OSLO, NORWAY -- Aqualung Carbon Capture (“Aqualung”), a pioneering leader in membrane carbon dioxide (CO2) capture and separation technology, announced the successful first close of its funding round. This round is backed by Aqualung’s Joint Development Agreement (JDA) partner, one of the largest global membrane manufacturers, along with other strategic investors including Liquid Gas Equipment Ltd (LGE), wholly owned by Babcock International Group, Tupras Ventures, and Delek Innovation, the CVC of Delek (US) Holdings.

This capital raise represents a significant milestone in Aqualung’s mission to establish itself as a leading carbon capture company. Over the past four years, Aqualung’s pilot units have successfully demonstrated its innovative non-pressurized facilitated transport membrane solution to be cost effective and applicable across various industries, including natural gas processing, lime kilns, and waste-to-energy applications. These units will continue to underpin the commercial roll out of the large-scale Aqualung solution.

As Aqualung embarks on the next phase of its journey, the focus will shift towards commercial upscaling in collaboration with its partners and stakeholders. Through this transaction, Aqualung has secured their commercial scale development and manufacturing partner, enabling the company to concentrate on its core thin film coating intellectual property (IP) and project development, delivering on Aqualung’s substantial commercial pipeline. The JDA partner’s proven ability to significantly enhance manufacturing capacity while maintaining high quality at a low cost will be instrumental in Aqualung’s growth trajectory.

Andrew Robbins, CEO of Aqualung, expressed his enthusiasm regarding the funding milestone: “We are extremely excited about closing phase 1 of our equity round with four industrial investors and partners. Our unique technology has always required a large-scale membrane manufacturer, and we are humbled to be joined by such a world-class partner. Our mission to become the low-cost solution to the industry has taken a key step forward and we are looking forward to delivering on our new partnerships.”

Aqualung is committed to partnering with industrial leaders to develop a comprehensive carbon capture to sequestration solution that is economically viable across a range of industries. With this funding, Aqualung is poised to make significant advancements in the carbon capture sector. Phase 2 of this funding round is expected to be completed by mid-2025.