Sora Fuel
Produces drop-in sustainable aviation fuel (SAF) from atmospheric carbon dioxide, water, and renewable electricity.
Website: https://www.sorafuel.com/
Cover Block
From the public record
| Field | Value |
|---|---|
| Name | Sora Fuel |
| Tagline | Produces drop-in sustainable aviation fuel (SAF) from atmospheric carbon dioxide, water, and renewable electricity [Sora Fuel]. |
| Headquarters | Boston, United States [Crunchbase]. |
| Founded | 2023 [Crunchbase]. |
| Stage | Seed [Crunchbase, August 2024]. |
| Business model | B2B |
| Industry | Cleantech / Climatetech |
| Technology type | Hardware |
| Geography | North America |
| Growth profile | Venture Scale |
| Founding team | Gareth Ross, Patrick Sarver, Curtis Berlinguette [Sora Fuel, August 2024]; [Axios, August 2024]. |
| Funding label | $10M+ |
| Total disclosed | ~$20,600,000, based on a $6,000,000 seed in August 2024 and a $14,600,000 seed financing in April 2026 [Sora Fuel, August 2024]; [Mintz, May 2026]. |
Links
From the public record
- Website: https://www.sorafuel.com/
The Short Version
PUBLIC Sora Fuel is an early-stage climatetech company developing sustainable aviation fuel from atmospheric carbon dioxide, water, and renewable electricity, and it merits attention because it is trying to collapse carbon capture and fuel synthesis into a single process at a moment when investors are still looking for lower-cost paths to SAF supply [Sora Fuel] [Axios, August 2024] [Mintz, May 2026]. The company was founded in 2023 by Gareth Ross, Patrick Sarver, and Curtis Berlinguette, with Sora stating that the underlying technology originated in Berlinguette's laboratory at the University of British Columbia and was incubated within Engine Ventures' orbit [Sora Fuel] [Axios, August 2024].
The core product is a drop-in aviation fuel that Sora markets as "Sora Jet SK1224," and the technical claim worth watching is its closed-loop "direct air conversion" approach, which the company says combines direct air capture with downstream fuel production rather than treating them as separate steps [Sora Fuel] [Clean the Sky]. Sora and related coverage also point to ambitious cost targets, including carbon capture below $50 per ton and a pathway to SAF below $5 per gallon, but those figures remain company-linked claims rather than independently validated operating results [Mintz, May 2026] [Pulse2, April 2026] [CB Insights].
The team is more notable for technical and industrial adjacency than for prior fuel-scale execution. Ross previously held senior technology and customer experience roles at MassMutual, Sarver previously worked as a venture associate at The Engine Ventures, and Berlinguette brings a deep electrochemistry background alongside prior company formation experience [Forbes, April 2021] [Axios, August 2024] [TechCrunch, May 2020].
On financing, Sora has disclosed roughly $20.6 million across two seed rounds, a $6 million round led by The Engine Ventures in August 2024 and a $14.6 million financing in 2026 co-led by Spero Ventures and Inspired Capital, with follow-on participation from existing backers including Engine Ventures and Wireframe Ventures [Sora Fuel, August 2024] [Mintz, May 2026] [ESG Today, April 2026]. The business model is B2B, centered on selling drop-in fuel into aviation and potentially adjacent hydrocarbon markets, though public materials do not yet establish named customers or signed offtake agreements [Sora Fuel] [Mintz, May 2026].
Over the next 12 to 18 months, the key question is not whether the narrative is compelling, but whether Sora can convert laboratory economics into pilot-scale evidence. Public reporting indicates the latest financing is meant to build and operate a pilot production facility and scale output from gallons to barrels per day, so investors should watch for commissioning milestones, third-party validation of process economics, and any disclosed commercial counterparties [Mintz, May 2026] [ESG Today, April 2026].
Unconfirmed -- This section relies materially on company statements and company-linked coverage for product performance and cost claims, with partial corroboration from Axios, Mintz, ESG Today, Forbes, and TechCrunch.
