![]() ![]() Research shows that gathering billions of tons of the greenhouse gas from the air each year by mid-century - in addition to rapid emissions reductions - will almost certainly be needed to limit global warming to 1.5C. Though the Tracy facility is not a recipient of those dollars, Heirloom is part of one of those projects and its technology will be deployed at a major hub in Louisiana the government expects will remove 1 million tons of CO2 a year by the end of the decade. Heirloom and other DAC companies can also receive tax credits from the Inflation Reduction Act. In August, the Department of Energy announced the first wave of projects that won some of the $3.5 billion in funding for developing DAC hubs around the US. The Biden administration is throwing its weight behind the technology, too. While Heirloom declined to disclose the price tag to build the California facility, the company aims to operate at a cost of $100 per ton of carbon removed by 2030 - a price point the young industry currently isn’t close to reaching. Heirloom raised $53 million in a 2022 Series A round from investors including Microsoft’s Climate Innovation Fund and Bill Gates’ Breakthrough Energy Ventures. are among the companies that have pledged hundreds of millions to buy carbon removal services, even as critics warn the industry will give oil producers an excuse to keep pumping crude. That’s a pittance compared with bigger plants poised to come online in Texas and Louisiana, but it’s enough to serve as a milestone for a technology that’s likely to spawn a significant business.
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