All the fundraising deals in the CCUS market (from Q1 2025 to Q1 2026)
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The CCUS market saw 20 publicly disclosed funding rounds of at least $500k between Q1 2025 and Q1 2026, totaling approximately $414.8 million raised across five quarters.
Direct air capture companies pulled in the largest share of that capital, while mineralization and durable-materials startups quietly won on deal count.
The period stretched from a broad, multi-deal Q1 2025 to a smaller, earlier-stage Q1 2026, suggesting the CCUS market is entering a phase where investors want more proof points before writing big checks.
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Insights
- DAC companies captured $295M across 7 deals, representing roughly 71% of all CCUS funding in this period, yet they account for only 35% of total deal count, highlighting how capital-intensive atmospheric carbon capture remains compared to other CCUS sub-sectors.
- Q3 2025 was the most top-heavy quarter in CCUS funding: Climeworks alone took in $162M, which is 89% of that quarter's total, meaning the other two Q3 deals shared just $23.6M between them.
- Mineralization and durable-materials companies closed 8 deals, more than any other CCUS sub-category, yet raised only $74.9M in total, suggesting investors see this space as promising but still pre-scale.
- The average CCUS deal size fell from $27.7M in Q2 2025 to just $4.9M in Q1 2026, a 82% drop, pointing to a clear market reset toward earlier-stage bets entering 2026.
- Outside Shell, Mitsubishi, Energy Capital Ventures, and Elemental Impact, every investor in this dataset appeared in only one deal, meaning CCUS still lacks a dense ecosystem of repeat specialist backers.
- Water-linked and ocean-based carbon removal attracted 4 separate deals (Equatic, Vycarb, Capture6, Limenet) but collectively raised under $52M, showing genuine but still-modest investor conviction in this CCUS pathway.
- Q1 2026 saw 4 deals but zero rounds above $10M, in sharp contrast to every prior quarter in this dataset that included at least one deal above $13M, signaling a clear shift toward smaller, proof-point-driven CCUS financings.
- Concrete and cement CO₂ mineralization attracted three separate deals in Q1 2026 alone (Carbonaide, Co-reactive, sequestra), suggesting this sub-sector is entering a coordinated early-commercialization wave.
- Strategic investors like Aramco Ventures, Shell, and Mitsubishi backed three of the top five largest CCUS rounds, reflecting how incumbent energy and industrial players are increasingly using minority stakes as low-cost optionality on carbon removal technologies.
- European CCUS startups raised capital in every quarter covered: Origen (UK), RepAir Carbon (Israel), Brineworks (Netherlands), Limenet (Italy), Co-reactive (Germany), and sequestra (Austria), showing that CCUS innovation is not purely a U.S. story.
In our CCUS market deck, we will give you useful market maps and grids
Summary table of the funding deals in the CCUS market (last 5 quarters)
We define the CCUS market as the set of products and services that enable capturing CO₂, conditioning it, moving it, and then either using it or storing it to prevent atmospheric release.
We include CO₂ capture (point-source and direct air), compression/conditioning, CO₂ transport infrastructure and services, utilization pathways, and geological storage (including monitoring and verification directly tied to storage or durable utilization).
We exclude general decarbonization advisory, corporate carbon accounting not tied to specific CCUS projects, trading of carbon credits as a standalone activity, and CO₂ uses that are primarily for short-lived consumption without durable storage.
You can also read our detailed analysis to understand how funding activity in the CCUS market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the CCUS market.
