EQT Foundation invests in Noya - accelerating the transition to carbon negativity by capturing CO2 with Direct Air Capture technology
EQT Foundation is proud to announce its Series A investment in Noya PBC, a US-based climate tech company developing and deploying innovative Direct Air Capture (DAC) technology that is scalable and cost-effective. Founded by entrepreneurs Josh Santos and Daniel Cavero in 2020, Noya has developed proprietary technology to remove excess CO2 from the atmosphere. The solution captures atmospheric CO2, and once captured, the CO2 is safely transported and sequestrated. By designing an end-to-end Monitoring, Reporting, and Verification (MRV) system, Noya provides complete transparency into their process, ensuring accountability every step of the way.
Noya sells the high-quality carbon credits it generates to corporate buyers with ambitious sustainability goals. To date, Noya has already signed binding carbon removal contracts with several companies, including planet-forward industry leaders like Shopify and Watershed.
To reach net-zero by 2050, about 51 billion annual tons of greenhouse gas emissions will need to be curbed, avoided or removed globally. According to the IEA, direct air carbon capture will contribute around 1 billion tons to the total reduction goal by 2050, whereas such technologies currently only account for the removal of thousands of tons. Around half of the reduction capacity needed for 2050 is expected to come from new technologies, currently at the demonstration or prototype phase. It is therefore critical to invest in new carbon capture technologies. EQT’s experience owning and successfully operating industrial technology companies, broad network of experienced executives and strategic partners and commitment to advancing sustainability goals will contribute to Noya’s positive impact.
EQT Foundation’s investment will allow Noya to expand testing and manufacturing capabilities, hire new team members and deploy their first commercial pilot later this year. EQT Foundation will also aim to assist management in navigating the strategic planning process and roll-out of commercial scale projects.
Josh Santos, Co-Founder & CEO of Noya, said: “We’re thrilled to have the support of EQT Foundation at this critical stage in our company’s growth. Their extensive network and expertise will help us rapidly scale deployment of our Direct Air Capture technology.”
EQT Foundation’s Deal Team consisting of Vikram Dhawan, Sonia Yosef and Marine Diot will work closely with Noya to scale their impact, leveraging the expertise, competencies and network within EQT.
Vikram Dhawan, Director within EQT Infrastructure and Deal Partner for the Noya investment, said: “EQT Foundation looks forward to supporting the development of Direct Air Carbon technologies through Noya’s innovative solutions. Progressing cost-effective DAC initiatives is vital to decarbonizing the economy and meeting ambitious sustainability goals set out by corporations and governments, and EQT Foundation is excited to support Noya on this journey. We are convinced that Noya’s differentiated approach combined with EQT’s expertise and resources will help drive ongoing advancements in the DAC space.”
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About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.
With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.
The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.
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About Noya
Noya is on a mission to accelerate the world’s transition to carbon negativity. Founded in 2020 by CEO Josh Santos and CTO Daniel Cavero, with a goal to ensure a healthy planet for generations to come, Noya has developed a scalable, cost-effective Direct Air Capture approach using abundant materials. Headquartered in San Francisco, Noya works with industry-leading organizations like Shopify and Watershed who are committed to purchasing high quality carbon removal credits.
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