CCUS Funding Tracker (76 deals)

Our funding tracker covering the CCUS market

Below is the table listing all the deals. You may find our methodology at the end of this page.

And, if you want to gain a deeper understanding of the market and its current dynamics, get our report covering the Carbon Capture Market.

Is CCUS funding actually big right now, or are a few giant deals doing all the work?

CCUS funding is a real billion-dollar market today, but a small group of unusually large financings makes the market look much richer than the experience of most companies.

We tracked 76 financings involving 73 companies from January 2024 through the end of our research window, representing $1.388 billion of comparable known capital. The typical check was far smaller than that total might suggest: the median financing was $6.16 million, compared with a $19.02 million average.

The biggest rounds explain most of that gap. Climeworks raised $162 million, Heirloom $150 million, Fortera $85 million, Peak Cluster about $81.2 million and CarbonCapture $80 million. Seven rounds strictly above $50 million absorbed 49.1% of all comparable capital even though they represented less than 10% of financings with a usable amount.

There is another reason to be careful with headline numbers. BKV and Copenhagen Infrastructure Partners announced up to $500 million for their dCarbon joint venture in 2025. The agreement commits that capital over five years as projects are developed; it was not a $500 million cash injection at closing. We count the financing event, but leave that $500 million out of comparable capital. Adding it mechanically would push the apparent market toward $1.9 billion and give the wrong picture of how much money actually changed hands at financing.

How many CCUS companies are actually getting funded?

CCUS funding currently reaches a surprisingly broad group of companies, but almost all of them appear only once in our research window.

The 76 financings involve 73 separate companies. Seventy companies raised only once, while 44.01, Mantel and Sequestra were the only three to appear twice. Nobody appears three times.

That gives the market a different shape from SaaS or some mature biotech categories, where the same companies can show up repeatedly as they work through a familiar sequence of rounds. Here, we mostly see one financing event from each company at a particular point in its development.

A window of less than three years is too short to read every missing second round as a failure. Industrial technologies often need more time between financings. Still, the picture as of now is clear: CCUS has breadth, while repeat fundraising remains unusual.

What can a normal CCUS startup realistically raise today?

A typical CCUS startup can currently expect a financing in the single-digit millions, with $20 million already putting a round well above the middle of the market.

Among the 73 financings with a comparable amount, 31 were below $5 million and another 23 sat between $5 million and $20 million. That means roughly three quarters of known rounds came in below $20 million.

At company level, the result is almost identical. Median cumulative funding during our window was $6.29 million, and 42.9% of companies with measurable capital had raised less than $5 million in total.

The $50 million, $80 million and $150 million headlines belong to a small upper tier. They are possible in CCUS, clearly, but they are far from normal.

Round size	Deals	Share of known deals	Capital	Share of capital
Under $5M	31	42.5%	$73.2M	5.3%
$5M to under $20M	23	31.5%	$229.0M	16.5%
$20M to under $50M	10	13.7%	$304.8M	22.0%
$50M to under $100M	7	9.6%	$469.2M	33.8%
$100M+	2	2.7%	$312.0M	22.5%

Who has actually raised the most money in CCUS?

CCUS capital is heavily concentrated among a small group of companies, and the top ten account for almost 60% of all comparable funding we tracked.

The striking part is how little repeat fundraising is needed to create that concentration. Nine of the ten companies below appear only once in the window. Mantel is the sole exception.

Climeworks and Heirloom alone account for $312 million. Add Fortera, Peak Cluster and CarbonCapture, and the five largest companies reach 40.2% of comparable market capital.

The concentration also survives if we remove the single largest company. Heirloom still sits at $150 million, followed by several companies between roughly $50 million and $85 million. Large CCUS checks are broader than one exceptional Climeworks round, even though very few companies reach that level.

Company	Financings in window	Comparable capital
Climeworks	1	$162.0M
Heirloom	1	$150.0M
Fortera	1	$85.0M
Peak Cluster	1	$81.2M
CarbonCapture	1	$80.0M
Neustark	1	$69.0M
Terradot	1	$54.0M
280 Earth	1	$50.0M
Aircapture	1	$50.0M
Mantel	2	$48.34M

Which CCUS technologies are getting the biggest checks?

Direct Air Capture is getting the biggest share of serious CCUS money today by a wide margin.

DAC represents 24 of the 76 financings, yet those deals attracted $698.6 million, just over half of all comparable capital. Its median round was $13 million.