| Name | What they do | Amount | Quarter | Source(s) |
|---|---|---|---|---|
| Origen | Builds limestone-based direct air capture systems to pull CO₂ from ambient air at lower energy cost. | $13.0M | Q1 2025 | PR Newswire |
| 44.01 | Permanently stores captured CO₂ by mineralizing it in reactive rock formations. | $5.0M | Q1 2025 | 4401.earth |
| Mitico | Captures CO₂ from industrial flue gas using a granulated metal-carbonate sorbent. | $4.3M | Q1 2025 | BusinessWire |
| CarbonQuest | Makes distributed carbon-capture systems for buildings and smaller industrial sites. | $20.0M | Q1 2025 | CarbonQuest |
| Spiritus | Builds passive direct air capture systems based on proprietary sorbent materials. | $30.0M | Q1 2025 | Spiritus |
| Capture6 | Turns waste brine into fresh water while mineralizing and durably storing CO₂. | $27.5M | Q1 2025 | Capture6 |
| Homeostasis | Captures CO₂ and converts it into synthetic graphite for industrial use. | $0.6M | Q1 2025 | GeekWire |
| RepAir Carbon | Uses electrochemistry to capture dilute CO₂ streams with much lower energy consumption. | $15.0M | Q2 2025 | TechCrunch |
| Aircapture | Builds modular direct air capture units that produce high-purity CO₂ at the point of use. | $50.0M | Q2 2025 | ESG Today |
| Carbon Upcycling | Turns captured CO₂ and industrial residues into supplementary cementitious materials for lower-carbon concrete. | $18.0M | Q2 2025 | PR Newswire |
| Climeworks | Develops and operates direct air capture plants paired with permanent underground geological storage. | $162.0M | Q3 2025 | Climeworks |
| Equatic | Removes CO₂ via seawater electrolysis while co-producing green hydrogen. | $11.6M | Q3 2025 | Equatic |
| Brineworks | Uses an electrolyzer-based approach to capture CO₂ from air and co-produce hydrogen. | $8.0M | Q3 2025 | PR Newswire |
| Vycarb | Converts CO₂ into dissolved bicarbonate in water for measurable, durable storage. | $5.0M | Q4 2025 | Carbon Herald |
| Avnos | Develops hybrid direct air capture systems that simultaneously pull both CO₂ and water from the atmosphere. | $17.0M | Q4 2025 | ESG Dive |
| Limenet | Produces low-carbon lime while turning atmospheric CO₂ into bicarbonates stored in seawater. | $8.2M | Q4 2025 | Carbon Herald |
| Carbonaide | Cures concrete with CO₂ so the gas is mineralized and permanently stored in the building material. | $4.4M | Q1 2026 | ESG Today |
| Co-reactive | Continuously mineralizes CO₂ into high-performance supplementary cementitious materials for the construction sector. | $7.8M | Q1 2026 | Co-reactive |
| pHathom Technologies | Develops carbon-capture systems for existing coastal bioenergy and industrial sites with durable storage. | $4.0M | Q1 2026 | BusinessWire |
| sequestra | Mineralizes CO₂ into stable rock-like materials using industrial residues and waste streams. | $3.4M | Q1 2026 | EU-Startups |
In our CCUS market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the CCUS market changed over time?
Q3 2025 was the most active quarter in terms of dollars raised, but that was almost entirely driven by one deal: Climeworks pulling in $162M, which alone made up 89% of the quarter's total CCUS funding.
Q1 2026 was the least active quarter, with only $19.6M raised across 4 deals, reflecting a broader market reset toward smaller, earlier-stage CCUS investments entering the new year.
Compared to Q4 2025 ($30.2M), Q1 2026 raised 35% less, and compared to Q1 2025 one year earlier ($100.4M), Q1 2026 raised 80% less, though Q1 2025 benefited from a notably broad set of mid-size rounds.
If you strip out the single largest deal per quarter, the underlying CCUS funding activity looks quite stable, running between $19M and $38M in "baseline" capital every quarter, which suggests a consistent but still modest flow of institutional and strategic capital into the CCUS market regardless of whether a headline deal lands.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q1 2025 | 7 | $100.4M | Most active quarter by deal count; broad spread of mid-size rounds with no single dominant deal. |
| Q2 2025 | 3 | $83.0M | Few deals but high average size; Aircapture's $50M Series A drove most of the volume. |
| Q3 2025 | 3 | $181.6M | Highest dollar total by far, almost entirely due to Climeworks' $162M round. |
| Q4 2025 | 3 | $30.2M | Quiet quarter with no mega-deal; three mid-size rounds across DAC and ocean-linked storage. |
| Q1 2026 | 4 | $19.6M | Most deals of any non-Q1 2025 quarter, but smallest total raised; strong early-stage orientation. |
| All quarters | 20 | $414.8M | Climeworks alone represents 39% of the full five-quarter CCUS total. |
In our CCUS market deck, we identify repeatable patterns you can use if you’re building in this market
Which startups in the CCUS market raised the largest rounds over the last months?
