-89%

est. 2Y upside i

Seed

Affordable and verified direct air carbon capture and storage

Rank

#1853

Sector

Carbon Capture, Utilization, and Storage (CCUS)

Est. Liquidity

~5Y

Data Quality

Data: Medium

Heimdal presents a moderate upside opportunity with higher risk, driven by its innovative and cost-effective direct air capture technology and rapid deployment of Project Bantam.

Last updated: March 10, 2026

Bull (25%)+300%

Heimdal successfully scales Project Bantam and deploys its planned megaton-scale facility by 2026, achieving its cost target of under $200/ton. Strong demand for carbon removal services, coupled with favorable government tax credits (e.g., 45Q), drives rapid revenue growth to over $100M annually. This execution, combined with a clear path to permanent CO2 sequestration, justifies a valuation exceeding $300M, representing a 4x return from the current estimated valuation.

Base (30%)+50%

Heimdal continues to operate Project Bantam and makes incremental progress on its next facility, but faces challenges in scaling rapidly due to high capital intensity and regulatory hurdles for permanent storage. Revenue grows steadily to $20-30M within two years, primarily from EOR contracts and partial tax credits. The company secures additional funding rounds at a moderate step-up, leading to a valuation of around $115M, a 1.5x return.

Bear (45%)-80%

Heimdal struggles with the high capital requirements and complex permitting for Class VI wells, delaying the megaton facility. The controversial use of CO2 for enhanced oil recovery (EOR) limits market acceptance and access to certain carbon credit markets, while well-funded incumbents like Climeworks and Occidental Petroleum gain significant market share. This leads to slower-than-expected growth, a down round, and a valuation below $15M, severely impacting common stock value given the preference stack.

Est. time to liquidity~5.0 years

Preference Stack Risk

moderate

Investors hold $11M in liquidation preferences, representing approximately 14.2% of the estimated $77.5M current valuation.

Dilution Risk

high

Given the high capital intensity of scaling carbon capture technology, significant future funding rounds are anticipated, which will likely lead to substantial dilution of existing equity holders.

Secondary Liquidity

none

As an early-stage, privately held company, there is currently no active secondary market or tender offer program for employee equity.

Questions to Ask at the Interview

Strategic questions based on Heimdal's data — designed to show you've done your homework.

  • 1

    “Given the competitive landscape with players like Climeworks and Heirloom, how does Heimdal plan to differentiate its technology and market approach beyond cost-effectiveness, especially concerning the long-term strategy for CO2 utilization and permanent sequestration?”

  • 2

    “With Project Bantam now operational and plans for a megaton facility by 2026, what are the key milestones and funding strategies for achieving this ambitious scale, particularly in navigating the high capital intensity and securing necessary permits for Class VI wells?”

  • 3

    “The current estimated valuation is around $77.5M based on a recent equity stake acquisition. How does the company foresee its valuation evolving over the next 2-3 years, and what are the anticipated liquidity pathways for employees holding equity?”

Community

Valuation Sentiment

Our model estimates -89% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.