The complete list of business models in the CCUS market
Last updated: 13 March 2026
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The CCUS market (Carbon Capture, Utilization and Storage) is one of the most structurally complex sectors in climate tech, spanning everything from deep geological storage to ocean-based removal and CO2-derived materials.
This page maps every meaningful business model we have identified in the CCUS market, with scores on scalability, margins, defensibility, and capital intensity for each one.
We update this list regularly as new companies emerge and as the CCUS market matures, so it reflects the current state of the industry.
And if you want to better understand this new industry, you can download our pitch covering the CCUS market.
A quick summary table
Here is a high-level snapshot of the CCUS business model landscape, designed to orient investors before diving into the full table.
| Metric | Value |
|---|---|
| Total CCUS business models mapped | 28 |
| Highest scalability score in CCUS | 9/10 (Geologic Storage, Enhanced Weathering) |
| Highest margin potential in CCUS | 8/10 (DAC Licensing, Gas Fermentation, Materials Suppliers, CO2-to-Advanced Materials) |
| Most common capital intensity level | High (~13 of 28 models) |
| Share of models with defensibility score 8+ | ~35% of all CCUS models |
| Most common CCUS revenue model | Usage-based and outcome-based (roughly equal split) |
| Most common sales motion | Enterprise sales and partnerships |
| CCUS models with dual-revenue structures | 5+ (waste plus credits, water plus removal, lime plus removal, ocean plus hydrogen, etc.) |
| Asset-light CCUS models (low capital intensity) | 2 (DAC Technology Licensing, Gas Fermentation Licensing) |
| CCUS models tied to existing budget lines | ~8 (waste, water, concrete, industrial gas, cement, fuel supply) |
| Dominant customer segment | Enterprises across all CCUS models |
| Model with strongest combined scalability and defensibility | Geologic Storage (9 scalability, 9 defensibility) |
In our CCUS market deck, we provide the data and the context to understand it
All the business models in the CCUS market
Here is a table that maps the main business models in the CCUS market, highlighting how they differ in scalability, margins, defensibility, capital intensity, and monetization approach.
| # | Business Model | Description | Example Companies | Scalability | Margin Potential | Defensibility | Capital Intensity | Category | Who Pays | Customer Segment | Revenue Model | Pricing Metric | Sales Motion | Key Strengths | Key Risks | Investor Perspective |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Geologic Storage Service Provider | Permits, injects, and monitors permanent CO2 storage for third-party capture projects. | 44.01, Cella, Carbon to Stone, Cestore | 9 | 7 | 9 | High | Infrastructure | Capture developers, emitters | Enterprises | Usage-based | Per ton stored | Enterprise sales | Scarce permits, basin control, long-term contracts | Permitting delays and liability | Critical bottleneck with infrastructure-style moat |
| 2 | Enhanced Weathering Credit Platform | Deploys reactive rock widely and sells verified removal credits from accelerated weathering. | Lithos Carbon, Mati Carbon, Terradot, Everest Carbon, Alt Carbon | 9 | 6 | 7 | Medium | Services | Carbon credit buyers | Enterprises | Outcome-based | Per verified ton removed | Partnerships | Large deployment surface and lighter capex | MRV uncertainty and buyer skepticism | Huge surface-area opportunity if verification holds |
| 3 | Concrete Admixture and Curing Tech | Sells CO2-based concrete process technology improving economics and lowering embodied carbon. | CarbonCure, Solidia Technologies, CarbonBuilt, Carbonaide, Carbicrete | 8 | 7 | 8 | Medium | Hardware | Concrete producers | Enterprises | Usage-based | Per plant deployment | Enterprise sales | Clear ROI and embedded plant workflows | Slow conservative procurement | One of CCUS's cleanest industrial adoption stories |
| 4 | Premium DAC Removal Seller | Owns DAC plants, stores CO2 permanently, and sells premium durable removal tons. | Climeworks, Heirloom, Octavia Carbon, Spiritus, Sirona Technologies | 8 | 6 | 8 | High | Infrastructure | Corporates, governments | Enterprises | Outcome-based | Per ton removed | Enterprise sales | Premium buyers value trusted durable removals | Cost curve and demand risk | Massive upside if costs compress fast |
| 5 | DAC Project Developer Platform | Develops, finances, and integrates removal projects across technologies and partners. | Deep Sky, 1PointFive, Zero Carbon Systems | 8 | 6 | 7 | High | Platform | Climate buyers, partners | Enterprises | Outcome-based | Per ton plus development fees | Partnerships | Flexible deployment and financing orchestration | Can become low-margin middleman | Attractive with disciplined capital-light execution |
