Wedoany.com Report on Feb 7th, The climate tech startup pHathom Technologies, which focuses on capturing and storing carbon dioxide from coastal bioenergy and industrial sites, has completed a seed funding round, bringing the company's total committed capital to over $12 million.

The $4 million equity financing attracted investors including Propeller Ventures, New Brunswick Innovation Foundation, Invest Nova Scotia, and Carmeuse Ventures. This funding builds upon a larger $16 million project funded by Canada's Ocean Supercluster, which focuses on bioenergy carbon capture and ocean storage technology.

pHathom Technologies states that its technology captures biogenic CO2 at the source and converts it into a stable dissolved inorganic carbon form naturally present in seawater. The treated water is then safely returned to the local marine environment without interfering with the natural carbon cycle.

This approach aims to avoid the need for new pipelines or long-distance CO2 transportation and can be implemented within existing industrial facilities and regulatory frameworks, thereby enhancing operational efficiency.

Dr. Kimberly Gilbert, CEO of pHathom Technologies, noted, "Simply reducing emissions from large facilities is not enough; solutions must be durable, verifiable, and responsible."

The company plans to use the new funds to support pilot projects, with the goal of reducing baseline emissions from bioenergy facilities while advancing related scientific and regulatory work to validate the potential for large-scale application of this carbon removal technology.

Recently, the carbon removal industry has shown trends of expansion and consolidation. Several major startups are merging operations to consolidate resources, such as Terradot and Eion in the enhanced rock weathering space, while other companies are also raising significant funds for their carbon sequestration projects.