Zero Carbon Systems, a company specialising in direct air capture (DAC) technology, has recently completed the acquisition of Global Thermostat, signifying a major advancement in the field. This strategic move aims to integrate Global Thermostat’s cutting-edge technology with Zero Carbon Systems’ advanced engineering capabilities.
In a joint statement released on Wednesday, David Elenowitz, the founder and CEO of Zero Carbon Systems, expressed his enthusiasm for the acquisition. Elenowitz, who co-invented Zero Carbon Systems’ pioneering engineering design, has been leading the company since 2020, operating discreetly until now. It is worth noting that he had previously invested in Global Thermostat through Zero Carbon Partners, an investment firm he established in 2019 with a substantial $100 million of his personal capital.
Edgar Bronfman, Jr., who serves as the chairman of Global Thermostat, articulated that the decision to be acquired was driven by the desire to leverage Zero Carbon Systems’ advanced design, experienced management team, and substantial financial resources. According to Bronfman, the combined strengths of both companies position them as a dominant force in the DAC industry.
Looking ahead, Zero Carbon Systems has ambitious plans for the future of DAC technology. The company aims to have a 2,500-ton per year demonstration plant operational by 2025-2026, followed by a commercial plant with the capacity to handle 50,000 tons just two years later, and ultimately a massive million-ton scale plant by 2030. This ambitious progression is crucial for achieving highly scalable, low-cost, and energy-efficient carbon dioxide removal at a megaton scale, a critical measure in combating climate change.
In addition to his role at Zero Carbon Systems, Elenowitz has a proven track record of growing companies. Notably, he successfully scaled flooring company Empire Today from $40 million to $700 million in revenues during his tenure as CEO before making a successful exit in 2016. With the acquisition of Global Thermostat, Elenowitz perceives this as a significant step towards providing scalable carbon capture solutions that harness the best technologies and expertise to effectively combat climate change.
Global Thermostat is recognised for its innovative DAC technology, which utilises a proprietary solid sorbent embedded on a monolith, along with a low-temperature vacuum adsorption process, to efficiently capture carbon dioxide from the air on a large scale. The company has been effectively operating a pilot unit with a capacity of 1 kiloton per year at its headquarters near Denver, Colorado since December 2022.
This acquisition has not gone unnoticed, as Global Thermostat has also attracted the attention of new investor Sumitomo Corporation, further highlighting the promise and potential of these advancements in DAC technology.
The acquisition of Global Thermostat by Zero Carbon Systems symbolises a significant stride towards revolutionizing carbon capture. With the expertise and resources brought together by this acquisition, the future looks promising in the fight against climate change.