| 6 | Capture Materials and Components Supplier | Provides mission-critical membranes, sorbents, solvents, or filters for capture systems. | Svante, C-Capture, MTR Carbon Capture | 8 | 8 | 7 | Medium | Materials | OEMs, project developers | Enterprises | Usage-based | Per unit replacement cycle | Enterprise sales | Recurring revenue with qualification-driven stickiness | Market ramp may lag capacity | Best mix of capital efficiency and recurrence |
| 7 | Waste-to-Storage Tolling Model | Charges waste fees and monetizes durable removals from underground carbon storage. | Vaulted Deep | 8 | 8 | 8 | High | Infrastructure | Waste generators, climate buyers | Enterprises | Outcome-based | Tipping fee plus per ton removed | Partnerships | Dual revenue improves underwriting resilience | Permits, logistics, community acceptance | Strong dual-engine economics if regulated well |
| 8 | Water Infrastructure Plus Carbon Removal | Embeds removal into water or wastewater assets with operational and climate value. | Capture6, Ebb Carbon | 8 | 7 | 8 | High | Infrastructure | Utilities, municipalities, climate buyers | Institutions | Outcome-based | Service fee plus per ton removed | Partnerships | Dual utility value beyond carbon claims | Slow public infrastructure sales | Multi-budget buyer base can unlock finance |
| 9 | Integrated Capture Plus E-Fuels | Combines captured CO2 and hydrogen to sell low-carbon fuels. | Twelve, AIRCO, Dimensional Energy, Oxylus Energy, ICODOS | 8 | 6 | 7 | High | Infrastructure | Fuel offtakers, compliance programs | Enterprises | Usage-based | Per gallon or ton fuel | Partnerships | Huge end markets and policy leverage | Hydrogen cost and subsidy dependence | Large markets, but economics remain policy-sensitive |
| 10 | Low-Carbon Cement Inputs Seller | Produces cement inputs from CO2 and residues for lower-carbon construction. | Carbon Upcycling, Paebbl | 8 | 6 | 7 | Medium | Materials | Cement, concrete producers | Enterprises | Usage-based | Per ton material sold | Enterprise sales | Recurring demand in massive incumbent market | Qualification delays and regional logistics | Attractive if regional networks compound |
| 11 | Ocean Carbon Removal Infrastructure | Builds marine removal infrastructure and sells durable ocean-based carbon removals. | Captura, Planetary Technologies, Ebb Carbon, pHathom Technologies, Gigablue | 8 | 6 | 7 | High | Infrastructure | Corporates, governments | Enterprises | Outcome-based | Per ton removed | Partnerships | Vast sink potential with infrastructure synergies | Scientific and social license risk | Large upside, unusually high diligence burden |
| 12 | Ocean Removal With Hydrogen Co-Product | Couples ocean removal with hydrogen sales for dual-revenue project economics. | Equatic, Capture6 | 8 | 7 | 7 | High | Infrastructure | Hydrogen buyers, climate buyers | Enterprises | Outcome-based | Per ton removed plus per kg hydrogen | Partnerships | Dual revenues can materially improve financeability | Hydrogen demand may lag | Compelling only if both demand curves materialize |
| 13 | Industrial Capture Equipment Vendor | Sells point-source capture systems plus integration, service, and consumables. | Svante, Carbon Clean, Mantel, Nuada, Aqualung Carbon Capture | 7 | 6 | 7 | Medium | Hardware | Industrial emitters | Enterprises | Usage-based | Per installation or annual capacity | Enterprise sales | Large retrofit base under regulatory pressure | Customers delay until policy hardens | Solid climate industrial model with backlog focus |
| 14 | Modular DAC Equipment Supplier | Sells modular DAC units to developers seeking manufacturable capture hardware. | CarbonCapture, RepAir, Carbyon, Phlair, Skytree | 7 | 7 | 6 | Medium | Hardware | Project developers, industrial users | Enterprises | Usage-based | Per module or annual capacity | Enterprise sales | Scales via manufacturing instead of balance sheet | Immature end-market demand | Works if productization beats custom engineering |
| 15 | DAC Technology Licensing Model | Licenses DAC IP to partners, charging fees, royalties, and support. | Ucaneo, Sustaera, Carbon Engineering | 7 | 8 | 7 | Low | Licensing | Industrial groups, developers | Enterprises | Licensing | Upfront fee plus royalty | Enterprise sales | Asset-light scaling with high incremental margins | Bankability threshold not yet crossed | Excellent model once technology proves bankable |
| 16 | Capture-as-a-Service Contracts | Funds and operates capture systems, charging recurring service or throughput fees. | CarbonQuest, CarbonFree | 7 | 6 | 7 | High | Services | Industrial site hosts | Enterprises | Subscription | Per ton captured or monthly fee | Enterprise sales | Sticky recurring revenue lowers customer adoption friction | Balance-sheet strain before scale | Promising if underwriting stays disciplined |
