Climeworks AG, provider of solutions for efficiently capturing CO₂ out of ambient air, announces the closing of its series B financing round amounting to CHF 3 million. The proceeds will be used to further industrialize Climeworks’ product as well as to build the first commercial scale direct air capture plant. The round was funded by a group of renowned private investors and the Zürcher Kantonalbank (ZKB).
With air-captured CO₂ from Climeworks, renewable energy can be efficiently stored by producing synthetic fuels using Power-to-Gas or Power-to-Liquids technology. These fuels produced from atmospheric CO₂ are carbon-neutral and do not compete with food production for agricultural crop land. There is an ever increasing market demand for such fuels in the context of increasing the share of renewables in our energy mix. In addition, short-term market applications with an annual market volume of CHF 300 million in Europe include CO₂ supply for the carbonation of drinks, fertilization of greenhouses, and packaging of fresh food.
Climeworks' DAC 1 collector
Climeworks was founded end of 2009 and has since then developed its proprietary technology from laboratory to industrial scale. At the end of 2012, Climeworks announced the commissioning of its demonstration plant with a capacity of 1 ton CO₂ per year which has since then proven successful continuous operation. Currently, Climeworks is finalizing the construction of an industrial scale CO₂ capture unit with a capacity of 50 tons CO₂ per year. This unit represents the final scale-up step of Climeworks’ technology; commercial plants will be built from units of the same size in a modular way to meet the individual customer demands.
A very important application of Climeworks’ product is atmospheric CO₂ supply for renewable fuel production in the mobility sector. The announcement of carmaker Audi about its collaboration with Climeworks on the road to CO₂- neutral mobility was a highlight in early 2014.