Compact Membrane Systems raises funds

Aug 07 2023

The company said the funding round will accelerate its mission of driving industrial decarbonization with low-cost, low-energy, and proven, scalable technology.

Compact Membrane Systems (CMS), a pioneer in advanced membrane technology, has completed an oversubscribed Series A funding round of $16.5 million. The round was led by Pangaea Ventures and included GC Ventures, Solvay Ventures, Chevron Technology Ventures, and Technip Energies.

“The technology that CMS has developed has the potential to drive further efficiencies and cost reduction along the CCUS value chain, supporting decarbonization of hard-to-abate sectors and complementing our existing portfolio of investments in this space,” said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. “This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy. We welcome CMS to the portfolio.”

CMS membranes are a breakthrough solution designed for carbon capture in hard-to-abate sectors like steel, cement, and other kiln-process operators that represent over 11% of worldwide emissions. For decades, traditional carbon capture technologies relied on expensive and energy-intensive processes. CMS’s modular, fully electrified, and cost-effective solutions are designed to be contaminant resistant, low energy, and easy to use, eliminating the need for regeneration, steam, or chemical solvents. 

CMS’s Series A funding will help to accelerate the development and commercialisation of their olefins and carbon capture solutions, with the goal of delivering a low-cost, fully electrified solution by 2026.

CMS’s innovation in carbon capture technology follows its successful demonstration of the technology platform for olefins separation, a bolt-on solution for chemical plants to economically boost production from existing systems while reducing GHGs by up to 70% compared to distillation columns. 

“We are delighted to have secured such a strong group of investors who share our vision for delivering a revolutionary carbon capture technology for industrial applications,” said Erica Nemser, CEO of Compact Membrane Systems. “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.”

CMS is the second investment of Pangaea Ventures’ new fund, Pangaea Ventures Impact Fund, LP. “We are excited to support CMS as they work to bring their innovative carbon capture technology to market,” said Chris Erickson, Partner at Pangaea Ventures. “Their technology has the potential to significantly reduce carbon emissions from industrial processes, and we look forward to seeing their continued progress.”

Compact Membrane Solutions

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Issue 98 - Mar - Apr 2024

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