Aqualung is a membrane carbon-capture company that has developed a non-pressurized facilitated transport membrane solution demonstrated in pilot units over the past four years. Its technology has been shown applicable across industries including natural gas processing, lime kilns, and waste-to-energy. The company secured a Phase 1 funding first close backed by industrial partners to support commercial development. Through the transaction Aqualung has obtained a commercial-scale development and manufacturing partner, allowing it to focus on its thin-film coating intellectual property and project development. Aqualung plans to shift toward commercial upscaling in collaboration with partners and stakeholders to roll out its large-scale solutions. Phase 2 of the funding round is expected to be completed by mid-2025. Aqualung Carbon Capture is a developer of membrane carbon dioxide (CO2) capture and separation technology that targets industrial emitters across low and high CO2 concentrations. Its membrane solution is positioned to significantly reduce capture costs and is being prioritized for sources below 1 million metric tons per year, which the company says represent about 90% of stationary emitters. Aqualung announced a strategic partnership with Denbury that includes an equity investment and expanded access to Denbury’s transportation and sequestration network. The partnership is intended to allow the two companies to offer a complete solution from capture at the emission source through transportation and sequestration. Aqualung said Denbury’s equity stake will accelerate its US strategy, with a target to begin sending commercial CO2 into Denbury’s pipeline during 2024. The announcement originated from Oslo, Norway. Aqualung Carbon Capture AS is described in the release as a leader in carbon capture technology, developing core carbon-capture systems and pilot units. The company is commercializing its technology and working to scale up an existing pilot project in collaboration with Standard Lithium. Design and fabrication of the pilot unit are underway and deployment at a natural gas processing site in southern Arkansas was scheduled for Q3 2022. Aqualung raised capital through a strategic equity round to fund development and commercialization activities. Standard Lithium participated in the round and plans to integrate Aqualung’s technology into its low-carbon lithium chemical production ambitions. As part of the strategic relationship, Standard Lithium’s executive joined Aqualung’s board to support commercialization and scale-up efforts.

Total raised

$10M

Funding rounds

3

Latest round

Equity

Latest activity

May 2022