Rancho Cordova-based Clean Energy Systems has raised $15 million to develop a carbon-negative power plant in Mendota.
The funding was led by Carbon Direct Capital Management LLC of New York.
“Our vision is to scale our carbon removal technology to gigaton scale. In the state of California, our projects mitigate pile-burning of agricultural waste and permanently sequester carbon dioxide," said Keith Pronske, CEO of Clean Energy Systems, in a news release. "Carbon Direct is a leading scientific adviser and financial sponsor to carbon technology companies, and we are delighted to welcome Carbon Direct as an investor.”
Clean Energy Systems, or CES, is collaborating on the Mendota power plant with Schlumberger New Energy of Houston, San Ramon-based Chevron Corp. (NYSE: CVX) and Microsoft Corp. (Nasdaq: MSFT).
The plant in Mendota, which is west of Fresno, will convert local agricultural and forest waste into renewable synthesis gas, which will be mixed with oxygen and water in a combustor to generate electricity.
Clean Energy Systems said that 99% of the carbon from the process is expected to be captured for permanent storage by injecting it deep underground.
“Carbon removal is essential to hit our climate goals,” said Jonathan Goldberg, founder and CEO of Carbon Direct, in a news release. “CES offers cutting edge carbon removal technology that produces commercially attractive, carbon negative power and can lead to wide scale CO2 removal. The technology is ready to deploy today and Carbon Direct is excited to work with CES and its partners to scale this critical technology.”
The Mendota plant will be the first commercial-scale deployment of CES technology, which is based on technology from rocket engine development. The founders of the company were retired rocket engineers from Aerojet in Rancho Cordova. Clean Energy Systems was incorporated in 1996. In 2010, the company received a $30 million grant from the Department of Energy to develop its technology.
The zero-carbon energy station could also support Central Valley growers with an alternative to agricultural burning, which the California Air Resources Board wants to be mostly stopped by 2025. The CES technology allows the plant to operate without emissions of nitrous oxide, carbon monoxide and particulates that are produced by conventional biomass plants, CES said.
With the new funding, a representative of Carbon Direct Capital Management will join the board of directors of CES.
