The Kenyan-based company Octavia Carbon, specializing in direct air capture (DAC) technology, has successfully secured a seed investment of US$5 million. This funding will bolster the company’s innovative efforts to harness geothermal energy, particularly the utilization of waste heat, to effectively extract carbon dioxide (CO2) from the atmosphere and achieve permanent sequestration.
Direct air capture is a versatile approach to reducing atmospheric CO2 levels, as it can be implemented anywhere, in contrast to traditional carbon capture methods that are typically integrated into emission-heavy facilities like steel plants. The captured CO2 can then be securely stored underground in geological formations or repurposed for various industrial uses.
Established in 2022, Octavia Carbon is actively engaged in constructing and operating DAC units within Kenya. The company’s ambitious goal is to position Kenya as the most economical global hub for atmospheric CO2 removal by the year 2025. A key component of their strategy is the development of Project Hummingbird, a pioneering DAC+Storage initiative scheduled to commence operations by the end of 2024.
The seed funding round for Octavia Carbon was jointly spearheaded by prominent African venture capital entities Lateral Frontiers and E4E Africa. Additional financial backing came from a consortium of investors including Catalyst Fund, Launch Africa Ventures, Fondation Botnar, and Renew Capital. Moreover, Octavia Carbon has garnered US$1.1 million in non-dilutive carbon financing within this investment round, reflecting a robust market interest in the carbon offset credits offered by the company.
Martin Freimüller, co-founder and CEO of Octavia Carbon, expressed his enthusiasm about the funding, noting that it paves the way for the company to become the second DAC enterprise globally to fully implement a combined system of CO2 capture and geological storage on-site.
Samakab Hashi, a general partner at Lateral Frontiers, praised Octavia Carbon’s groundbreaking work, highlighting its potential to redefine economic progress in Africa. He emphasized that Octavia’s advanced technology is a testament to Africa’s capability to lead in the creation of a sustainable future.
