EIT Climate-KIC-supported Climeworks raises €27 million to commercialise CO2 removal technology

Climeworks AG, the world leader in capturing CO2 from air, supported by EIT Climate-KIC, has raised €27 million (CHF 30.5 million) in equity funding, from Zurich Cantonal Bank and a group of private investors.

The successful financing round takes the Swiss company, which went through EIT Climate-KIC’s Accelerator programme in 2012 and 2013, another step closer to achieving its vision of capturing one percent of global CO2 emissions by 2025.

Funds will be used to further industrialise 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, is also planned to strengthen development capabilities and support commercial deployment. 

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 €44.3 million (CHF50 million) worth of private equity and public grants.

Climeworks has gone from strength to strength since graduating from EIT Climate-KIC’s Accelerator business incubator programme in 2013, having gone through all three stages. The start-up received €40,000 funding from EIT Climate-KIC, as well as coaching, mentoring and access to its pan-European network.

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. 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:
“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:
“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.

Read more about EIT Climate-KIC’s Accelerator programme, which Climeworks went through, here.

 
Location
Related Goal
Goal 8: Reduce industry emissions
Articles you may be interested in
In The News
In the face of complex challenges, Europe stronger together, says EU President...

European Commission President Ursula von der Leyen outlined her...

In the face of complex challenges, Europe stronger together, says EU President von der Leyen
In The News
New IPCC report reveals urgent need for climate innovation

The IPCC’s Sixth Assessment Report has launched. The report...

New IPCC report reveals urgent need for climate innovation
In The News
Moving beyond ‘brown coal’ in Europe’s rural regions

Together with Partners, EIT Climate-KIC is leading a process...

Moving beyond ‘brown coal’ in Europe’s rural regions
In The News
EU’s “Fit for 55” to spur policy innovation for climate action

The European Commission has released its “Fit for 55”...

EU’s “Fit for 55” to spur policy innovation for climate action
In The News
Munich Re and ERGO invest in EIT Climate-KIC carbon removal programme

Major German corporate group sets the ambition to accelerate...

Munich Re and ERGO invest in EIT Climate-KIC carbon removal programme
In The News
23 pilot projects selected by EIT to unlock higher education’s innovation po...

The European Institute of Innovation and Technology (EIT) has...

23 pilot projects selected by EIT to unlock higher education’s innovation potential in Europe
In The News
Investing in start-ups scales the offering of climate adaptation solutions in ...

A partnership between EIT Climate-KIC and CDC Group, the...

Investing in start-ups scales the offering of climate adaptation solutions in African and South Asian countries
In The News
Irish Aid extends support for innovation and development from the ground up

The Government of Ireland’s development assistance programme, Irish Aid,...

Irish Aid extends support for innovation and development from the ground up
In The News
EIT Climate-KIC showcases climate innovation at R&I Days

EIT Climate-KIC participated in the European Commission’s Research and...

EIT Climate-KIC showcases climate innovation at R&I Days
In The News
Branch Magazine wins Ars Electronica Award for Digital Humanity

Branch Magazine, a collaboration between EIT Climate-KIC, Mozilla Foundation...

Branch Magazine wins Ars Electronica Award for Digital Humanity
In The News
Cross-KIC project to boost circular economy in Western Balkans

The circular economy concept is of crucial importance to...

Cross-KIC project to boost circular economy in Western Balkans
In The News
Exploring new horizons with Pioneers into Practice

Enrolment is now open for placement hosts and participants...

Exploring new horizons with Pioneers into Practice
In The News
Circular bioeconomy start-up receives €2 million from European Innovation Co...

EIT Climate-KIC supported Lixea (formerly Chrysalix Technologies) has received...

Circular bioeconomy start-up receives €2 million from European Innovation Council Fund
In The News
Embracing a new approach to climate change in Moldova

Moldova is one of Europe’s most modest contributors to...

Embracing a new approach to climate change in Moldova
In The News
Krakow: transforming the city towards climate neutrality

Poland’s former capital and one of its oldest cities,...

Krakow: transforming the city towards climate neutrality
In The News
Is Europe doing enough to tackle climate change?

On 23 April, EIT Climate-KIC CEO Kirsten Dunlop spoke...

Is Europe doing enough to tackle climate change?
In The News
EU Commission publishes sustainable finance taxonomy

The European Commission has published its EU-wide classification system for...

EU Commission publishes sustainable finance taxonomy
In The News
New European Bauhaus: what kind of future do you want to live in?

On 22 and 23 April, the first conference dedicated...

New European Bauhaus: what kind of future do you want to live in?
In The News
Estonian innovation to help stabilise grid as renewables increase

EIT Climate-KIC supported Estonian start-up Sympower has raised €5.2...

Estonian innovation to help stabilise grid as renewables increase
In The News
Five EIT Climate-KIC community members in Forbes 30 under 30 list

Twelve entrepreneurs from across the EIT community have been...

Five EIT Climate-KIC community members in Forbes 30 under 30 list
In The News
These eleven organisations are building a greener Europe

Google, in partnership with EIT Climate-KIC, launched the €10...

These eleven organisations are building a greener Europe
In The News
New equity crowdfunding programme unearths cleantech start-ups

Found by us, funded by you, a new start-up...

New equity crowdfunding programme unearths cleantech start-ups
In The News
From start-up to 100-person industry player in 18 months: air up is launching ...

It’s a beverage revolution: Healthy hydration while fooling your...

From start-up to 100-person industry player in 18 months: air up is launching in new markets
In The News
#TurnItAround: an event for all climate solutions seekers, suppliers and enabl...

As part of the fifth SDG Global festival of...

#TurnItAround: an event for all climate solutions seekers, suppliers and enablers
In The News
New EIT initiative to boost innovation in higher education

The European Institute of Innovation and Technology (EIT) is...

New EIT initiative to boost innovation in higher education
In The News
Just transition within reach for Polish coal city Rybnik

“We are preparing plans for the next decade. Mentality is...

Just transition within reach for Polish coal city Rybnik
In The News
Inclusive guide helps communities build urban resilience

The new Urban Action Kit, launched by the International...

Inclusive guide helps communities build urban resilience
In The News
Climate app among DigiEduHack 2020 global finalists

The DigiEduHack, supported by EIT Climate-KIC as well as...

Climate app among DigiEduHack 2020 global finalists
In The News
GreeMko receives Climate Reality Project Award in Spain 

GreeMko (for Green Management Technology), a Spanish start-up that...

GreeMko receives Climate Reality Project Award in Spain 
In The News
What’s the future of trade in a climate crisis?

EIT Climate-KIC Chief Executive Officer Kirsten Dunlop addressed the...

What’s the future of trade in a climate crisis?