Compact Membrane Systems secures $16.5 million in oversubscribed Series A round

Leading the round, Pangaea Ventures, alongside GC Ventures, Solvay Ventures, Chevron Technology Ventures, and Technip Energies, has invested in Compact Membrane Systems, a pioneer in advanced membrane technology.

CMS membranes offer a groundbreaking solution for carbon capture in challenging sectors like steel, cement, and kiln-process operations, responsible for over 11% of global emissions. Unlike traditional methods relying on costly and energy-intensive processes, CMS provides modular, fully electrified, and cost-effective solutions that are contaminant resistant, low energy, and easy to use, eliminating the need for regeneration, steam, or chemical solvents.

With the potential to significantly reduce up to 1 gigaton of carbon emissions from heavy industries by 2040, CMS membranes pave the way for sustainable material production while preserving the environment.

The Series A funding will propel the development and commercialisation of CMS’s olefins and carbon capture solutions, targeting the delivery of a low-cost, fully electrified solution by 2026.

CMS’s innovation in carbon capture technology follows its successful demonstration of the technology platform for olefins separation, a bolt-on solution for chemical plants to economically boost production from existing systems while reducing GHGs by up to 70% compared to distillation columns.

“We are delighted to have secured such a strong group of investors who share our vision for delivering a revolutionary carbon capture technology for industrial applications,” said Erica Nemser, CEO of Compact Membrane Systems. “This oversubscribed funding round catalyses our ability to deliver large projects. Deployment of our commercial systems by 2026 will have measurable environmental and economic benefits to our customers and society.”

CMS is the second investment of Pangaea Ventures’ new fund, Pangaea Ventures Impact Fund, LP. “We are excited to support CMS as they work to bring their innovative carbon capture technology to market,” said Chris Erickson, Partner at Pangaea Ventures. “Their technology has the potential to significantly reduce carbon emissions from industrial processes, and we look forward to seeing their continued progress.”

“GC is excited to be part of CMS’s journey as their team continues to innovate and commercialise their technology,” said Kamel Ramdani, CTO of PTT Global Chemical Public Company Limited (GC) and President of GC Ventures America. “CMS’s platform technology has the potential not only to help GC and the GC ecosystem achieve net-zero goals, but also make a significant impact on reducing industrial emissions at a global scale.”

Solvay Ventures, the venture capital arm of Solvay, a global leader in advanced materials and speciality chemicals, also participated in the funding round. “At Solvay, we are committed to driving progress and delivering sustainable solutions to the world’s most pressing challenges,” said Coppelia Marincovic, Partner of Solvay Ventures. “CMS’s low energy approach using advanced materials aligns with our mission to reinvent the chemicals industry and find new pathways of using CO2 to produce materials of the future. We are thrilled to support their efforts in this space.”

“The technology that CMS has developed has the potential to drive further efficiencies and cost reduction along the CCUS value chain, supporting decarbonisation of hard-to-abate sectors and complementing our existing portfolio of investments in this space,” said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. “This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonisation, emerging mobility, energy decentralisation, and the growing circular economy. We welcome CMS to the portfolio.”

Technip Energies, a leading Engineering and Technology company for the energy transition, was also a participant in the fundraise. “Technip Energies is very pleased to join other leading investors of CMS,” said Yu Huang, Head of Partnerships and Ventures at Technip Energies. “Carbon Capture and Utilisation is one of our strategic focus areas and we look forward to working with CMS to further scale up their innovative carbon capture technology, and to decarbonise heavy industry together.”