CNBC's Diana Olick is reporting on JetBlue's latest startup investment.
Avnos, a California-based startup, is pioneering a new method in the field of direct air capture (DAC) technology, which removes carbon dioxide from the atmosphere to combat global warming. Unlike most DAC companies that consume significant water, Avnos's "hybrid direct air capture" technology uniquely produces water, generating about five tons of water for every ton of CO2 captured. This process does not require heat, making it more cost-effective and scalable. Avnos's approach turns a typical cost factor (water consumption) into a revenue source by selling the produced water. The company has attracted attention and investment, including from JetBlue Ventures, due to its potential for creating sustainable aviation fuel. With a total venture capital funding of $35 million, Avnos also benefits from government tax credits and direct funding, positioning itself as a critical player in the decarbonization ecosystem alongside renewable energy sources.
Source: CNBC
https://www.cnbc.com/2024/01/08/this-startup-is-removing-carbon-from-the-air-and-jetblue-is-backing-it.html
(This article was written with assitance from ChatGPT)
