Funding secured for landmark DAC project
An Australian company has secured funding for Australia’s first commercial solar-powered direct air capture facility, which will be able to remove two tonnes of CO2 a year and store it underground.
Firm: Piper Alderman (Corporate Carbon Group)
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Deal: Piper Alderman has advised Corporate Carbon Group and its wholly owned subsidiary, AspiraDAC, on securing funding from Stripe for Australia’s first commercial solar-powered direct air capture (DAC) project.
Area: Energy and infrastructure
Key players: The Piper Alderman team was led by principal James Macdonald, with assistance from lawyer Olivia De Angelis.
Deal significance: As part of the deal, AspiraDAC has partnered with Southern Green Gas in a project that will see them combine to build 180 DAC modules to generate a direct air capture facility on arid land that will be able to extract 330 tonnes per annum of CO2 from the atmosphere.
Executive director of AspiraDAC Julian Turecek said that “there’s broad recognition that net zero by 2050 requires not just carbon abatement, but carbon removal at the gigaton scale”.
The Piper Alderman team also assisted in negotiating Australia’s first commercial DAC offtake agreement between AspiraDAC and Stripe, with the firm commenting that they were “pleased to be able to assist Corporate Carbon and AspiraDAC on such an important pioneering project that has the potential to make a real impact on achieving net zero emissions targets”.