October 4, 2024
Power Grid Components acquires Vizimax Inc

Zero Carbon Systems, a Direct Air Capture company acquires Global Thermostat

Image taken from Global Thermostat website

Global Thermostat, a pioneer in carbon dioxide removal, has been acquired by Direct Air Capture company Zero Carbon Systems. The combination brings together core technology at GlobalThermostat, considered by many to be the best in the world, with Zero Carbon Systems’ highly advanced engineering design.

“We are very excited to bring together Global Thermostat’s world-leading core technology with our best-in-class engineering design,” said David Elenowitz, founder and CEO of Zero Carbon Systems, who has operated the company in “stealth mode” since 2020.

Mr. Elenowitz is co-inventor of Zero Carbon Systems’ innovative engineering design, which leverages core technology developed by Global Thermostat over a 10-year period. He had previously invested in GlobalThermostat through Zero Carbon Partners, an investment firm he founded in 2019 to scale companies in the low-carbon space, funded with $100 million of his personal capital.

Edgar Bronfman, Jr., Chairman of Global Thermostat, said, “We chose to be acquired because we recognized that Zero Carbon Systems’ advanced, large-scale design, strong and proven management team, and substantial financial resources, when combined with our highly developed core technology, would clearly position us to be a market leader within the Direct Air Capture industry.”

Zero Carbon Systems intends to own and operate a 2,500-ton per year demonstration plant in 2025-2026, a 50,000-ton commercial plant two years later, and a million-ton scale plant by around 2030.

“This acquisition brings us a giant step closer to having all the pieces in place to achieve highly scalable, low cost, and low energy carbon dioxide removal at megaton-plus scale – which is critically required to help address climate change,” added Mr. Elenowitz.

Previously, Mr. Elenowitz ran Mercury Capital, a private equity firm, where he led the acquisition of and ran a number of companies with total revenues in excess of $1 billion – including Empire Today, a flooring company he grew (as CEO) from $40 million to $700 million in revenues, and successfully exited in 2016. He began his career at global strategy consulting firm Bain & Company.

Global Thermostat, a pioneer in carbon dioxide removal, has been acquired by Direct Air Capture company Zero Carbon Systems. The combination brings together core technology at GlobalThermostat, considered by many to be the best in the world, with Zero Carbon Systems’ highly advanced engineering design.

“We are very excited to bring together Global Thermostat’s world-leading core technology with our best-in-class engineering design,” said David Elenowitz, Founder and CEO of Zero Carbon Systems, who has operated the company in “stealth mode” since 2020.

David Elenowitz, Founder and CEO of Zero Carbon Systems
Image taken from Zero Carbon Systems

Mr. Elenowitz is co-inventor of Zero Carbon Systems’ innovative engineering design, which leverages core technology developed by Global Thermostat over a 10-year period. He had previously invested in GlobalThermostat through Zero Carbon Partners, an investment firm he founded in 2019 to scale companies in the low-carbon space, funded with $100 million of his personal capital.

Edgar Bronfman, Jr., Chairman of Global Thermostat, said, “We chose to be acquired because we recognized that Zero Carbon Systems’ advanced, large-scale design, strong and proven management team, and substantial financial resources, when combined with our highly developed core technology, would clearly position us to be a market leader within the Direct Air Capture industry.”

Zero Carbon Systems intends to own and operate a 2,500-ton per year demonstration plant in 2025-2026, a 50,000-ton commercial plant two years later, and a million-ton scale plant by around 2030.

“This acquisition brings us a giant step closer to having all the pieces in place to achieve highly scalable, low cost, and low energy carbon dioxide removal at megaton-plus scale – which is critically required to help address climate change,” added Mr. Elenowitz.

Previously, Mr. Elenowitz ran Mercury Capital, a private equity firm, where he led the acquisition of and ran a number of companies with total revenues in excess of $1 billion – including Empire Today, a flooring company he grew (as CEO) from $40 million to $700 million in revenues, and successfully exited in 2016. He began his career at global strategy consulting firm Bain & Company.

Source

Interested to know about other companies which are making carbon free technologies and blogs on carbon free topics? Then please read:

Hyundai and UCL Join Hands on Developing Carbon-Free Future Technologies

Global Biofuel Market surge as carbon emissions hit a record high

Scout Clean Energy Closes $100 Million Equipment Supply Loan

Amazon’s Green Odyssey: From clicks to eco-tricks by 2040

(Visited 47 times, 1 visits today)

Share:

Facebook
Twitter
WhatsApp
LinkedIn

 

Comments are closed.

Social Media

Most Popular

LRMF missile
Aerojet Rocketdyne joins Lockheed Martin to develop LRMF missile
Maria Jackson
BOURNEWOOD HEALTH SYSTEMS onboards Maria Jackson as CEO
Tahini located in the vibrant One Central.
GRIT Hospitality launches Tahini in Dubai
3D-Systems-EXT-1070-Titan-Pellet-printer
3D Systems and SWANY partnership to promote large-format pellet extrusion 3D printing

Related Posts