Swiss-based Carbon capturing startup, Climeworks, which already has its name listed among world's first large-scale Direct Air Capture (DAC) + storage plant and arguably largest DAC plant in the world, has received CHF (swiss franks) 600 million (~ USD 650 million) in equity round of funding, touted as largest round for any carbon removal startup in the World.
The financing is co-led by Partners Group (acting on behalf of its clients) and GIC, along with participation from (in alphabetical order) Baillie Gifford, Carbon Removal Partners, Global Founders Capital, John Doerr, M&G, Swiss Re, as well as other new and existing shareholders including long-term investor and anchor shareholder BigPoint Holding AG.
The latest funding will unlock the next phase of Climeworks' growth, scaling DAC up to multi-million-ton capacity and implementing large-scale facilities as carbon removal becomes a trillion-dollar market.
J.P. Morgan Securities LLC served as sole placement agent for Climeworks in connection with the transaction.
Christoph Gebald, co-founder and co-CEO of 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. It is thrilling to see the appetite and support of globally leading investors towards the scale up of our technology; this is a great milestone for our company as well as the entire industry."
Climateworks has raised funding just in time when United Nations' IPCC, released a report saying that carbon dioxide removal is essential to limit global warming to 1.5°C.
Jan Wurzbacher, co-founder and co-CEO of Climeworks, said - "We founded Climeworks with the vision to provide the world a tech that has the potential to reverse climate change. Accelerating the scale up of carbon removal capacity will play a crucial role in global efforts to keep global warming under 1.5°C, positively impacting the lives of billions of people. And this is what we will do starting now."
Jan Wurzbacher, co-founder and co-CEO of Climeworks, said - "We founded Climeworks with the vision to provide the world a tech that has the potential to reverse climate change. Accelerating the scale up of carbon removal capacity will play a crucial role in global efforts to keep global warming under 1.5°C, positively impacting the lives of billions of people. And this is what we will do starting now."
Founded in 2009, Climeworks empowers people to reverse climate change by permanently removing carbon dioxide from the air. One of two things happens to the Climeworks air-captured carbon dioxide: either it is returned to earth, stored safely and permanently away for millions of years,
Speaking on the investment, Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC, said - "Climeworks is the global pioneer and leader in direct air capture (DAC) technology. We believe that DAC technology will play a crucial role in decarbonisation globally, and that Climeworks will lead this transformation. As a long-term global investor, we look forward to supporting Climeworks’ proven leadership team, as they deliver on their roadmap to scale their DAC capabilities and meet the already-outsized demand for their product."
Going forward with carbon capturing sector, a group of Indian scientists recently discovered a special types of nanoparticles used to synthesize new solid adsorbents for CO2 capture and utilization, that captures CO2 more economically and efficiently.
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