Taxonomy Snapshot
| Axis | Value |
|---|---|
| Stage | Seed |
| Business Model | B2B |
| Industry / Vertical | Cleantech / Climatetech |
| Technology Type | Hardware |
| Geography | North America |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (3+) |
| Funding | $10M+ total disclosed, approximately $20.6M [Sora Fuel, August 2024] [Mintz, May 2026] |
The Company in Brief
PUBLIC
Sora Fuel entered the public record in 2023 as a Boston-based climatetech company pursuing an unusually specific industrial claim: producing drop-in sustainable aviation fuel from atmospheric carbon dioxide, water, and renewable electricity [Crunchbase] [Sora Fuel]. The company presents itself as building a hardware-led, business-to-business platform around what it calls a closed-loop direct air conversion process, with aviation as the initial commercial wedge [Sora Fuel].
The founding team listed publicly is Gareth Ross, Patrick Sarver, and Curtis Berlinguette, and the company says the underlying technology originated from Berlinguette's laboratory at the University of British Columbia [Sora Fuel]. Crunchbase lists Sora Fuel's headquarters in Boston, United States, and classifies the company as founded in 2023 [Crunchbase].
The public milestone trail is still short, which is typical at this stage, but it is concrete. Sora Fuel announced a $6 million seed round in August 2024 led by The Engine Ventures [Sora Fuel, August 2024], and the company later announced a $14.6 million financing in April 2026 to support scale-up efforts for its air-to-jet-fuel technology [Sora Fuel, April 2026]. Across those two disclosed rounds, the public record supports roughly $20.6 million in announced funding to date [Sora Fuel, August 2024] [Sora Fuel, April 2026].
Confirmed across multiple sources -- Confirmed by Crunchbase and Sora Fuel public materials.
What They Have Built
Mixed sourcing
What matters first is that Sora Fuel is not presenting itself as a generic SAF developer. Public materials describe a closed-loop "direct air conversion" process that combines carbon capture and fuel synthesis in one system, using atmospheric carbon dioxide, water, and renewable electricity as inputs [Sora Fuel] [Sora Fuel, August 2024]. The company says its core innovation is a bicarbonate electrolyzer that captures CO2 from air and converts it into syngas, which is then processed via Fischer-Tropsch synthesis into drop-in hydrocarbon fuel [Startup Intros] [Clean the Sky]. That architecture is the central technical claim, because if the capture and conversion steps can in fact be integrated at lower energy intensity, the economics of synthetic fuel production could look materially different from conventional DAC-plus-fuels pathways, although the cost and performance figures remain company-linked rather than independently validated [Mintz, November 2024] [Mintz, May 2026].
Public product descriptions stay narrow but specific. Sora markets "Sora Jet SK1224" as a drop-in Jet A fuel intended to meet SAF requirements, and separately lists "Sora Diesel SD0826," alongside potential non-aviation applications in data-center immersion cooling, transformer insulation, and marine fuel [Sora Fuel]. The company also claims the fuel is "100% carbon-negative," while press coverage repeats management's assertions that the process could capture carbon for less than $50 per ton and create a path to SAF below $5 per gallon; those figures should be read as targets or company claims, not established operating results [Sora Fuel] [Mintz, May 2026] [Pulse2, April 2026] [CB Insights].
From the public record, the technology appears to be moving from lab-scale proof toward pilot-scale production rather than commercial deployment. Axios reported in August 2024 that the seed financing would support equipment purchases, hiring, and a prototype effort targeted within two years [Axios, August 2024]. By April and May 2026, company and transaction-related sources said new funding would be used to build a pilot production facility and scale output from gallons to barrels per day, which suggests the key technical question has shifted from chemistry novelty to whether the integrated system can hold efficiency and product quality as throughput increases [Mintz, May 2026] [ESG Today, April 2026] [Sora Fuel, April 2026].
Unconfirmed -- This section relies materially on company descriptions and company-linked performance claims, with partial corroboration from Axios, ESG Today, Mintz, Startup Intros, and Clean the Sky.
Market Size and Demand
PUBLIC The market matters now because aviation is one of the harder transport segments to decarbonize, and Sora Fuel is aimed at a part of that problem where buyers need drop-in fuel rather than new aircraft or airport infrastructure [Sora Fuel] [Mintz, May 2026].
