Climeworks are a step closer to achieving 1% global CO2 emissions target
Our client Climeworks has 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 industrialise their Direct Air Capture (DAC) technology, significantly reduce its costs and prepare for mass production.
Climeworks is on a mission to capture 1% of global CO2 emissions by 2025, and with this successful financing round they are another edging closer to achieving this goal.
It’s been a fantastic 18 months for Life Size Media and Climeworks, we’ve been working with them on their communications strategy to help secure this funding.
An expanding company
With nine direct air capture (DAC) plants built so far, across six different countries, operating in three different market segments, expansion is on the the horizon for Climeworks. With this new investment Climeworks can strengthen their market lead within the direct air capture industry and expand into pioneering sectors.
Climeworks co-founder and co-CEO Jan Wurzbacher said:
“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”.
Two previous milestones
Two of the plant launches marked milestones in the DAC industry last year: in 2017 Climeworks opened the world’s first commercially operational CO2 capture plant in Switzerland. Later that year in November, they launched the world’s first DAC plant in combination with underground sequestration of CO2 in Iceland.
A growing team
Since 2017 Climeworks have doubled in staff, and the team now comprises 60 employees.
Climeworks co-founder and co-CEO Christoph Gebald said:
“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”.
We are proud to have worked with Climeworks on this project and look forward to witnessing their expansion.
Climeworks is capturing CO2 from air with the world’s first commercial carbon removal technology. The direct air capture plants remove CO2 from the atmosphere to supply to customers and to unlock a negative emissions future.
The pure CO2 gas is sold to customers in key markets, including commercial agriculture, food and beverage industries, the energy sector and the automotive industry. Customers utilise this atmospheric CO2 in carbonated drinks or for producing carbon-neutral hydrocarbon fuels and materials. By using Climeworks’ CO2, our customers can reduce their overall emissions as well as lowering their dependence on fossil energy.
Climeworks’ plants are modular, scalable and can be located independently of emission sources, allowing security of supply wherever there is atmospheric air. Importantly, our plants can be utilised for negative emissions, which will be vital in the quest to limit a global temperature rise of 2°C. Compared to other carbon removal technologies, direct air capture does not depend on arable land, has a small physical footprint, and is fully scalable.
Founded by engineers, Christoph Gebald and Jan Wurzbacher, Climeworks has assembled the largest team of experts in the field and developed high-quality testing and production facilities. Climeworks will keep working to realise its mission to capture one percent of global emissions by 2025.
For more information, visit: http://www.climeworks.com.