Carbon Removal Pioneer Climeworks Raises $650 Million To Grow Faster

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Climeworks, a leading player in the field of carbon removal technology, has recently announced an equity round of $650 million. This marks a major milestone in the carbon removal industry and the future trajectory of Climeworks as a company. The news comes hot on the heels of the company’s deals with Zendesk and with the acquisition of new customers (like BCG & Rothesay) earlier this year.

Climeworks is a climate solution-orientated company that uses a technology called ‘direct air capture’ to remove carbon dioxide from the atmosphere. Founded in 2009, Climeworks has become a pioneer in the carbon removal industry. This recent announcement sets the company a few steps closer en route to its very enthusiastic goal to eventually remove +1% of global CO2 emissions from the Earth’s atmosphere. For reference: 1% is in the range of 300-500mt of co2. The company aims for 1gt per year by 2050.

The financing of this round was completed by Climeworks alongside its sole placement agent J.P. Morgan. It was led by Partners Group and GIC with additional participation from Ballie Gifford, John Doerr, Carbon Removal Partners, M&G, Swiss Re, and various other shareholders.

The investor base list is an impressive collection of names and includes some of the most renowned and successful institutional technology and infrastructure investors globally. The decision by these major pillars in financing to place their trust, reputation, and financing in carbon removal technologies is an indicator of the successful acceleration of the industry and reinforced it as an important solution in the race to net zero. In particular, the deal is indicative of the objectives Climeworks has already reached and surpassed in the field.

In a statement Christoph Gebald, co-founder and co-CEO of Climeworks, expressed what the news means to the company. “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.”

In other carbon removal news, Heirloom Carbon has raised a $50m Series A – and CleanTechnica interviewed Ebb Carbon Founder Ben Tarbell.