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- Carbon Engineering
Carbon Engineering Acquisition, Valuation, Funding & Investors
Carbon Engineering was acquired by Occidental Petroleum for $1.5B in August 2023.
Cumulative funding Carbon Engineering raised
$82M
across 3 funding rounds
Key investors in Carbon Engineering
BHP Group
First Round Capital
Lowercase Capital
Chevron Technology Ventures
Thomvest Ventures
Bill Gates
Starlight Ventures
Oxy Low Carbon Ventures
About Carbon Engineering
Carbon Engineering is a Calgary-headquartered clean energy company specializing in direct air capture of CO2 for fuel production. The proprietary technology uses liquid solvents in large fans to extract atmospheric CO2, followed by conversion to synthetic fuels via air-to-fuels process. Pilot plant in Squamish, British Columbia, captures one megatonne annually at scale. Acquired by Occidental Petroleum in 2023, Carbon Engineering plans commercial facilities in Texas and Iceland serving aviation and shipping fuels.
Founded
2009
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$300M (Jul 2018)
Carbon Engineering Acquisition
Carbon Engineering was acquired by Occidental Petroleum for $1.5B on 15 August 2023.
Before the acquisition Carbon Engineering had raised $82M across 3 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 15 Aug 2023 | Strategic M&A | $1.5B |
Carbon Engineering Valuation
Carbon Engineering is currently valued at $300M, based on its Series A in July 2018.
Carbon Engineering valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2018 | Series A | $300M |
Carbon Engineering Funding History
Carbon Engineering has raised a total of $82M across 3 funding rounds.
Carbon Engineering's first fundraising round was a $8M Series A in July 2018. The most recent completed round was a $68M undisclosed-stage round in March 2019.
Carbon Engineering funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2019 | Undisclosed stage | BHP Group; First Round Capital; Bill Gates; Oxy Low Carbon Ventures; Starlight Ventures; Lowercase Capital; Chevron Technology Ventures; Thomvest Ventures | $68M | - | Carbon Engineering is a Canadian clean energy company based in Squamish, British Columbia that develops Direct Air Capture (DAC) technology to remove carbon dioxide directly from the atmosphere. The company's core technology can capture and purify atmospheric CO2 for under USD$100 per tonne, a significant milestone compared to prior estimates of $600+ per tonne. The company also has AIR TO FUELS™ technology that synthesizes captured CO2 into ultra-low carbon synthetic transportation fuels compatible with existing vehicles and infrastructure without modifications. On March 21, 2019, Carbon Engineering closed an equity financing round of USD$68 million, which was the largest private investment made into any Direct Air Capture company at that time. Investors included notable names such as Bill Gates, Murray Edwards, BHP, Chevron Technology Ventures, Oxy Low Carbon Ventures, Bethel Lands Corporation, Carbon Order, First Round Capital, Lowercase Capital, Rusheen Capital Management, Starlight Ventures, Thomvest Asset Management, and several family offices. The company's board members, management, and staff also personally invested in the round. The funding was designated to bridge the gap from pilot demonstration to mainstream market deployment. Specifically, the capital would be used to expand Carbon Engineering's pilot plant in Squamish and begin engineering the first commercial facilities capable of capturing up to one million tonnes of CO2 annually. The company planned to increase headcount from approximately 50 employees at the beginning of 2019 to around 80 workers, and CEO Steve Oldham stated the company was in design stages for several first commercial plants with announcements expected later in 2019. Carbon Engineering identified three primary market segments for its technology: jurisdictions seeking to capture carbon for climate mitigation, enhanced oil recovery applications for carbon-neutral or carbon-negative crude production, and synthetic liquid fuel creation combining hydrogen with captured carbon. The company's founder David Keith had published research the prior year demonstrating the technical and economic feasibility of their approach, which influenced investor confidence in the commercialization timeline and business model. |
| Mar 2019 | Strategic investment | BHP Group (lead) | $6M | - | Carbon Engineering is a Canadian clean energy company founded in 2009, specializing in Direct Air Capture (DAC) technology to remove CO2 from the atmosphere and convert it into clean fuels. The company operates a pilot plant in Squamish, B.C., capturing CO2 since 2015 and producing fuels since 2017. In March 2019, BHP announced a US$6 million equity investment, obtaining a share in the company to support commercialization of DAC and AIR TO FUELS technologies. This BHP investment formed part of a larger USD$68 million equity financing round completed on March 21, 2019, the largest private investment into DAC at the time, involving investors including Bill Gates, Murray Edwards, Chevron Technology Ventures, Oxy Low Carbon Ventures, and others. The funding aimed to commercialize DAC technology capable of capturing CO2 for under USD$100 per tonne and enter mainstream markets. CE's investors also included government funding from entities like Sustainable Development Technologies Canada and the US Department of Energy. BHP's participation aligns with its climate change initiatives, complementing efforts in carbon capture at emission sources and partnerships like the International CCS Knowledge Centre. The investment highlights growing commercial interest in DAC for addressing climate change while supporting energy needs. |