These startups raised the most recently in the CCUS market:
- Climeworks raised $162M because it is the most established DAC-plus-storage company in the world, and investors led by BigPoint Holding and Partners Group backed it to scale next-generation technology and lower the cost of atmospheric carbon removal at commercial scale.
- Aircapture raised $50M because its modular DAC units can be deployed directly at industrial sites and deliver high-purity CO₂ without new transport infrastructure, a model that attracted Larsen Lam Climate Change Foundation as lead investor.
- Spiritus raised $30M because its passive DAC approach promises much lower operating costs than active systems, and a high-profile syndicate including Aramco Ventures and Khosla Ventures bet on its potential to scale affordably in the U.S.
- Capture6 raised $27.5M because its technology solves two problems at once, recovering fresh water from brine while permanently mineralizing CO₂, a dual-value proposition that attracted Tetrad Corporation and Hyundai Motor Group's ZER01NE Ventures.
- CarbonQuest raised $20M because its distributed capture systems can be retrofitted onto buildings and smaller industrial sites, a large and underserved market that Riverbend Energy Group, Energy Capital Ventures, and Aligned Climate Capital decided to back at scale.
- Carbon Upcycling raised $18M because it turns captured CO₂ and industrial residues into concrete additives, giving cement makers a product they already want to buy, with Builders Vision leading the round to accelerate commercial deployments.
- Avnos raised $17M in project financing from Shell and Mitsubishi to build its flagship commercial HDAC facility, a validation from two major energy players that its hybrid approach pulling both CO₂ and water from air is ready for real-world deployment.
- RepAir Carbon raised $15M because its battery-inspired electrochemical capture process uses far less energy than thermal alternatives, and Taranis Carbon Ventures and Extantia Capital co-led the round to target data centers and other dilute-emission industrial sites.
- Origen raised $13M because its limestone-based DAC approach offers a potentially lower-cost and lower-energy route to atmospheric carbon removal, backed by Barclays Climate Ventures, Shell Ventures, and a group of climate-focused funds.
- Equatic raised $11.6M because seawater electrolysis allows it to permanently remove CO₂ while co-producing green hydrogen, two revenue streams that convinced Catalytic Capital for Climate and Health and Kibo Invest to co-lead its Series A.
And, yes, we do cover most of them in our beautiful pitch about the CCUS market.
You may also want to check our ranking of the most funded startups in the CCUS market as well as our list of the most valued startups.
In our CCUS market deck, we answer all the common questions from investors and entrepreneurs
Is the CCUS market shifting toward smaller or bigger deals?
Across all five quarters, the average CCUS funding round came in at around $20.7M, but that number is heavily skewed by a handful of large deals and does not reflect the typical check size most CCUS startups received.
The average deal size swung from $14.3M in Q1 2025 to a peak of $60.5M in Q3 2025, driven almost entirely by Climeworks, before collapsing to $4.9M in Q1 2026, suggesting that the CCUS market is currently in a correction phase where investors are sizing down and demanding more commercial evidence before writing larger checks.
If you strip out the single largest deal in each quarter, the remaining CCUS rounds averaged between $5M and $9M, a band that has been surprisingly stable across the full five-quarter period and suggests the underlying early-stage carbon capture market is consistent, even if headline numbers bounce around.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 7 | $14.3M | 1 | 0 |
| Q2 2025 | 3 | $27.7M | 0 | 0 |
| Q3 2025 | 3 | $60.5M | 0 | 1 |
| Q4 2025 | 3 | $10.1M | 0 | 0 |
| Q1 2026 | 4 | $4.9M | 0 | 0 |
| All quarters | 20 | $20.7M | 1 | 1 |
In our CCUS market deck, we help you understand how the market is structured
How concentrated was funding activity in the CCUS market?
