Parallel Carbon is developing a technology that integrates water electrolysis with direct air capture to simultaneously remove CO2 and produce renewable hydrogen. Its electrochemical process runs on intermittent electricity and can be powered solely by renewable sources, which the company says offers advantages over high-temperature direct air capture systems. The firm plans to commercialise a first-of-a-kind product that will generate diversified revenue from renewable hydrogen sales and high-quality carbon credits via permanent storage underground or in concrete. Parallel Carbon aims to capture carbon for under $100 per ton and produce clean hydrogen for $1 per kilogram once deployed at scale. The company closed a $3.6M seed round at COP28 to advance construction of its product and achieve the milestones in its business plan. Ryan Anderson is the CEO and founder leading the team, which the company says will reduce emissions and produce carbon-negative hydrogen.

Total raised

$4M

Funding rounds

1

Latest round

Seed

Latest activity

Jan 2024