Remora Company Profile

Background

Company Overview

Remora, founded in 2020 and headquartered in Wixom, Michigan, specializes in developing carbon capture technology for vehicles, particularly semi-trucks and locomotives. The company's mission is to reduce carbon emissions from the transportation sector by capturing CO₂ directly from vehicle exhaust, thereby assisting companies in meeting climate commitments and generating new revenue streams through the sale of captured CO₂.

Industry Significance

Operating within the climate technology and transportation sectors, Remora addresses the pressing need for emission reduction solutions in heavy-duty transportation. By offering a retrofit solution for existing vehicles, Remora provides a practical approach to mitigating greenhouse gas emissions without necessitating a complete overhaul of current fleets.

Key Strategic Focus

Core Objectives

Remora's primary objective is to implement its carbon capture technology across the transportation industry, focusing on heavy-duty vehicles such as semi-trucks and trains. The company aims to:

• Reduce Emissions: Capture up to 90% of CO₂ emissions from vehicle exhaust.

• Generate Revenue: Purify and sell the captured CO₂, sharing profits with transportation companies.

• Enhance Air Quality: Reduce soot, particulate matter, and nitrogen oxides (NOₓ) emissions, achieving Tier 4 emission standards.

Key Technologies Utilized

Remora employs proprietary adsorbents capable of functioning in humid exhaust environments, overcoming limitations of traditional carbon capture solvents. The technology is designed for zero-backpressure integration, ensuring vehicle performance remains unaffected.

Primary Markets Targeted

The company targets the heavy-duty transportation sector, including:

• Trucking Companies: Collaborations with firms like Ryder and Werner.

• Railroad Operators: Partnerships with Union Pacific and Norfolk Southern.

Financials and Funding

Funding History

Remora has secured significant funding to support its growth and technology development:

• Total Funds Raised: $117 million.

• Series B Funding: Raised $61 million in June 2023.

Notable Investors

The company's investor portfolio includes:

• Lowercarbon Capital

• Valor Equity Partners

• Union Square Ventures

• Y Combinator

Utilization of Capital

The funds are allocated towards:

• Technology Development: Enhancing carbon capture efficiency and scalability.

• Operational Expansion: Scaling manufacturing capabilities and expanding market reach.

• Partnership Development: Strengthening collaborations with key industry players.

Pipeline Development

Key Pipeline Candidates

Remora's technology is currently being implemented in:

• Semi-Trucks: Devices designed to capture CO₂ emissions directly from the exhaust.

• Locomotives: Adaptation of technology for use in freight trains.

Development Stages and Timelines

• Pilot Programs: Ongoing collaborations with major transportation companies to test and refine the technology.

• Commercial Deployment: Plans to scale operations following successful pilot outcomes.

Technological Platform and Innovation

Proprietary Technologies

• Adsorbents: Two proprietary adsorbents effective in humid exhaust conditions, addressing challenges faced by conventional solvents.

• Gas Separation Process: Achieved 90% capture efficiency through a proprietary process validated by third parties.

Scientific Methodologies

• Rapid Iteration: Utilization of proprietary simulation tools, machine learning, small-scale testing, and full-scale validation to accelerate development.

AI-Driven Capabilities

• Machine Learning: Applied in simulation tools to optimize carbon capture processes and system performance.

Leadership Team

Paul Gross
Co-Founder and Chief Executive Officer
Paul Gross co-founded Remora and serves as its CEO. Recognized in the Forbes 30 Under 30 list in 2021, he holds a bachelor's degree in Statistics and Data Science from Yale University, where his research earned the Porter Prize.

Phil Wratchford
Vice President of Engineering
With 25 years of R&D and product development experience, Phil has led engineering teams in biopharma, aerospace, and defense sectors. He holds a Bachelor of Science in Aeronautical Studies from Embry-Riddle Aeronautical University.

Darius Harris
Vice President of People
Darius brings experience from Meta's People Strategy team, focusing on M&A transactions. He holds a bachelor's degree in psychology from Western Michigan University and a Master of Human Resources and Labor Relations from Michigan State University.

Susan Shaening
Vice President of Finance
Susan has experience in startups like Bloomscape and Shinola, focusing on finance infrastructure and fundraising. She holds a bachelor's degree in Anthropology from Michigan State University and an MBA from the University of New Mexico.

Jeff Hyman
General Counsel
Jeff has held executive roles at Google, Apple, and Intel. He earned his law degree from Santa Clara University's School of Law and serves as an Adjunct Professor of Law at the University of California Law School in San Francisco.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within Remora's leadership team.

Competitor Profile

Market Insights and Dynamics

The carbon capture industry is experiencing growth due to increasing regulatory pressures and corporate commitments to reduce greenhouse gas emissions. The transportation sector, a significant contributor to CO₂ emissions, presents a substantial market for carbon capture solutions.

Competitor Analysis

While Remora's specific competitors in mobile carbon capture for vehicles are not extensively documented, the broader carbon capture industry includes companies developing stationary solutions for industrial applications. Remora's focus on mobile, retrofit solutions for existing vehicles differentiates it within the market.

Strategic Collaborations and Partnerships

Key Partnerships

• Union Pacific and Norfolk Southern: Collaborations to implement carbon capture technology in locomotives.

• Ryder and Werner: Partnerships focusing on integrating Remora's technology into trucking fleets.

Impact on Market Position

These partnerships enhance Remora's credibility and facilitate the adoption of its technology across major transportation networks.

Operational Insights

Strategic Considerations

• Market Position: Remora's retrofit solution offers a unique value proposition by enabling existing fleets to reduce emissions without significant infrastructure changes.

• Competitive Advantages: Proprietary technology, strategic partnerships, and a focus on revenue generation through CO₂ sales position Remora favorably in the market.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Technology Scaling: Focus on scaling manufacturing and deployment capabilities to meet market demand.

• Market Expansion: Exploring applications in other heavy-duty transportation sectors, such as shipping and aviation.

• Regulatory Alignment: Aligning product offerings with evolving environmental regulations to maximize market relevance.

Opportunities for Expansion

• Geographic Expansion: Entering international markets with high transportation emissions.

• Product Diversification: Developing solutions for a broader range of vehicles and industrial applications.

Contact Information

Website: remoracarbon.com

Headquarters: Wixom, Michigan, United States