Deal brings new resources and engineering to
scale up carbon dioxide removal
NEW
YORK, May 22, 2024 /PRNewswire/ -- Global
Thermostat, a pioneer in carbon dioxide removal, has been acquired
by Direct Air Capture company Zero Carbon Systems. The combination
brings together core technology at Global Thermostat, considered by
many to be the best in the world, with Zero Carbon Systems' highly
advanced engineering design.
"We are very excited to bring together Global Thermostat's
world-leading core technology with our best-in-class engineering
design," said David Elenowitz, founder and CEO of Zero Carbon
Systems, who has operated the company in "stealth mode" since
2020.
Mr. Elenowitz is co-inventor of Zero Carbon Systems' innovative
engineering design, which leverages core technology developed by
Global Thermostat over a 10-year period. He had previously invested
in Global Thermostat through Zero Carbon Partners, an investment
firm he founded in 2019 to scale companies in the low-carbon space,
funded with $100 million of his
personal capital.
Edgar Bronfman, Jr., Chairman of
Global Thermostat, said, "We chose to be acquired because we
recognized that Zero Carbon Systems' advanced, large-scale design,
strong and proven management team, and substantial financial
resources, when combined with our highly developed core technology,
would clearly position us to be a market leader within the Direct
Air Capture industry."
Zero Carbon Systems intends to own and operate a 2,500-ton per
year demonstration plant in 2025-2026, a 50,000-ton commercial
plant two years later, and a million-ton scale plant by around
2030.
"This acquisition brings us a giant step closer to having all
the pieces in place to achieve highly scalable, low cost, and low
energy carbon dioxide removal at megaton-plus scale – which is
critically required to help address climate change," added Mr.
Elenowitz.
Previously, Mr. Elenowitz ran Mercury Capital, a private equity
firm, where he led the acquisition of and ran a number of companies
with total revenues in excess of $1
billion – including Empire Today, a flooring company he grew
(as CEO) from $40 million to
$700 million in revenues, and
successfully exited in 2016. He began his career at global strategy
consulting firm Bain & Company.
About Zero Carbon Systems
Zero Carbon Systems is a direct air capture company focused on
delivering highly scalable, low cost, and low energy solutions for
carbon dioxide removal. The ZCS design offers a continuous process,
the ability to run 100% on renewable electricity, and very
large-scale, high-throughput units to optimize economics at the
megaton scale and beyond. Zero Carbon Systems is funded by Zero
Carbon Partners, an investment and strategic operating firm focused
on emerging companies in the low carbon sector with the potential
to remove at least 0.5 gigatons (500 million tons) of COâ‚‚ per year
from the atmosphere by 2050.
About Global Thermostat
Global Thermostat has
been a pioneer in the carbon dioxide removal space, with over 10
years' experience developing technologies and an extensive patent
portfolio related to optimizing the performance of Direct Air
Capture systems. Global Thermostat's Direct Air Capture technology
uses a proprietary solid sorbent embedded on a monolith, coupled
with a low temperature vacuum adsorption process, to
cost-effectively capture CO2 from air at climate scale. A pilot
unit with a nominal capacity of 1 kiloton per year has operated
successfully since December 2022 at
its headquarters in the Denver,
Colorado area.
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SOURCE Global Thermostat, PBC