The round is backed by Aqualung’s joint development agreement (JDA) partner, one of the largest global membrane manufacturers, along with other strategic investors including Liquid Gas Equipment Ltd (LGE), wholly owned by Babcock International Group, Tupras Ventures, and Delek Innovation, the CVC of Delek (US) Holdings.
This capital raise represents a significant milestone in Aqualung’s mission to establish itself as a leading carbon capture company. Over the past four years, Aqualung’s pilot units have successfully demonstrated its innovative non-pressurized facilitated transport membrane solution to be cost effective and applicable across various industries, including natural gas processing, lime kilns, and waste-to-energy applications. These units will continue to underpin the commercial roll out of the large-scale Aqualung solution.
Andrew Robbins, CEO of Aqualung, said: "We are extremely excited about closing phase 1 of our equity round with four industrial investors and partners. Our unique technology has always required a large-scale membrane manufacturer, and we are humbled to be joined by such a world-class partner. Our mission to become the low-cost solution to the industry has taken a key step forward and we are looking forward to delivering on our new partnerships."
