Delaware-based Compact Membrane Systems (CMS) has raised $16.5 million in Series A funding round to accelerate its carbon capture technology.
This tech can reduce the amount of greenhouse gases given off by chemical manufacturing plants by 95% while also economically boosting production, according to the company. The oversubscribed round was led by Pangaea Ventures and included GC Ventures, Solvay Ventures, Chevron Technology Ventures and Technip Energies.
CMS, which has a 10,000-square-foot lab and manufacturing facility in Newport, has been in Delaware for over 20 years, working in the power generation, pharma and industrial sectors. Director of Special Projects Charles Swartz told Technical.ly the company plans to expand its footprint in Delaware, thanks to the regional business network.
“We look forward to continuing to draw on the area’s talent pool of early career professionals and deep industrial experts to sustainably scale our business,” Swartz said via email.
CMS’s goal for the Series A funding is to deliver their carbon capture technology, at a low-cost and fully electrified, in the next three years.
“This oversubscribed funding round catalyzes our ability to deliver large projects,” CMS CEO Erica Nemser said via press release. “Deployment of our commercial systems by 2026 will have measurable environmental and economic benefits to our customers and society.”
This summer has been a busy one for CMS. It entered into two collaborations in July, with refractory product supplier RHI Magnesita and steel and technology group voestalpine, both aiming to demonstrate the effectiveness of CMS’s carbon membrane technologies in field rigs located in Austria in Q4 2023. CMS first connected with voestalpine when the Delaware company participated in the Verbund X accelerator in 2022.
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