The difficulty is that no source set here provides a clean third-party TAM, SAM, or SOM for Sora Fuel itself, so the market has to be framed through the company’s stated entry point and adjacent demand pools rather than a defensible bottoms-up size estimate [Sora Fuel] [Mintz, May 2026]. Public materials position the initial wedge as sustainable aviation fuel, with prospective buyers described broadly as airlines, fuel companies, and aviation manufacturers seeking lower-carbon drop-in fuel [Sora Fuel] [Mintz, May 2026]. That framing is commercially sensible on its face, because Sora is not asking customers to adopt a new propulsion system, only a replacement fuel that it says can fit existing Jet A use cases if technical and regulatory requirements are met [Sora Fuel].
Demand drivers in the public record are mostly practical rather than speculative. Sora’s process is designed around atmospheric carbon dioxide, water, and renewable electricity, and the company argues that lower capture cost is the key to making synthetic SAF economically relevant [Sora Fuel] [Boston Business Journal, August 2024] [Mintz, May 2026]. Its public cost claims, less than $50 per ton for carbon capture and a pathway to SAF below $5 per gallon, are still company-linked and should be read as targets rather than observed commercial performance, but they point to the right constraint in the category: unit economics, not conceptual demand, are likely to determine adoption speed [Mintz, May 2026] [CB Insights].
Adjacent markets matter because the same carbon-to-hydrocarbon platform could sell into less regulated or differently priced end markets before aviation scales. Sora’s own product pages list potential applications beyond jet fuel, including diesel, marine fuel, data-center immersion cooling, and transformer insulation fluids [Sora Fuel]. That does not establish near-term revenue in any of those categories, but it does show that management is thinking in platform terms, where aviation is the most visible beachhead and industrial fluids could serve as an alternate commercialization path if SAF qualification or project finance takes longer than expected [Sora Fuel].
The public record also points to regulatory and macro conditions that are broadly supportive, even if the section’s sources do not quantify them. Sora has been accepted into IAG’s accelerator and Shell GameChanger Accelerator Powered by NREL, which suggests interest from strategic stakeholders tied to aviation and energy transition priorities [Sora Fuel]. At the same time, the company’s 2026 financing was earmarked for a pilot production facility that would scale output from gallons to barrels per day, a reminder that this market is capital-intensive and that policy support alone does not remove scale-up risk [Mintz, May 2026] [ESG Today, April 2026].
| Market lens | Public evidence | Relevance to Sora Fuel |
|---|---|---|
| Primary wedge | Sustainable aviation fuel for airlines, fuel companies, and aviation manufacturers [Sora Fuel] [Mintz, May 2026] | Defines the initial commercial market around drop-in aviation fuel |
| Economic driver | Claimed lower carbon capture cost, less than $50 per ton, and pathway to SAF below $5 per gallon [Mintz, May 2026] [CB Insights] | Suggests adoption depends on cost parity or near-parity more than on customer education |
| Substitute pathways | Conventional direct air capture paired with downstream fuel synthesis [Boston Business Journal, August 2024] [Mintz, May 2026] | Sora’s pitch is that integrated conversion could reduce energy use and capture cost |
| Adjacent markets | Diesel, marine fuel, immersion cooling, transformer insulation fluids [Sora Fuel] | Expands the addressable opportunity if aviation commercialization proves slower |
The table shows a market defined less by disclosed size figures than by where cost and qualification barriers sit. For now, the strongest public read is that Sora is pursuing a large decarbonization need with several adjacent outlets, but the timing of real demand conversion will turn on whether pilot-scale economics hold up outside company materials.
Single-source, plausible -- This section relies on one independent source set for financing and cost-target context, plus company materials for market framing and adjacent use cases [Mintz, May 2026] [Boston Business Journal, August 2024] [Sora Fuel].
Who Else Is Fighting for This
MIXED Sora Fuel is not competing only against other synthetic fuel startups, it is competing against every pathway that can help airlines lower lifecycle emissions without asking fleets or fueling infrastructure to change materially [Sora Fuel] [Mintz, May 2026].
The closest competitive frame in public sources is not a named startup set, but a pathway set. On one side sit incumbent jet fuel supply chains and conventional carbon-intensive production, which still benefit from scale, established distribution, and known certification pathways. On another sit challenger low-carbon fuel routes, including other sustainable aviation fuel approaches that rely on biogenic feedstocks, waste oils, alcohol-to-jet, or power-to-liquids architectures, even though the available source pack does not name specific company peers. Adjacent substitutes matter as well: airlines can meet parts of their decarbonization agenda through operational efficiency, carbon accounting programs, or fleet renewal, which means Sora must clear a higher bar than technical novelty alone [Sora Fuel] [Mintz, May 2026] [Axios, August 2024].
