Avnos Closes Its $36 Million Series A Financing
02.14.24
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Simpson Thacher represented Avnos, Inc. (“Avnos”) in its Series A financing round led by a subsidiary of NextEra Energy Resources, LLC and joined by other investors, including Safran Corporate Ventures, Shell Ventures, and Rusheen Capital Management.
Avnos develops novel Hybrid Direct Air Capture (HDAC™) technology for carbon dioxide removal and has pioneered HDAC using proprietary materials and processes to capture both carbon dioxide and water simultaneously from the atmosphere. The process eliminates the need for external heat input and produces approximately five tons of water for every one ton of carbon dioxide captured. Avnos’ resource-intelligent technology means lower impact on and expanded employment opportunities for the communities surrounding HDAC facilities. Avnos will use the new funds to grow its world-class team, deploy additional HDAC assets across North America and Europe, and open a new, state-of-the-art research and development facility located just outside New York City.
The Simpson Thacher team included Michael Kaplan, Koh Tanimoto and Jason Cernius (M&A); and Martha Kammoun (Energy and Infrastructure).