Airhive and ACV Secure $7.2 Million to Build Australia's First DACCS Hub

en.Wedoany.com Reported - UK-based direct air capture (DAC) technology company Airhive and Australian Carbon Vault (ACV) have secured a $7.2 million (A$10 million) grant from the Australian government to jointly develop the country's first direct air capture and storage (DACCS) hub.

The funding comes from the Australian government's dedicated Carbon Removal Solutions program, which has allocated a total of $23.4 million (A$32.6 million) in grant funding. Airhive and ACV will channel the support into a project that uses DAC technology to capture atmospheric carbon dioxide and implement onshore geological storage. Under the partnership, Airhive is responsible for developing the DAC system, leveraging its deployment experience in Canada and the UK for the project. The London-based company completed its acquisition of DAC developer Carbyon just two months ago. ACV, meanwhile, will operate the CO2 storage through its multi-tenant hub, which can receive CO2 from various emission sources and carbon capture projects beyond this deal.

ACV's integrated capture and storage site is located in South Australia and is named the Carina CCS Hub. The site is Australia's first multi-purpose CCS hub, with Phase 1 set to deploy Airhive's DAC technology. In announcing the awards, Australia's Department of Climate, Energy, Environment and Water described the Carina CCS Hub as "a scalable, multi-user hub for future carbon removal projects."

The grant is provided through the Carbon Capture Technologies Program (CCTP). According to the announcement, ACV received one of two grants totaling A$10 million, both centered on Airhive's technology. The government funding also covers broader carbon removal and storage solutions, including innovative technologies applicable to current Australian industries. Other announced grant recipients include Carbonought, Karbonix Technologies, MCi Carbon, and Electralith.