Where Sora appears differentiated today is at the process level. The company says it combines carbon capture and fuel synthesis in a closed-loop "direct air conversion" process built around a bicarbonate electrolyzer, with the aim of reducing both capture cost and energy use relative to standard direct air capture approaches [Sora Fuel, August 2024] [Mintz, November 2024] [Clean the Sky, retrieved 2026]. If that architecture works at pilot scale, the edge could be meaningful because it attacks a known bottleneck in power-to-liquids economics, namely the cost and energy burden of sourcing CO2. Still, the durability of that edge is not yet established in public evidence. The claims on capture cost, energy reduction, and sub-$5-per-gallon SAF remain company-linked or repeated through secondary coverage, and no public operating data, third-party validation set, or signed offtake counterparties were identified in the materials reviewed [Mintz, May 2026] [Pulse2, April 2026] [CB Insights].
The company's strongest public moat signal is probably team-market fit rather than commercial lock-in. Curtis Berlinguette's lab at the University of British Columbia is described as the origin of the underlying technology, and public materials tie the startup directly to that research lineage [Sora Fuel] [Clean Energy Research Centre, retrieved 2026]. Patrick Sarver brings venture and science exposure from The Engine Ventures, while the cap table includes climate and deep-tech investors that tend to finance longer development arcs, including The Engine Ventures, Spero Ventures, Inspired Capital, Wireframe Ventures, and Standish Spring Investments [Axios, August 2024] [Mintz, May 2026] [Crunchbase]. That matters in a category where capital patience and industrial board support can shape who survives to first pilot. It is also a perishable advantage. If scale-up slips or certification timelines stretch, larger incumbents and better-capitalized pathway competitors can absorb delay more easily than a seed-stage hardware company [ESG Today, April 2026] [Mintz, May 2026].
Sora is most exposed where incumbents already control the customer relationship. Airlines, fuel majors, and aviation manufacturers may express interest in drop-in fuel, but the available public record does not show named commercial contracts, distribution rights, or offtake commitments for Sora, while established suppliers already sit inside procurement, blending, logistics, and compliance workflows [Mintz, May 2026] [Axios, August 2024]. The other exposure is pathway risk. Sora's case for winning depends on capturing CO2 cheaply enough that air-to-fuel economics can compete with alternative SAF routes; if feedstock-based or other synthetic-fuel pathways hit certification and production milestones sooner, Sora could be technically credible yet commercially late. Public sources also show product ambitions beyond aviation, including diesel, marine fuel, and immersion-cooling fluids, but adjacent categories can broaden optionality only if the company proves the core reactor economics first [Sora Fuel].
The most plausible 18-month scenario is a sorting event around pilot execution rather than category ownership. Winner if X: Sora Fuel, if the planned pilot facility demonstrates that the integrated capture-and-conversion architecture scales from lab output toward barrels per day with economics that remain directionally consistent with its public claims [Mintz, May 2026]. Loser if Y: conventional stand-alone DAC-to-fuels configurations, if integrated systems like Sora's can show materially lower energy intensity and lower CO2 input costs than the multistep alternatives they are trying to displace [Mintz, November 2024] [Sora Fuel, August 2024]. The reverse case is straightforward as well. If pilot data fail to substantiate the cost curve, incumbent SAF pathways with existing commercial channels should keep the upper hand, and Sora's competitive position would remain interesting but unproven.
Single-source, plausible -- Competitive analysis rests on public company materials and named-publisher coverage, but the source set does not identify named startup competitors or independently verify the core cost and performance claims.
Opportunity
PUBLIC
The prize here is unusually large: if Sora Fuel can turn its lab-scale chemistry into reliable pilot output, it is pursuing a route to make drop-in aviation fuel from air, water, and renewable electricity, in a market where incumbents need very large volumes of lower-carbon fuel without changing aircraft or fuel infrastructure [Sora Fuel] [Mintz, May 2026].