CO2 Utilization Platforms have almost as many deals, 21, but only $215.8 million of capital and a $3.45 million median. Carbon Capture Systems produced another 20 financings while attracting $187.5 million, with a $4.34 million median.

CO2 Storage Services sit somewhere between those two worlds. We recorded ten deals worth $205 million and an $8.23 million median, helped by larger financings such as Neustark and Terradot.

Transport looks huge per deal because the only company in that category is Peak Cluster. One £59.6 million development-equity financing converts to about $81.2 million in our dataset, so treating transport as the best-funded CCUS category would tell us almost nothing about the wider market.

CCUS category	Deals	Companies	Comparable capital	Median round
Direct Air Capture	24	24	$698.6M	$13.0M
CO2 Utilization Platforms	21	20	$215.8M	$3.45M
Carbon Capture Systems	20	19	$187.5M	$4.34M
CO2 Storage Services	10	9	$205.0M	$8.23M
CO2 Transport Infrastructure	1	1	$81.2M	$81.2M

Why is Direct Air Capture getting so much more money?

Direct Air Capture is getting larger checks because even the better-funded DAC companies are still spending heavily on hardware, sorbents, energy efficiency, manufacturing and real-world plant performance.

Climeworks gives us the clearest recent example. The company raised $162 million in 2025 to keep developing its technology and lower removal costs. Then, in September 2026, it reported that upgrades at Mammoth had more than doubled CO2 capture performance in upgraded collector containers and reduced operating costs by more than 50%.

Its actual production numbers make the engineering challenge easier to understand. Mammoth delivered 675 tons of net carbon removal in the first half of 2026, up from 119 tons a year earlier. Climeworks also said upgraded collector containers were reaching a roughly 40% to 50% capacity factor. Those are large performance improvements, and investors are still funding them after the company has already raised more than $1 billion over its lifetime.

Heirloom's $150 million Series B came with investors from aviation, shipping, manufacturing and industrial technology. CarbonCapture used its $80 million Series A for technology development and early installations. Mission Zero raised £21.8 million to move toward a mass-deployable 1,000-ton-per-year system after putting smaller first-of-a-kind units in the field.

The pattern is pretty consistent. DAC companies can raise huge rounds before the technology has reached anything close to a finished industrial cost curve. Money keeps going into the machines themselves.

What are the biggest non-DAC CCUS rounds actually paying for?

Large non-DAC CCUS rounds usually show up when a company starts building something industrial: cement capacity, transport infrastructure, storage networks, reactors or physical deployment systems.

Fortera's $85 million Series C is a good example. Its ReCarb technology is designed to plug into existing cement plants, capture production emissions and turn the CO2 into low-carbon cement. Fortera says a full-scale plant could mineralize about 165,000 tons of CO2 a year while producing around 375,000 tons of cement. At that point, the company is financing industrial capacity rather than another laboratory milestone.

Peak Cluster goes further. Its £59.6 million equity raise supports development of a CO2 pipeline connecting cement and lime plants in England's Peak District with offshore storage. The UK's National Wealth Fund invested £28.6 million alongside industrial participants including Tarmac, Breedon, Holcim and SigmaRoc.

Neustark raised $69 million in growth equity to expand its network for capturing, transporting and mineralizing biogenic CO2 in demolition concrete and other mineral waste. OXCCU raised $28 million in Series B funding to scale its waste-carbon-to-fuel technology, with aviation and energy groups such as IAG, Safran, ORLEN, Aramco and Eni among its backers.

Once CCUS reaches this stage, the funding question becomes much more physical: how many units need to be built, how much infrastructure has to be connected, and who is going to operate or buy the output.

How early-stage is CCUS funding today?

CCUS funding is still overwhelmingly early-stage by deal count, with more than nine out of ten classified rounds sitting at Seed or Series A.

We identified 39 Seed rounds and 24 Series A financings. Everything beyond Series A adds up to only six classified deals: three Series B rounds, one Series C, one Series D+ and one Growth Equity financing.

The dollars look much less early-stage. Seed and Series A account for 57.7% of classified capital, while that tiny later-stage group absorbs the remaining 42.3%.

Check size climbs quickly as well. Median funding rises from $3.02 million at Seed to $20.4 million at Series A, then reaches $50 million at Series B. Companies that progress through the ladder are entering a very different financing market at each step.

