Climeworks raises USD 30.8 million to commercialize carbon dioxide removal technology

News | 28.08.2018

Climeworks raises USD 30.8 million to commercialize carbon dioxide removal technology

We are on a mission to capture 1% of global CO₂ emissions by 2025, and today we can proudly announce that we are another step closer to achieving this goal.

We have successfully raised CHF 30.5 million (USD 30.8 million) in equity funding from a group of existing and new private investors, as well as from Zurich Cantonal Bank. These funds will be used to further industrialize our Direct Air Capture (DAC) technology, significantly reduce its costs and prepare for mass production.

We have to date built nine direct air capture plants in six countries, operating in three different market segments.

“Our direct air capture plants serve markets ranging from Food, Beverage and Agriculture, through Renewable Fuels and Materials to Carbon Dioxide Removal. In the latter, companies and individuals can reverse their unavoidable emissions via Climeworks. All three markets are set to grow, and with this latest investment Climeworks is well-positioned with a strong base for further growth”, said Climeworks co-founder and co-CEO Jan Wurzbacher.

Two of the plant launches marked milestones in the DAC industry last year: in 2017 we opened the world’s first commercially operational CO₂ capture plant in Switzerland. Later that year in November, we launched the world’s first DAC plant in combination with underground sequestration of CO₂ in Iceland.

Since 2017 we have doubled our staff, and our team now comprises 60 employees.

“Besides assembling an exceptional team, we are happy and thankful that we were able to establish an excellent shareholder structure over the last years, supporting us to pioneer the creation of a new, timely and relevant industry”, said Climeworks co-founder and co-CEO Christoph Gebald.

If you are interested in signing up for Climeworks Emissions Reversal, please get in touch via [email protected].