The headline opportunity is not simply to become another sustainable fuel developer. It is to become a lower-cost synthetic hydrocarbon platform whose first commercial wedge is aviation, the segment where drop-in compatibility matters most and where alternatives remain constrained by feedstock availability and infrastructure change [Sora Fuel] [Clean the Sky]. The evidence is still early and mostly company-led, so the claim should be stated carefully. Sora has raised two seed financings totaling about $20.6 million, first with The Engine Ventures leading a $6 million round in August 2024, then with Spero Ventures and Inspired Capital involved in a $14.6 million round disclosed in 2026, and the second round was described as funding a pilot production facility that would scale output from gallons to barrels per day [Sora Fuel, August 2024] [Axios, August 2024] [Mintz, May 2026] [ESG Today, April 2026]. That does not prove the economics, but it does move the story from academic concept toward an industrial test.
The reachability case rests on a specific technical shortcut rather than a broad climate narrative. Sora says its bicarbonate electrolyzer combines carbon capture and fuel synthesis in a closed-loop process, using air, water, and renewable electricity as inputs, with syngas then processed into hydrocarbon fuel through Fischer-Tropsch synthesis [Sora Fuel] [Startup Intros] [Clean the Sky]. The company and its cited coverage repeatedly frame the advantage as lower capture cost and lower energy intensity versus conventional direct air capture, including claims of less than $50 per ton CO2 capture cost and a pathway to SAF below $5 per gallon, though these remain unverified operating claims rather than independently demonstrated plant data [Mintz, May 2026] [Pulse2, April 2026] [CB Insights]. If those claims survive pilot validation, the company could matter well beyond aviation because the same carbon-to-molecule platform could extend into diesel, marine fuel, transformer insulation, and immersion cooling fluids that Sora already lists as potential product areas [Sora Fuel].
The upside breaks into a few distinct paths, each with a different catalyst and burden of proof.
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Aviation wedge, industrial foothold | Sora becomes a specialty supplier of drop-in synthetic jet fuel for airlines, energy companies, and aviation manufacturers seeking lower-carbon fuel without engine redesign | Pilot plant demonstrates repeatable production from gallons to barrels per day, giving counterparties enough confidence to move from interest to structured offtake discussions [Mintz, May 2026] | The company is already positioning around drop-in Jet A compatibility and says it has attracted partnership and offtake interest from energy companies, airlines, and aviation manufacturers, even though names are not public [Sora Fuel] [Mintz, May 2026] |
| Carbon-to-molecules platform | The aviation product proves the core reactor, then Sora expands into adjacent hydrocarbon markets such as diesel, marine fuel, cooling fluids, and insulation fluids | A successful pilot validates the underlying direct air conversion system, making additional product lines an application-layer expansion rather than a fresh scientific restart [Sora Fuel] [Clean the Sky] | Sora already presents diesel and non-aviation fluid applications publicly, which suggests the platform ambition is embedded in product design rather than added after the fact [Sora Fuel] |
| Strategic partner route | A large industrial or energy partner uses Sora as a pathway into synthetic fuels made from atmospheric carbon, accelerating scale through capital, siting, and commercial channels | A partnership through existing ecosystem ties or accelerator relationships turns technical promise into a deployment program [Sora Fuel, August 2024] | Sora has already participated in IAG's accelerator program and the Shell GameChanger Accelerator Powered by NREL, and its investor and board network includes industrial operators and climate specialists [Sora Fuel, August 2024] [Standish Spring Investments] |
What compounding looks like here is less a consumer network effect than an engineering and commercialization flywheel. One credible pilot would do several jobs at once: reduce perceived technology risk for future investors, improve counterparties' willingness to sign supply or development agreements, and create a larger base of operating data on energy use, capture efficiency, and downstream fuel synthesis [Mintz, May 2026] [Sora Fuel]. If the integrated process really does remove a meaningful share of the energy burden associated with standard direct air capture, as Sora claims, each gain in reactor performance could improve the economics of every downstream fuel product built on the same system [Mintz, November 2024]. That creates a familiar hard-tech compounding loop, where technical validation brings cheaper capital and better partners, which in turn funds larger systems and better learning rates.
