Ex-Sun Cable duo secures seed round for carbon capture startup Fugu
The Sydney-based startup is building “CO2-sucking machines”, taking lessons it learned from developing the world’s biggest solar farm.
Using what looks like a shipping container inserted with rudimentary fans on the side, five-person startup Fugu believes its novel technology holds part of the answer to the fight against climate change.
The Sydney company, which makes machines that suck carbon dioxide from the air, has raised over $1 million in a seed round backed by Investible, with participation from Australian investors Jelix Ventures and Electrifi Ventures, as well as Counteract, a London-based VC specialising in carbon removal.
The capital injection will support Fugu to develop its design-for-manufacturing machine, ahead of a Series A in “probably 12 to 18 months time”, according to the startup’s co-founder and CEO Luke Marshall.
“We've got a workable machine now, but it's not the end product,” he told Capital Brief. “We've demonstrated that we can extract carbon from the air for the price target that we're aiming for, which is considerably below what other players in the industry are targeting at the moment.”