| 17 | Retrofit Asset Upgrade Capture | Adds capture to existing assets for cheaper, faster decarbonization. | Noya, NeoCarbon, Soletair Power | 7 | 6 | 7 | Medium | Hardware | Industrial and building owners | Enterprises | Usage-based | Per retrofit project | Inside sales | Leverages installed base and lower upfront capex | Site complexity erodes standardization | Strong wedge if repeatability is real |
| 18 | Onsite CO2 Supply Systems | Captures CO2 mainly to provide local industrial gas supply. | Aircapture, Skytree, CarbonWorks | 7 | 7 | 6 | Medium | Hardware | Greenhouses, industrial users | SMBs, Enterprises | Subscription | System lease plus CO2 usage | Inside sales | Solves real input need, not only climate | Market size may be niche | Practical entry point with tangible buyer urgency |
| 19 | Gas Fermentation Licensing Platform | Licenses gas fermentation technology for fuels and intermediates with partner-built plants. | LanzaTech, Carbon Recycling International | 7 | 8 | 8 | Medium | Licensing | Industrial partners, developers | Enterprises | Licensing | License fee plus royalty | Partnerships | Strong know-how moat with asset-light upside | Plants may stay one-off | High-quality model once reference plants accumulate |
| 20 | Low-Carbon Lime With Removal | Sells lime while also monetizing removals from integrated capture or mineral cycling. | Origen, Limenet | 7 | 7 | 7 | High | Materials | Industrial customers, climate buyers | Enterprises | Outcome-based | Product sales plus per ton removed | Partnerships | Dual monetization reduces carbon-market dependence | Operational and accounting complexity | Interesting if both engines reinforce margins |
| 21 | Mobile Transport Emissions Capture | Retrofits capture onto vehicles or ships for compliance-driven emissions reduction. | Seabound, Carbon Ridge, Qaptis, Remora | 7 | 6 | 6 | Medium | Hardware | Fleet owners, shipowners | Enterprises | Usage-based | Per vehicle plus service | Enterprise sales | Extends asset life under rising regulation | Transitional window may close fast | Niche but real compliance-driven opportunity |
| 22 | CO2-to-Chemicals Platform | Converts captured CO2 into chemicals sold into industrial markets. | Again, Dioxycle, D-CRBN, eChemicles, Feynman Dynamics | 6 | 7 | 7 | High | Materials | Chemical buyers, industrial partners | Enterprises | Usage-based | Per ton chemical output | Partnerships | Higher-value molecules can outperform fuel economics | Lab success may not scale | Attractive only with real product and cost edge |
| 23 | Measurement-Led Weathering Platform | Wins via superior direct measurement, issuing premium high-integrity weathering credits. | Eion, Terradot | 6 | 7 | 8 | Medium | Data | Carbon credit buyers | Enterprises | Outcome-based | Per verified ton removed | Enterprise sales | Credible MRV can command durable premium pricing | Measurement costs may stay high | Data-led integrity could become valuable moat |
| 24 | CO2-to-Protein Ingredients | Produces protein ingredients from carbon-based fermentation for food and feed. | NovoNutrients, Air Protein | 6 | 7 | 7 | High | Biotech | Food and feed companies | Enterprises | Usage-based | Per kg ingredient sold | Partnerships | Better pricing than fuels with sustainability tailwind | Adoption may miss price targets | Biotech economics matter more than carbon story |
| 25 | Carbon Mineral Aggregate Producer | Mineralizes CO2 into aggregate sold into local construction markets. | Blue Planet Systems, Carbon to Stone | 6 | 5 | 7 | High | Materials | Contractors, aggregate buyers | Enterprises | Usage-based | Per ton aggregate sold | Partnerships | Huge market with embedded climate value | Commodity pricing and freight drag | Local infrastructure play, not global software story |
| 26 | Photosynthetic Carbon Biomanufacturing | Uses algae or cyanobacteria to turn CO2 into valuable products or biomass. | CyanoCapture, Palgae | 6 | 7 | 7 | Medium | Biotech | Ingredient and molecule buyers | Enterprises | Usage-based | Per kg product sold | Partnerships | Specialty outputs can support healthy margins | Biology scale-up and variability | More biotech than pure carbon investing |
| 27 | CO2-to-Advanced Materials | Turns carbon into premium materials with sustainability-driven differentiation. | Newlight Technologies, UP Catalyst | 5 | 8 | 7 | Medium | Materials | Manufacturers, brands | Enterprises | Usage-based | Per kg material sold | Enterprise sales | Premium products can deliver excellent unit economics | May remain niche materials business | High margins, but limited tonnage upside |