| Jul 2018 | Series A | - | $8M | $300M | Carbon Engineering develops Direct Air Capture (DAC) technology that captures and purifies carbon dioxide from the atmosphere for under $100 per tonne, enabling removal for storage or use in clean fuels. The company also advances AIR TO FUELS technology to produce ultra-low carbon intensity synthetic fuels from captured CO2, water, and clean electricity, compatible with existing vehicles and aircraft. Based in Squamish, British Columbia, and founded in 2009, Carbon Engineering operates a pilot plant and plans industrial-scale facilities capturing up to one million tonnes of CO2 annually. The $68 million equity financing round, the largest private investment in a DAC company at the time, included investors such as Bill Gates, Murray Edwards, BHP, Chevron Technology Ventures, Oxy Low Carbon Ventures, and various venture firms. Proceeds fund expansion of the Squamish pilot plant, engineering of initial commercial facilities, and commercialization to bridge from demonstration to market deployment. One source lists the round at a $300 million valuation. Post-round, Canada invested CAN$25 million via the Strategic Innovation Fund to support R&D and commercialization of DAC and AIR TO FUELS technologies. The company has raised over $108 million across multiple rounds, culminating in an acquisition in August 2023. |
Who has invested in Carbon Engineering?
8 investors have backed Carbon Engineering across its funding rounds, including BHP Group, First Round Capital, Lowercase Capital, Chevron Technology Ventures, Thomvest Ventures and Bill Gates.
Lead investors include BHP Group.
Carbon Engineering Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2019 | ||
| 1 | Participant | Mar 2019 | ||
| 1 | Participant | Mar 2019 | ||
| 1 | Participant | Mar 2019 | ||
| 1 | Participant | Mar 2019 | ||
| 1 | Participant | Mar 2019 | ||
This data is available for Pro users. Sign up to see all 8 Carbon Engineering investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCarbon Engineering Competitors
Carbon Engineering competitors include listed companies like Borregaard and Hydrograph Clean Power, and private ones like Clean Planet, Electra, Climeworks and Amogy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $700M | - | ||
| Publicly listed | $807M | $169M | $1.6B | 2.2x | ||
| Publicly listed | $43K | ($8M) | $1.4B | - |
Carbon Engineering Public Comps
Carbon Engineering is no longer listed, but its public comps include B.Grimm Power, Econergy, Dorchester Minerals, Birlesim Grup Enerji, Natural Resources, Ygsoft, Longshine Technology, CropEnergies, Infortar and Serica Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | $399M | 3.4x | 3.2x | 14.3x | 13.3x | |||
| $11M | ($64M) | 205.8x | - | (34.8x) | - | |||
| $153M | $124M | 9.1x | - | 11.2x | - | |||
| $31M | $15M | 50.6x | - | 103.3x | - | |||
| $202M | $159M | 7.1x | - | 9.1x | - | |||
| $387M | $71M | 3.8x | 3.9x | 20.6x | 21.4x | |||
| $674M | $24M | 2.0x | 1.8x | 55.0x | 32.5x | |||
| $5M | ($41M) | 270.8x | 1.1x | (35.0x) | 12.2x | |||
This data is available for Pro users. Sign up to see all Carbon Engineering competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Carbon Engineering
| When was Carbon Engineering founded? | Carbon Engineering was founded in 2009. |
| Where is Carbon Engineering headquartered? | Carbon Engineering is headquartered in Vancouver, Canada. |
| Is Carbon Engineering publicly listed? | No, Carbon Engineering was acquired by Occidental Petroleum in August 2023. |
| Who acquired Carbon Engineering? | Carbon Engineering was acquired by Occidental Petroleum in August 2023. |
| How much was Carbon Engineering acquired for? | Carbon Engineering was acquired for $1.5B in August 2023. |
| What is Carbon Engineering's valuation? | Carbon Engineering was last valued at $300M in its Series A in July 2018. |
| How much funding has Carbon Engineering raised? | Carbon Engineering has raised $82M across 3 funding rounds. |
| What was Carbon Engineering's last funding round? | Carbon Engineering's last funding round was a $68M undisclosed-stage round in March 2019. |
| Who are Carbon Engineering's investors? | Carbon Engineering's investors include BHP Group, First Round Capital, Bill Gates, Oxy Low Carbon Ventures, Starlight Ventures, Lowercase Capital, Chevron Technology Ventures and Thomvest Ventures. |
| Which companies are comparable to Carbon Engineering? | Companies comparable to Carbon Engineering include Clean Planet, Electra, Climeworks, Amogy, Borregaard and Hydrograph Clean Power. |
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