Compact Membrane Systems (CMS), an innovative company specializing in advanced membrane solutions, recently revealed securing $16.5 million in funding. The primary purpose of this financing is to bolster the development of their technology, specifically tailored to tackle challenging-to-abate industrial emissions.
Established in 1993 and headquartered in Delaware, CMS is a leading provider of cutting-edge membranes utilized for the capture and reduction of greenhouse gas (GHG) emissions. Their unique solutions boast modular and electrified features, ensuring cost-effectiveness and efficiency. Moreover, these solutions eliminate the necessity for regeneration, steam, or chemical solvents, effectively addressing the limitations of traditional carbon capture technologies, such as exorbitant costs and high energy intensity.
The company announced that the funding will be utilized to back the progress and market implementation of its olefins and carbon capture solutions, with the goal of achieving a fully electrified and affordable solution by 2026.
Erica Nemser, CEO of CMS, said:
“This oversubscribed funding round catalyzes our ability to deliver large projects. Deployment of our commercial systems by 2026 will have measurable environmental and economic benefits to our customers and society.”
The funding round was led by advanced materials venture capital firm Pangaea Ventures, marking the second investment of its Pangaea Ventures Impact Fund, with other investors including GC Ventures, Solvay Ventures, Chevron Technology Ventures, and Technip Energies.
Chris Erickson, Partner at Pangaea Ventures, said:
“We are excited to support CMS as they work to bring their innovative carbon capture technology to market. Their technology has the potential to significantly reduce carbon emissions from industrial processes, and we look forward to seeing their continued progress.”