24 October 2016
Swiss Climate-KIC carbon capture start-up Climeworks closes CHF 3m financing round
Climate-KIC start-up Climeworks, provider of solutions for efficiently capturing CO2 out of ambient air, announces the closing of its series B financing round amounting to CHF 3 million.
The proceeds will be used to further industrialise Climeworks’ product as well as to build the first commercial scale CO2 capture plant. Climeworks is currently finalising the construction of an industrial scale CO2 capture unit with a capacity of 50 tons CO2 per year.
Climeworks, one of the ETH Zurich spin-offs supported by the Climate-KIC Accelerator, aims to close the carbon cycle in the energy sector. The round was funded by a group of renowned private investors and the Zürcher Kantonalbank (ZKB).
With air-captured CO2 from Climeworks, renewable energy can be stored efficiently by producing synthetic fuels using Power-to-Gas or Power-to-Liquids technology.
These fuels produced from atmospheric CO2 are carbon-neutral and do not compete with food production for agricultural crop land. There is an ever increasing market demand for such fuels in the context of increasing the share of renewables in our energy mix.
In addition, short-term market applications with an annual market volume of CHF 300 million in Europe include CO2 supply for:
- Carbonation of drinks
- Fertilization of greenhouses
- Packaging of fresh food
Climeworks was founded end of 2009 and has since then developed its proprietary technology from laboratory to industrial scale. End of 2012 Climeworks announced the commissioning of its demonstration plant with a capacity of one ton CO2 per year which has since then proven successful continuous operation – culminating in the current 50 tons per year unit.
Commercial plants will be built from units of the same size in a modular way to meet the individual customer demands. A very important application of Climeworks’ product is atmospheric CO2 supply for renewable fuel production in the mobility sector.
The announcement of car maker Audi about its collaboration with Climeworks on the road to CO2- neutral mobility was a highlight in early 2014.