Technology company Wärtsilä has increased its investment in Finnish carbon capture technology company Soletair Power Oy as part of efforts to strengthen its commitment to decarbonisation.
Wärtsilä has added a further €1 million ($1.2 million) to Soletair Power Oy, after an initial investment of €500,000 ($600,000) made in 2019.
Soletair Power has developed a breakthrough solution for capturing the carbon dioxide (CO2) from air in buildings that can be used when creating synthetic renewable fuel.
The carbon captured from air can be used for various purposes and industry applications such as in the food industry.
The company will leverage the investment made by Wärtsilä to further its global sales efforts and to scale up the manufacturing of its CO2 capture solution for building ventilation.
The investment enhances Wärtsilä’s position at the forefront of decarbonisation technology, and the capture and utilisation development of CO2.
The direct air capture of CO2 is an essential element of the world’s efforts towards decarbonisation.
Soletair Power claims that its carbon capture technology is the first in the world with building integration, which opens a unique business case with several value streams. Capturing CO2 from in-house air allows occupants to perform better, which is applicable especially in schools and workplaces.
The solution also turns buildings into carbon sinks that support cities going carbon neutral. The technology represents the new era of circular economy in the form of carbon utilisation.
Petri Laakso, CEO of Soletair Power, said: “Wärtsilä and Soletair Power are both committed to creating a sustainable future through technology development. Cooperating with Wärtsilä has been very fruitful and they have supported our development beyond the typical investor role. This latest Wärtsilä investment will play an important role in allowing us to meet the growing demand for cost-efficient and carbon-neutral solutions.”
Matti Rautkivi, director, new business at Wärtsilä Energy, adds: “One of the cornerstones of Wärtsilä’s Smart Energy vision is to collaborate with strategic partners, such as cutting-edge technology companies, research institutes and start-ups, to accelerate innovation and promote the commercialisation of new and exciting solutions. By supporting new businesses that can create a leap forward towards decarbonising our world, we are endorsing the commitment the company has made to sustainability and the transition towards a 100% renewable energy future. Soletair Power has already demonstrated how the captured CO2 can be turned into synthetic renewable fuels, and there are many other interesting applications under development in different industries for its utilisation.”