CCUS funding was consistently concentrated at the top: the single largest deal in each quarter captured between 30% and 89% of that quarter's total, which means a small number of breakout rounds essentially defined what the market "looked like" in any given three-month window.
That concentration pattern is actually a healthy signal for an emerging market like CCUS, because it reflects investor willingness to back clear category leaders with conviction, rather than spreading thin across dozens of early bets with no standout.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 7 | 29.9% | 77.2% | 100.0% |
| Q2 2025 | 3 | 60.2% | 100.0% | 100.0% |
| Q3 2025 | 3 | 89.2% | 100.0% | 100.0% |
| Q4 2025 | 3 | 56.3% | 100.0% | 100.0% |
| Q1 2026 | 4 | 39.8% | 82.7% | 100.0% |
| All quarters | 20 | 39.1% | 68.0% | 100.0% |
In our CCUS market deck, we have designed useful charts to give you full market clarity
Which categories in the CCUS market received the most funding?
Direct air capture companies took the largest share of CCUS funding by a wide margin, pulling in $295M across 7 deals, which is 71% of the total, mainly because DAC is seen as the most scalable long-term pathway to remove legacy atmospheric CO₂, and both strategic investors and climate-focused funds are willing to write large early checks to back likely category winners like Climeworks, Aircapture, and Spiritus.
Mineralization and durable-materials companies closed the most individual deals at 8, raising a combined $74.9M, which reflects growing investor conviction that turning CO₂ into concrete additives, graphite, or stable minerals offers a cleaner permanence story and a more tangible near-term customer than pure geological storage, even if individual round sizes remain modest.
Point-source and distributed capture, which includes companies like Mitico, CarbonQuest, and pHathom Technologies, raised $28.3M across 3 deals, suggesting investors see this as a real but narrower opportunity, where the addressable market is large but competition from incumbent industrial gas companies and broader decarbonization alternatives keeps deal sizes and valuations in check.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| DAC / atmospheric capture | 7 | $295.0M | Origen ($13M), Spiritus ($30M), RepAir Carbon ($15M), Aircapture ($50M), Climeworks ($162M), Brineworks ($8M), Avnos ($17M) |
| Mineralization and durable materials | 8 | $74.9M | 44.01 ($5M), Capture6 ($27.5M), Homeostasis ($0.6M), Carbon Upcycling ($18M), Limenet ($8.2M), Carbonaide ($4.4M), Co-reactive ($7.8M), sequestra ($3.4M) |
| Point-source / distributed capture | 3 | $28.3M | Mitico ($4.3M), CarbonQuest ($20M), pHathom Technologies ($4M) |
In our CCUS market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the CCUS market?
Shell is the most active repeat investor in this CCUS dataset, appearing in 2 deals (Origen and Avnos) through its Shell Ventures and Shell US Gas and Power arms, which reflects the energy major's strategy of spreading small checks across multiple carbon removal technologies to maintain optionality as the market matures.
Mitsubishi also backed 2 deals (Spiritus and Avnos) through different group entities, showing how the Japanese industrial conglomerate is quietly building a carbon capture portfolio across both passive DAC and hybrid atmospheric removal approaches.
Energy Capital Ventures invested in 2 deals (CarbonQuest and Capture6), both in the distributed or water-linked capture space, suggesting the fund has a specific thesis around carbon removal technologies that generate co-benefits like fresh water or fit into existing energy infrastructure.
Elemental Impact also appeared in 2 deals (Origen and Capture6), backing both a limestone-based DAC company and a brine-to-water carbon mineralization company, which suggests the fund likes CCUS approaches that combine durable removal with materials or resource efficiency co-benefits.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Shell (grouped) | 2 | $30.0M | Origen ($13M), Avnos ($17M) |
| Mitsubishi (grouped) | 2 | $47.0M | Spiritus ($30M), Avnos ($17M) |
| Energy Capital Ventures | 2 | $47.5M | CarbonQuest ($20M), Capture6 ($27.5M) |
| Elemental Impact | 2 | $40.5M | Origen ($13M), Capture6 ($27.5M) |
In our CCUS market deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- A complete list of funding deals in the CCUS market
- The startups that have raised the most funding in the CCUS market