| 28 | Distributed Fuel-from-Air Systems | Sells compact onsite systems making fuel from captured air-based carbon. | Aircela, General Galactic | 5 | 6 | 6 | Medium | Hardware | Remote sites, resilience buyers | Enterprises | Usage-based | Per system plus service | Partnerships | Premium resilience use cases before mass markets | Niche may never broaden | Interesting wedge, unlikely commodity-scale winner |
In our CCUS market deck, we will give you useful market maps and grids
Key insights about business models in the CCUS market
Insights
- Only one CCUS model earns both a 9 scalability and 9 defensibility score: geologic storage, where scarce injection permits and basin control create a moat that most capture technologies simply cannot replicate.
- Roughly half of the top 12 scalability-ranked CCUS models monetize either carbon removals or dual-purpose physical infrastructure, confirming that the strongest scale narratives connect climate outcomes to large, hard assets.
- Dual-revenue structures appear in at least five of the most financeable CCUS cases (waste plus credits, water plus removals, lime plus removals, ocean plus hydrogen), because two revenue streams reduce exposure to a single volatile carbon buyer.
- Capture materials and components suppliers score 8 on both margin potential and defensibility while staying at medium capital intensity, making them one of the strongest risk-adjusted positions in the entire CCUS landscape.
- DAC licensing and gas fermentation licensing both reach 8 on margin potential with low or medium capital intensity, showing that asset-light commercialization still delivers among the best CCUS unit economics, once a technology clears the bankability threshold.
- Concrete admixture and curing tech ranks third overall (8 scalability, 8 defensibility) despite modest novelty, because CarbonCure and similar companies sell on embedded customer ROI rather than abstract climate claims, which is one of the clearest commercial adoption signals in the CCUS market.
- About 13 of 28 CCUS business models carry high capital intensity, meaning financing strategy and project execution discipline matter almost as much as technical differentiation when comparing companies in this market.
- Ocean removal pathways consistently pair high theoretical scale with non-technical execution risk: social license, ecological validation, and permitting can suppress commercialization even when the underlying sink potential is enormous.
In our CCUS market deck, we identify repeatable patterns you can use if you’re building in this market
A few words about our methodology
This table maps the main business models used by startups in the CCUS market.
To build it, we first analyzed the leading startups in the CCUS market and examined how they actually generate revenue.
We then grouped similar approaches into clear business model categories. The goal was to capture meaningful differences without creating an overwhelming number of models.
Each CCUS business model is evaluated across four structural dimensions: scalability, margin potential, defensibility, and capital intensity.
Scalability measures how easily the model can grow without proportional increases in cost. Margin potential reflects the long-term gross margin typically achievable once the model reaches maturity.
Defensibility captures how sustainable the competitive advantage can be over time, considering factors like switching costs, network effects, or proprietary data (including field verification data in the CCUS context).
Capital intensity indicates how much upfront investment is usually required to build and scale the model.
For scalability, margin potential, and defensibility, scores range from 0 to 10. Lower scores indicate structural limitations, while scores above 7 generally signal strong economic potential.
These scores are not precise forecasts. They reflect the typical economics we observe across companies using that model in the CCUS market.
This framework is part of the broader research behind our report covering the CCUS market, where we analyze the ecosystem in much more detail.
If you want to better understand the ecosystem, you can also check our ranking of startups with the most fundraising in the CCUS market and the list of the startups with the biggest valuations in the CCUS market.
If you want more detail about our CCUS business model analysis or about a specific company in the market, feel free to contact us. We will gladly explain.
In our CCUS market deck, we identify repeatable patterns you can use if you’re building in this market
Related blog posts
- What is the latest news in the CCUS market?
- What are the latest funding developments in the CCUS market?
- What is new in the CCUS market?
- How funding activity has evolved in the CCUS market
