EQT Foundation invests in Noya - accelerating the transition to carbon negativity by capturing CO2 with Direct Air Capture technology
EQT Foundation is proud to announce its Series A investment in Noya PBC, a US-based climate tech company developing and deploying innovative Direct Air Capture (DAC) technology that is scalable and cost-effective. Founded by entrepreneurs Josh Santos and Daniel Cavero in 2020, Noya has developed proprietary technology to remove excess CO2 from the atmosphere. The solution captures atmospheric CO2, and once captured, the CO2 is safely transported and sequestrated. By designing an end-to-end Monitoring, Reporting, and Verification (MRV) system, Noya provides complete transparency into their process, ensuring accountability every step of the way.
Noya sells the high-quality carbon credits it generates to corporate buyers with ambitious sustainability goals. To date, Noya has already signed binding carbon removal contracts with several companies, including planet-forward industry leaders like Shopify and Watershed.
To reach net-zero by 2050, about 51 billion annual tons of greenhouse gas emissions will need to be curbed, avoided or removed globally. According to the IEA, direct air carbon capture will contribute around 1 billion tons to the total reduction goal by 2050, whereas such technologies currently only account for the removal of thousands of tons. Around half of the reduction capacity needed for 2050 is expected to come from new technologies, currently at the demonstration or prototype phase. It is therefore critical to invest in new carbon capture technologies. EQT’s experience owning and successfully operating industrial technology companies, broad network of experienced executives and strategic partners and commitment to advancing sustainability goals will contribute to Noya’s positive impact.
EQT Foundation’s investment will allow Noya to expand testing and manufacturing capabilities, hire new team members and deploy their first commercial pilot later this year. EQT Foundation will also aim to assist management in navigating the strategic planning process and roll-out of commercial scale projects.
Josh Santos, Co-Founder & CEO of Noya, said: “We’re thrilled to have the support of EQT Foundation at this critical stage in our company’s growth. Their extensive network and expertise will help us rapidly scale deployment of our Direct Air Capture technology.”
EQT Foundation’s Deal Team consisting of Vikram Dhawan, Sonia Yosef and Marine Diot will work closely with Noya to scale their impact, leveraging the expertise, competencies and network within EQT.
Vikram Dhawan, Director within EQT Infrastructure and Deal Partner for the Noya investment, said: “EQT Foundation looks forward to supporting the development of Direct Air Carbon technologies through Noya’s innovative solutions. Progressing cost-effective DAC initiatives is vital to decarbonizing the economy and meeting ambitious sustainability goals set out by corporations and governments, and EQT Foundation is excited to support Noya on this journey. We are convinced that Noya’s differentiated approach combined with EQT’s expertise and resources will help drive ongoing advancements in the DAC space.”
1) IEA, Direct Air Capture 2022
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About EQT Foundation
The EQT Foundation is an impact first investor and incubator, supporting disruptive innovations. Founded by the EQT Partners, EQT Foundation safeguards EQT’s values, pushes the frontiers of impact and activates the entire EQT organization to give back to society in meaningful ways. By supporting entrepreneurs, researchers and non-profit organizations, while leveraging the passion and expertise of EQT, the EQT Foundation aims to build an inclusive and regenerative tomorrow. For more information, please visiteqtfoundation.com and follow us onLinkedIn andTwitter.
Noya is on a mission to accelerate the world’s transition to carbon negativity. Founded in 2020 by CEO Josh Santos and CTO Daniel Cavero, with a goal to ensure a healthy planet for generations to come, Noya has developed a scalable, cost-effective Direct Air Capture approach using abundant materials. Headquartered in San Francisco, Noya works with industry-leading organizations like Shopify and Watershed who are committed to purchasing high quality carbon removal credits. For more information, please visit noya.co