My watch list
my.chemeurope.com  
Login  

Climeworks raises USD 30.8M to commercialize carbon dioxide removal technology

29-Aug-2018

Copyright: Climeworks AG / Julia Dunlop

Climeworks Founder Christoph Gebald and Jan Wurzbacher

Climeworks AG announced it has raised CHF 30.5 million in equity funding, from a group of existing and new private investors as well as Zurich Cantonal Bank. The successful financing round brings the Swiss company another step closer to achieving its vision of capturing one percent of global CO2 emissions by 2025.

Funds will be used to further industrialize Climeworks’ unique, modular and scalable direct air capture (DAC) technology, reduce costs significantly and prepare for mass production. Climeworks plans to expand its presence in all pioneering markets and strengthen its pole position within the direct air capture industry. Expansion of the team, today consisting of 60 highly skilled employees in Zurich, strengthening development capabilities and supporting commercial deployment is foreseen.

The new investment comes from a consortium of existing and new private investors and Switzerland’s largest cantonal bank, Zurich Cantonal Bank. With this financing round, investment in Climeworks AG and its pioneering DAC technology totals more than CHF 50M worth of private equity and public grants.

Since the beginning of 2017, Climeworks has grown from 30 to 60 employees. The company has built nine direct air capture plants for three different market segments in 6 countries. Two of those plants marked milestones in the DAC industry last year: in May 2017, Climeworks launched the world’s first commercial DAC plant in Hinwil, Switzerland, selling air-captured CO2 to a greenhouse owner. Later that year in November Climeworks opened the world’s first DAC plant in combination with underground sequestration of CO2 in Iceland.

Jan Wurzbacher, co-founder and co-CEO of Climeworks AG: “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.”

Christoph Gebald, co-founder and co-CEO of Climeworks AG: “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.”

Facts, background information, dossiers
  • financing
  • CO2 capturing
  • investments
More about Climeworks
  • News

    Climeworks AG and Antecy B.V. are joining forces

    Climeworks AG and Antecy B.V. share the same goal of removing climate-relevant amounts of CO2 from the atmosphere and joining forces renders this goal more achievable. The combination of their technologies will result in even more powerful solutions for both carbon dioxide removal, as well ... more

    New solar mini-refinery

    Researchers from ETH Zurich have developed a novel technology that produces liquid hydrocarbon fuels exclusively from sunlight and air. For the first time worldwide they demonstrate the entire thermochemical process chain under real field conditions. The new solar mini-refinery is located o ... more

    ETH spin-off machine running at full speed

    In 2018, ETH Zurich achieved a new record high for the number of spin-offs founded: a total of 27 founding teams took the plunge into independence. While an average of 13 ETH spin-offs were founded per year from 2000 to 2010, the following decade has seen an average of 24 per year. For Detl ... more

  • Companies

    Climeworks AG

    Climeworks captures CO2 from air with the world’s first commercial carbon dioxide removal technology. Our direct air capture plants remove CO2 from the atmosphere, allowing customers to reverse their emissions and realize their climate goals. more

Your browser is not current. Microsoft Internet Explorer 6.0 does not support some functions on Chemie.DE