There is also a founder-market fit element that could sharpen that flywheel if the science proves out. The company says the technology originated in Curtis Berlinguette's laboratory at the University of British Columbia, and public profiles tie him to advanced electrochemical reactor work and prior company formation [Sora Fuel] [Clean Energy Research Centre] [TechCrunch, May 2020]. Gareth Ross brings operating and enterprise build experience from MassMutual, while Patrick Sarver came from The Engine Ventures, an investor that led the first seed round [Forbes, April 2021] [Axios, August 2024]. That mix does not remove scale-up risk, but it does improve the odds that technical progress can be translated into fundraising, hiring, and partnership formation at the moments that matter.
The size of the win is best framed as strategic value rather than near-term revenue arithmetic. No credible market-size figure was confirmed in the source set, so any TAM claim would be looser than the evidence supports. What can be said is narrower and still meaningful: if Sora demonstrates a genuine cost advantage in atmospheric-carbon-to-fuel conversion and becomes a preferred synthetic fuel platform for aviation and adjacent fluids, the outcome could resemble the kind of strategic asset that large energy, aerospace, or industrial buyers pay to secure early, or the kind of climate infrastructure company that supports a multibillion-dollar equity story once pilot economics are proven (scenario, not a forecast) [Mintz, May 2026] [ESG Today, April 2026]. At this stage, the opportunity is real because the company is aiming at a painful, high-value bottleneck with a process that, if validated, could shift the cost structure. The ceiling is high precisely because the proof burden is also high.
Single-source, plausible -- This section relies on a mix of company materials and named-publisher coverage, with funding corroborated by multiple sources but product economics and performance targets still resting largely on company claims and secondary repetition [Sora Fuel, August 2024] [Axios, August 2024] [Mintz, May 2026] [ESG Today, April 2026].
Sources
From the public record
[Sora Fuel, April 2026] Sora Fuel Closes $14.6M Round to Scale Air-to-Jet Fuel Technology | https://www.sorafuel.com/news/sora-fuel-closes-14-6m-round-to-scale-air-to-jet-fuel-technology
[Sora Fuel, August 2024] Sora Fuel Secures $6M Seed | https://www.sorafuel.com/news/seed-round-completed
[Mintz, May 2026] Sustainable Energy & Infrastructure Client Feature: Sora Fuel | https://www.mintz.com/insights-center/viewpoints/2151/2026-05-04-sustainable-energy-infrastructure-client-feature-sora
[Axios, August 2024] Exclusive: Sora Fuel raises $6M to help carbon dioxide power planes | https://www.axios.com/pro/climate-deals/2024/08/01/sora-fuel-6m-saf
[Boston Business Journal, August 2024] Cambridge-based Sora Fuel raises $6 million seed round | https://www.bizjournals.com/boston/inno/stories/news/2024/08/13/sora-fuel-startup-raises-six-million-seed-round.html
[ESG Today, April 2026] Sora Fuel Raises $14.6 Million to Produce Jet Fuel from Air, Water, and Clean Energy | https://www.esgtoday.com/sora-fuel-raises-14-6-million-to-produce-jet-fuel-from-air-water-and-clean-energy/
[ESG Today, August 2024] Sora Fuel Raises $6 Million to Produce Low Cost SAF from Water, Air and Renewable Energy | https://www.esgtoday.com/sora-fuel-raises-6-million-to-produce-low-cost-saf-from-water-air-and-renewable-energy/
[Forbes, April 2021] CIO Next 2021: 50 Innovative Technology Leaders Transforming Business For A Radically Different World | https://www.forbes.com/sites/martingiles/2021/04/29/cio-next-2021-50-innovative-technology-leaders-transforming-business-for-a-radically-different-world/?sh=7345552111eb
[Forbes, May 2017] MassMutual Puts The 'Mutual' Back In Insurance With New Ad Campaign | https://www.forbes.com/sites/willburns/2017/05/16/massmutual-puts-the-mutual-back-in-insurance-with-new-ad-campaign/
[TechCrunch, May 2020] Smart glass manufacturer Click Materials inks major deal to challenge $1 billion-backed View Inc. | https://techcrunch.com/2020/05/13/smart-glass-manufacturer-click-materials-inks-major-deal-to-challenge-1-billion-backed-view-inc/
[Sora Fuel] Sora Fuel | https://www.sorafuel.com/
Articles about Sora Fuel
- Sora Fuel's Bicarbonate Electrolyzer Is Targeting Jet Fuel for $5 a Gallon — The Boston startup, backed by The Engine and Spero Ventures, claims its integrated process can capture carbon for under $50 a ton.