Global Thermostat, pioneer in carbon dioxide removal, brings on cleantech veteran Paul Nahi as CEO
Brighton, Colorado, September 6, 2022—Global Thermostat, a pioneer of technology to capture carbon dioxide directly from the air to fight global warming, announced it has named Paul Nahi as CEO, while completing the first closing of a new round of equity financing.
Nahi served as CEO of Enphase, one of the most successful cleantech companies in history, for 11 years. He took the company public and grew it from a small startup in 2007 to a major solar company with over 1,000 employees and $325 million in annual revenues by 2017; today it has a market cap of $38 billion.
“We’re delighted that Paul Nahi has joined us in our fight to reverse global climate change,” said Edgar Bronfman, Jr., Chairman of the Global Thermostat Board of Directors. “As this latest funding round makes clear, our investors believe in our new management team, our world class engineers, and Global Thermostat’s ability to unlock the potential of our unique, multi-patented Direct Air Capture technology.”
Nahi has recently been Founder and CEO of Solidspac3, a construction technology company reducing re-work and the carbon footprint of the construction industry.
“Global Thermostat has been an early leader in the mission to recapture carbon dioxide, and relentless in the development of its industry leading technology,” Nahi explained. “This is no longer an exercise in R&D. We are focused on commercialization and scaling, and are well-positioned to capitalize on what’s expected to be huge growth in carbon removal.”
“I’ve successfully scaled game-changing technology companies before, and believe Global Thermostat’s solution is uniquely capable of meeting the climate imperative at a truly global level,” Nahi added. “I am excited to work with the team and our partners to make the company a leader in the circular carbon economy, and an instrumental part of the solution to keeping the global temperature increase to 1.5 degrees C.”
The funding round for Global Thermostat completes the strategic transition the firm announced in January to accelerate its growth. The firm will continue a joint technology development agreement with ExxonMobil, which was renewed for the third time this May, aimed at developing a low-cost solution for large-scale carbon removal.
Over the last six months, the company has nearly doubled its technology and product development team, while expanding its Technology Center in Brighton, Colorado with state-of-the-art testing and analytic capabilities. By leveraging its world-class R&D, the Company believes it is well-positioned on what is potentially the lowest-cost technology pathway for Direct Air Capture.
Direct Air Capture of carbon dioxide from the atmosphere has gained fresh attention since the Inflation Reduction Act was signed into law on Aug. 16. The new law more than triples the tax credit for capturing and sequestering carbon dioxide, to $180 per ton.
These latest government incentives come on top of other recent government initiatives supporting direct air capture, including $3.5 billion to fund four regional direct air capture hubs, and $1 billion for research and development of carbon removal.
About Global Thermostat
Global Thermostat’s mission is to continually innovate and globally deploy the world’s best direct air capture technologies. With our multi-patented portfolio of solutions for capturing and removing CO2 directly from the atmosphere, Global Thermostat is working to help restore Earth’s climate by reducing carbon dioxide at a global scale for the benefit of all. Follow Global Thermostat on Twitter, Facebook, and LinkedIn.
Contact: Peter Kelley