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Parallel Carbon secures $3.6M to advance hydrogen and direct air capture hardware platform

January 9, 2024

BY Aranzazu Carmona Orbezo, Parallel Carbon

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Bayou Bend Project Aims to Advance Carbon Dioxide Storage Along the US Gulf Coast

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Bayou Bend, a joint venture between Chevron, Equinor, and TotalEnergies SE, is a carbon dioxide (CO₂) transportation and storage project in Southeast Texas. It’s designed to support key regional industries in reducing the carbon intensity of their operations. The goal is for Bayou Bend to serve as a central hub for CO₂ storage in the area.

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The Global Centre for Maritime Decarbonisation has successfully completed the world’s first maritime pilot demonstrating the full value chain of onboard captured carbon dioxide in China on 25 June 2025. This cross-sectoral demonstration highlights how captured CO2 from ships can be repurposed for industrial applications, linking maritime decarbonisation efforts with broader land-based carbon ecosystem.

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Alberta’s government is investing $5 million from the industry-led TIER fund to help Deep Sky design, build and operate the world’s first direct air capture innovation and commercialization centre in Innisfail.

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CarbonQuest, a leading distributed carbon capture technology provider, and Daroga Power (“Daroga”), a leading developer of power projects in the U.S., today announced their first joint carbon capture-as-a-service financing project in North America, with a goal to offer such service to customers across a variety of sectors ranging from food and beverage operations, commercial and industrial facilities, and utility infrastructure.

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Carbon Upcycling announced the closing of its 18 million investment round led by Builders Vision. The latest investment builds on a landmark period of momentum for Carbon Upcycling as the company develops its first-of-its-kind carbon capture & utilization technology project at the Ash Grove Mississauga Cement Plant, and executes on its newly signed memorandum of agreement with TITAN Group to assess projects at two of its cement plants.

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