment Bank, ONE NorthEast and European Regional Development Fund, the North East Technology Fund is a venture capital fund that invests in technology businesses based in, or are willing to relocate to, the North East of England.
