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Classified in: Environment, Science and technology, Business
Subjects: CON, VEN

Carbon Direct Leads Series A Investment in Clean Energy Systems

RANCHO CORDOVA, Calif., Sept. 29, 2021 /PRNewswire/ -- Clean Energy Systems ("CES"), a pioneer in oxy-combustion technology, announced today that it has raised $15MM in a Series A funding round led by Carbon Direct Capital Management LLC ("Carbon Direct"). The funding will accelerate the first commercial-scale deployment of CES technology in the carbon negative power project in Mendota, California. Carbon Direct will join Clean Energy Systems' board of directors.

As announced on March 4, 2021, CES is collaborating with Schlumberger New Energy, Chevron Corporation, and Microsoft to develop a carbon negative power project in Mendota, California. The plant will convert local agricultural waste biomass into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity. More than 99% of the carbon from the process is expected to be captured for permanent storage by injecting CO2 underground into nearby deep geological formations. The Mendota project is expected to create up to 300 construction jobs and 30 permanent jobs once the facility is operating.

"Our vision is to scale our carbon removal technology to gigaton scale. In the State of California, our projects mitigate pile-burning of agricultural waste and permanently sequester carbon dioxide," said Keith Pronske, CEO of Clean Energy Systems. "Carbon Direct is a leading scientific advisor and financial sponsor to carbon technology companies, and we are delighted to welcome Carbon Direct as an investor. We admire Carbon Direct's commitment to high-quality carbon removal standards and its science-first approach to investing. Carbon Direct's investment is an important endorsement of our technology. We look forward to ongoing collaboration with the investment team and the senior scientists at Carbon Direct."

Based on rocket technology, CES oxy-fuel combustion systems can be used to convert biomass waste into clean power; in the process CO2 is captured and can be permanently removed by storage in geological formations.

"Carbon removal is essential to hit our climate goals," said Jonathan Goldberg, founder and CEO of Carbon Direct. "CES offers cutting edge carbon removal technology that produces commercially attractive, carbon negative power and can lead to wide scale CO2 removal. The technology is ready to deploy today and Carbon Direct is excited to work with CES and its partners to scale this critical technology."

"Waste biomass conversion with permanent CO2 storage can remove CO2 from the atmosphere affordably and with environmental benefits. CES' technology can help support the State's aggressive goal to end open-air burning of nearly all agricultural material in the San Joaquin Valley by 2025. Moving forward, it can also help California achieve its forest restoration goals by creating valuable products from low-value forest residues," said Julio Friedmann, senior scientist at Carbon Direct.

"The work we're doing with Carbon Direct and our partners builds on over 25 years of technology development and demonstration, and we can replicate these and similar carbon capture projects on a global scale," said Keith Pronske.

"This is the beginning of a new generation of energy production that will be both clean and green."

About Clean Energy Systems

Clean Energy Systems is a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES' proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources. To learn more, visit www.cleanenergysystems.com.

About Carbon Direct

Carbon Direct combines scientific expertise and financial capital to scale carbon removal & utilization into a global industry. Our investment business makes direct investments into leading carbon removal & utilization companies. Our advisory business works for corporate clients to fulfill their carbon management commitments. Carbon Direct's team of world-renowned carbon scientists has a critical understanding of the risks and opportunities of emerging and mature carbon technologies. The firm was founded in 2019 by Jonathan Goldberg and has offices in New York City. To learn more, visit www.carbon-direct.com

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SOURCE Clean Energy Systems

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