Kilimanjaro Energy Receives Series A Financing From ARCH Venture Partners
Kilimanjaro is developing CO2 air capture technologies to efficiently and economically capture CO2 directly from the air, transforming it into a valuable product stream
New York, NY (PRWEB) October 22, 2010
Kilimanjaro Energy, a leader in the capture of atmospheric CO2 for use in energy applications, has announced the close of a Series A round of venture financing. The financing round was led by ARCH Venture Partners, with additional participation from existing investors. The Company is developing advanced CO2 capture materials and prototypes to demonstrate that the capture of atmospheric CO2 can be economically achieved whenever and wherever CO2 is needed.
“Air capture allows for conversion of atmospheric CO2 into useful products. This beneficial re-use is a massive opportunity and enables closure of the carbon cycle,” said William W. Gridley, the Company’s Executive Chairman.
In conjunction with the financing, Kilimanjaro announced that Dr. Nathaniel E. David has joined the Company as President. Over the last decade, Dr. David has co-founded five technology companies that have collectively raised more than $700 million in financing. These companies include Syrrx, Achaogen, Kythera Biopharmaceuticals, Sapphire Energy and Kilimanjaro. “Many have assumed that the technical barriers inherent to atmospheric carbon capture would make it infeasible. I believe we have unique solutions and insights which can achieve air capture at cost-competitive economics” said Dr. David.
The Company also announced that it has expanded its Board of Directors with the addition of Robert Nelsen, a managing director and co-founder of ARCH, and Kristina Burow, a partner with ARCH. “Kilimanjaro’s technology will enable the sustainable production of fuels at lower cost,” said Mr. Nelsen. Ms. Burow added: “Properly implemented, this technology will be transformative.”
Dr. Lackner, the Company’s founding scientist and the Director of the Lenfest Center for Sustainable Energy at Columbia University, said “we welcome the participation of the ARCH Venture Partners in the Company as we bring this important technology to market.”
Kilimanjaro Energy, formerly Global Research Technologies, was founded by Dr. Klaus Lackner and Allen Wright and funded by the late Gary Comer to research whether CO2 capture from ambient air was possible. Dr. Lackner and Mr. Wright made a series of discoveries, including the discovery of the “Ëœhumidity swing,’ a technology that enables the energy-efficient capture of CO2 from air.
Kilimanjaro Energy is headquartered in New York City with operations in New York and San Francisco.
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