New venture firm backs carbon capture

Recently formed New Zealand venture capital firm Motion Capital has led a $NZ1.5 million seed round investment in carbon capture start-up Aspiring Materials.

Aspiring Materials is developing carbon capture and abatement materials from volcanic rock.

According to the Christchurch-based company, the readily available material has the potential to significantly reduce emissions from industrial processes.

Two other New Zealand venture firms, Icehouse Ventures and Outset Ventures, have supported Motion Capital in backing Aspiring Materials.

Aspiring Materials founders Dr Chris Oze and Dr Allan Scott plan to build New Zealand’s first demonstration carbon capture facility.

Image: Aspiring Materials uses volcanic rock to create carbon capture materials.