Mr Avison first had the idea for a more sustainable power plant 15 years ago but carbon credits became too cheap to make it pay.
Credits cost more now but it is the addition of a valuable by-product that has made the whole project financially viable.
No money has come from the UK government – instead the £40m price tag has been met by private investors who specialise in energy transition.
The company says its modular template can be adapted with the waste heat used for district heating or industrial processing.
Carbon dioxide could also be transported for permanent storage underground.
Investors now hope to attract interest from others to scale up their design for use around the world.