GPEC Announces CarbonCapture Inc.’s Direct Air Capture Development Plans in Arizona Following Recent Funding
GREATER PHOENIX (Sept. 13, 2023) — The Greater Phoenix Economic Council (GPEC) is proud to recognize that CarbonCapture Inc. (CarbonCapture), a leading climate tech company that designs and builds machines that remove carbon dioxide directly from the atmosphere, has partnered with Arizona State University (ASU) to design a regional direct air capture (DAC) hub under an initiative supported by the Department of Energy and is assessing sites around Greater Phoenix for further investment. This decision highlights the alignment of CarbonCapture’s ambitions with the region’s vision to develop “The New Photon Economy,” positioning Arizona at the forefront of the rapidly emerging climate tech industry.
“Arizona is an ideal place for a direct air capture company to deploy,” said Adrian Corless, CarbonCapture CEO and CTO. “With plentiful renewable energy resources, a highly educated workforce, and world-class academic institutions, it’s an obvious choice. In addition to our partnership with ASU, we’re evaluating multiple manufacturing sites in and around Greater Phoenix that would allow us to leverage the region’s first-class industrial infrastructure.”
On Aug. 17, GPEC convened regional leaders in a virtual event detailing The New Photon Economy vision. ASU, CarbonCapture, GPEC and Idealab shared the strategy to leverage natural resources in Greater Phoenix to attract and scale climate tech companies while putting Arizona on the trajectory to become a leading national climate hub. This progress is adjacent to the August 2023 selection of the Southwest Regional Direct Air Capture Hub, led by the Arizona Board of Regents on behalf of ASU and co-anchored by CarbonCapture and nine other key partners, for award negotiations through the Bipartisan Infrastructure Law (BIL) to conduct a design study that establishes and defines technical requirements for a DAC carbon removal hub in Arizona. This funding would put the project on a path toward additional awards for large-scale deployment.
“We have a once-in-a-generation opportunity to leverage our extensive business-friendly infrastructure and deep renewable energy assets to become the leading climate tech center in the U.S.,” said Dr. Michael Crow, President of ASU. “Our vision is to usher Greater Phoenix into a new era, which we call The New Photon Economy. To fully realize this potential and drive our economic progress, we need to cultivate leading start-ups like CarbonCapture, whose mission to decarbonize the atmosphere is both audacious and inspiring. It’s a perfect fit for ASU and Arizona.”
In addition to its partnership with ASU, CarbonCapture on Tuesday announced an investment from Amazon’s Climate Pledge Fund and collaboration with Amazon to make 100,000 tons of carbon removal credits available to businesses within the company and among the company’s suppliers, selling partners, and customers.
Arizona Climate Ventures, a new portfolio dedicated to fostering and providing critical resources necessary for the growth of The New Photon Economy, has also partnered with CarbonCapture.
“To fully realize Greater Phoenix’s potential and drive our economic progression, we require not only climate tech startups and governmental backing, but also private investments,” remarked Chris Camacho, GPEC President & CEO. “We welcome CarbonCapture to the region and are additionally excited that Arizona Climate Ventures strategic regional partners participated alongside Amazon’s investment in CarbonCapture.”
Many rapidly growing climate tech organizations have the ability to site their manufacturing and project-level deployments anywhere in the world. Spurred by the need to decarbonize the planet in order to fight global warming, the industry is benefiting from massive funding from Fortune 500 companies with net zero goals and government programs like the Bipartisan Infrastructure Law and the Inflation Reduction Act.
“The New Photon Economy isn’t just a vision — it’s the very direction our global efforts must gravitate towards,” said Bill Gross, Founder and Chairman of Idealab, the longest running technology incubator and the incubator where CarbonCapture was founded, and Co-Founder of CarbonCapture. “Arizona already boasts a unique confluence of resources, talent, and, of course, abundant photons, positioning it as the natural nucleus of this transformative movement. It’s a profound honor for me to be associated with pioneering institutions like ASU and Arizona. In my view, Greater Phoenix isn’t merely poised to participate—it’s destined to lead and become the epicenter of this climate-centric revolution. Our mission is clear: deploy our portfolio companies within Arizona, amplify manufacturing operations to full scale, and then champion this wave of innovation, exporting Arizona’s revolutionary solutions to every corner of the globe.”
About Greater Phoenix Economic Council
The Greater Phoenix Economic Council (GPEC), globally recognized as a top economic development organization (EDO), works to attract and grow quality businesses and advocate for the competitiveness of Greater Phoenix. A data-driven regional EDO, GPEC works with 22 member communities, Maricopa County and more than 200 private investors to accomplish its mission and serve as a strategic partner to companies across the world as they expand or relocate to Greater Phoenix. Over the past 34 years, GPEC has fueled the regional economy by helping over 980 companies, creating nearly 182,000 jobs and more than $65 billion in capital investment. Greater Phoenix is in a relentless pursuit of innovative and entrepreneurial-focused companies looking to thrive and scale in a vibrant, dynamic region. There is an undeniable spirit in the region; one rooted in strength, collaboration and resilience. Greater Phoenix is Greater Together. For more information about GPEC and how we can assist your businesses, visit www.gpec.org. For media inquiries, contact Logan Newman at firstname.lastname@example.org or 602.262.8608.
About CarbonCapture Inc.
CarbonCapture develops and deploys direct air capture machines that can be connected in large arrays to remove massive amounts of carbon dioxide?from the atmosphere. With a patented modular open systems architecture (MOSA), the company’s technology platform allows for plug-and-play upgrades, mass production, unlimited scalability, and rapid technology iterations. CarbonCapture’s systems capture atmospheric carbon dioxide?for either permanent removal or for utilization in low-carbon synthetic fuels, concrete, and other industrial products. For more information, please visit CarbonCapture.com and follow @CarbonCaptureUS.
About Arizona Climate Ventures
Arizona Climate Ventures’ mission is to establish Arizona as the premier U.S. market for climate technologies. Over the past decade, Greater Phoenix has diversified its economy, emerging as a leader in advanced manufacturing, biotech, aerospace, and other cutting-edge sectors. This evolution isn’t merely about business growth; it represents a dedication to spearheading innovations across multiple industries. As global demands surge due to our changing climate, Greater Phoenix stands poised to utilize its business-friendly infrastructure and rich renewable energy resources, setting its sights on becoming the nation’s leading climate tech hub. This aspiration gains momentum from the significant funding avenues opened by the Inflation Reduction Act (IRA) and other federal efforts aimed at fostering a clean energy transition. Arizona Climate Ventures’ vision is to usher Greater Phoenix into this new era, called The New Photon Economy. However, to fully realize this potential and drive our economic progression, we require both local climate tech startups and resources. It’s essential that we cultivate and draw in the nation’s most audacious and brilliant minds. To do this, we must capitalize on governmental backing and actively seek private investments within our region. Arizona Climate Ventures is a coalition of partners that provides these critical resources necessary to bring this idea to reality. Learn more at www.azclimate.ventures.