Carbon dioxide (CO2) removal specialist Climeworks is set to scale up its pioneering direct air capture (DAC) technology following its signing of an equity round worth CHF 600m ($650m).
Comprising a team of investors co-led by Partners Group and GIC, the funding will be used to unlock the next phase of Climeworks’ growth, scaling DAC up to multi-million-tonne capacity and implementing large-scale facilities as carbon removal becomes a trillion-dollar market.
Commenting on the funding, Christoph Gebald, Co-Founder, Co-CEO, Climeworks, said, “We are proud to partner with our new investors and thankful for the renewed trust of our existing ones, all committed to the long-term journey of Climeworks.”
In September last year (2021), the company launched Orca, the world’s largest DAC and storage plant.
Located in Iceland, Orca can capture 4,000 tonnes of CO2 per year and utilises modular and compact stackable container-size collector units, which minimises the project’s carbon footprint.