Powerspan, a company that captures carbon dioxide emitted by coal power plants raised $50 million from a group of 12 investors that included George Soros, Tensaka Energy, and NGEN Partners.
The money will go towards commercial deployment of the company’s coal-plant CO2 capture technology, pictured on the right, as well as general corporate expenses. The company is testing its system, called ECO2, on a 1 MW plant in Ohio. After that, the company will test its technology on a 120 MW plant in North Dakota in 2012.
Powerspan says the technology should catch 90% of CO2 emissions, with the North Dakota plant resulting in 1 million tons of caputured CO2 annually. The captured CO2 will then be sold to companies that use it to extract oil from the ground.
With a bill that regulates carbon dioxide on its way from Congress, technology like this , if it works could prove to be very lucrative.
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