Stage	Deals	Capital	Median round	Average round
Seed	39	$147.1M	$3.02M	$3.87M
Series A	24	$593.6M	$20.4M	$25.81M
Series B	3	$228.0M	$50.0M	$76.0M
Series C	1	$85.0M	$85.0M	$85.0M
Series D+	1	$162.0M	$162.0M	$162.0M
Growth Equity	1	$69.0M	$69.0M	$69.0M
Unknown	7	$103.4M	$4.87M	$17.23M

Where does CCUS funding dry up?

CCUS funding gets dramatically thinner after Series A, just when companies start needing much bigger checks.

We counted 24 Series A financings and only three Series B rounds. The gap between Seed and Series A is much smaller, 39 versus 24. The real break comes one rung later.

That timing makes sense when we look at what companies are trying to do. Series A capital can still fund engineering teams, pilots and early commercial systems. By Series B, many CCUS companies are talking about manufacturing, larger facilities, site integration, storage, permitting or first commercial projects. A $20 million financing can quickly turn into a $50 million-plus requirement.

The IEA reached a similar conclusion from the project-finance side of the sector in its 2026 review. It found more than 30 final investment decisions over the previous two years, but still described CCUS projects as complex and difficult to finance because commercial viability and risk allocation remain unresolved in many projects.

For founders, the hardest part of the market currently starts after the technology has already survived the obvious early technical questions. Financing industrial scale is where the field narrows sharply.

Are new CCUS startups still getting funded?

New CCUS startups are still entering the market, although most of the serious money currently goes to companies that have already raised before.

We classify 23 of the 76 financings as first financings, or 30.3% of the total. Those rounds have a median size of $2.69 million. Follow-on financings have a median of $11.51 million.

First financings account for about $139.2 million. Follow-on rounds absorb roughly $1.20 billion, or 86.4% of comparable market capital, with a small remainder not cleanly classifiable by previous-financing status.

Companies such as Clairity Technology, Yama, Planet Savers and Reduciner show that investors are still backing new teams and new technical approaches. Once the checks get large, investors overwhelmingly favor companies that have already gone through at least one financing cycle.

That is a fairly healthy pattern for experimentation, but it also tells founders what changes after the first round: the bar for accessing meaningful scale capital becomes much higher.

How old are CCUS companies when investors start writing serious checks?

CCUS investors appear comfortable funding very young companies at Seed, while larger rounds usually arrive after several years of technical development.

We could establish a reliable founding year for only 34 of the 76 financing records, so age is one of the few areas where we would avoid pretending to have more precision than we do. A corrupted 2009 value appears repeatedly in the raw company-founding field and had to be discarded except where we could independently verify it, as with Climeworks.

Within the usable sample, the median company was about three years old when financed. Seed companies had a median age of roughly one year, while Series A companies were around four years old.

The examples fit the pattern. Mission Zero was founded in 2020 and raised its large Series A in 2024 after putting real systems into deployment. Paebbl, founded in 2021, raised $25 million in 2024 as it moved its mineralization technology toward commercial scale. Climeworks, founded in 2009, was already a 16-year-old industrial technology company when it raised $162 million in 2025.

So a large CCUS financing often comes after years of proving that the chemistry, hardware and deployment model can survive outside the lab.

Where is CCUS money actually going?

CCUS funding currently has two main centers of gravity: Europe produces more deals, while North America attracts more money.

Europe accounts for 36 financings and $619 million of comparable capital. North America has 28 financings but $712.7 million, giving it 51.3% of the market's capital.

The United States alone contributes 24 deals and roughly $704 million. The United Kingdom comes next with 11 financings worth around $226 million.

Some smaller countries punch far above their deal count. Switzerland has just three financings but about $236 million of capital, largely because Climeworks and Neustark are based there.

Asia-Pacific shows the reverse pattern. We found ten deals, 13.2% of total activity, but only $37.6 million of comparable capital and no financing above $50 million. Africa and the Middle East are also present without producing any $50 million-plus transaction in the cohort.

Private-company funding visibility is uneven across countries, particularly where large projects may sit inside industrial groups or state-backed structures. Even with that caveat, the gap is too large to miss: the biggest observable private CCUS checks remain heavily concentrated in North America and Europe.

Who keeps CCUS funded: VCs or industrial companies?

Industrial companies are becoming the more visible connective tissue in CCUS funding, while lead venture investors remain surprisingly fragmented.

We found an identifiable lead investor on 54 financings, involving 81 different lead names. Only Lowercarbon Capital, Taranis Carbon Ventures and Extantia Capital led more than one deal. There is no small VC club repeatedly leading most of the market.

