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, 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.”
Christoph Gebald, co-founder and co-CEO of Climeworks AG, commented: “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.”
Climeworks captures CO2 from ambient air with the world’s first commercial carbon dioxide removal technology. The direct air capture plants capture CO2 with a filter, using mainly low-grade heat as an energy source. They are modular, scalable and can be mass-produced, enabling deployment on a large scale. Compared to other carbon dioxide removal technologies, Climeworks’ direct air capture has a small physical footprint, is fully scalable and does not depend on arable land.
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. Using Climeworks’ CO2, customers can lower their dependence on fossil energy, thus reducing overall emissions.
Picture: Climeworks Founder Christoph Gebald and Jan Wurzbacher Copyright: Climeworks AG / Julia Dunlop