Climeworks has achieved a major milestone: the company has secured financing of 600 million francs in its latest equity round. According to a press release, the funding will unlock the next phase of growth for the spin-off from the Swiss Federal Institute of Technology in Zurich in 2009.
The capacity for direct air capture of carbon dioxide will be scaled up to multi-million tons and large-scale facilities will be built. Carbon removal has become a trillion-dollar market. “We founded Climeworks with the vision to provide the world a tech that has the potential to reverse climate change,” said Jan Wurzbacher, co-founder and co-CEO of Climeworks. “And this is what we will do starting now.”
The new investors included “several of the most renowned and largest institutional technology and infrastructure investors globally”. The equity round was led by Partners Group with headquarters in Baar in the canton of Zug and Singapore’s Sovereign Wealth Fund (GIC). Others included Baillie Gifford, Carbon Removal Partnership, 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. “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,” said Climeworks co-founder Christoph Gebald.
“By developing the first scalable DAC technology, Climeworks has been a catalyst in the world of carbon capture to achieve gigatons in terms of scale,” said Maximilian Zeller, founding and managing partner of the Carbon Removal Partnership. “Climeworks has also worked tirelessly to educate and inspire the world about this key sector.”