Strategic investors show up much more often. Half of all financings contain at least one corporate or industrial investor, and the median round with a strategic is $18.39 million, compared with $3.10 million without one.

The names make sense once we look at what CCUS companies need. Siemens brings industrial equipment and financing expertise. Shell, Aramco and Eni understand energy projects. Holcim can integrate technologies into cement. GTT works with gas infrastructure. Aviation investors show up around carbon removal and synthetic fuels.

This is still happening today. Mantel announced another $18 million financing in August 2026, bringing its total funding to $50 million, with Constellation Technology Ventures joining as the company moves into large-scale deployments across power and heavy industry. CREW Carbon's $19 million equity Series A in 2026 included Idemitsu Ventures and Sony Innovation Fund as it pushed its system into more wastewater facilities.

A corporate investor does not automatically make a company fundable. What these companies can offer is often just as valuable as the check: a deployment site, engineering knowledge, infrastructure access, a customer relationship or a route into the industry the technology is supposed to serve.

Recurring strategic investor	Financings
Siemens Financial Services	4
Shell Ventures	3
Aramco Ventures	3
Eni Next	3
Holcim	3
Equinor Ventures	2
GTT Strategic Ventures	2
H&M	2

Is CCUS already turning into project finance?

CCUS funding is already spilling out of traditional venture capital and into a mix of equity, grants, corporate money, debt and project-level financing.

Peak Cluster is structured around infrastructure development. BKV dCarbon is a joint venture with up to $500 million committed over five years. CREW Carbon announced a $25 million package in 2026, but only $19 million was equity; the remaining $6 million came from grants and other non-dilutive sources.

We see smaller versions of the same thing elsewhere. RepAir's $15 million equity financing came alongside a separate $3 million Israeli Innovation Authority grant. Phlair's €12 million-plus Seed round was announced alongside €2.5 million from the European Union. Neustark paired its $69 million growth-equity financing with debt from UBS.

The wider market has moved even further in this direction. According to the IEA's 2026 financing review, more than $15 billion of commercial debt had been raised for CCUS projects over the previous two years, mostly through a small number of large non-recourse transactions in Europe and North America. The IEA also found that total CCUS investment reached more than $5 billion in 2025.

For larger CCUS projects, one venture round increasingly looks like only one piece of the capital stack. Companies that reach commercial infrastructure need to combine several types of money and convince several types of capital provider.

What's still missing from the CCUS funding market?

The biggest missing piece in CCUS funding today is a dense middle layer of companies repeatedly moving from Series A into Series B and beyond.

Carbon Capture Systems makes that gap particularly visible. We counted 20 financings in the category, yet none of its classified rounds sits beyond Series A. CO2 Utilization is packed with Seed-stage companies as well, with one large Fortera financing doing a lot of work in the category's capital total.

Repeat fundraising remains thin, as seen above. That leaves us with a market full of companies being tested, but far fewer examples of the same businesses returning with progressively larger rounds.

The investor structure is still fragmented too. Specialist climate funds are active, but only a few lead investors reappear. Industrial companies provide more continuity than financial leads.

Large private rounds outside North America and Europe are also scarce in the companies we could document. That may partly reflect how projects are financed and disclosed in different regions, but the visible gap is substantial.

Put those pieces together and the current CCUS market looks like a wide funnel at the start and a very narrow one once companies need tens of millions of dollars for industrial deployment.

What should we actually take away from the funding data?

CCUS has become a sizable private funding market, with more than 70 companies raising during our research window, but the billion-dollar headline hides a much smaller typical financing. Most companies are still operating in a single-digit or low-double-digit-million funding world.

Serious capital is concentrated around companies that have moved beyond a basic technology story. DAC companies need money for better machines, lower energy use and real plants. Cement, storage and infrastructure companies need physical assets, logistics and industrial integration. Those are the businesses producing the $50 million-plus checks.

The funding ladder is still young. Seed activity is broad and Series A is reasonably deep, but very few companies make it into Series B territory. That post-Series-A gap is probably the cleanest way to understand where this market currently struggles.

Industrial investors play an unusually important role. The sector has plenty of VCs, yet the companies that keep appearing around bigger rounds are energy groups, cement producers, equipment companies, airlines and other businesses that can actually help deploy the technology.

And lately the boundary between startup financing and infrastructure financing has become harder to draw. Equity rounds, strategic investments, grants, debt, project companies and multiyear commitments increasingly sit beside one another. Understanding CCUS funding now requires looking at the structure of the money, not just the headline amount.