Climeworks announced that it has raised $30.8 million in its latest funding round. The investment came from private investors both existing and new, as well as Zurich Cantonal Bank, the largest government-owned bank in Switzerland.
Climeworks intends to use the funds to optimize and expand its technologies and production methods. Technologically, the investment will enable the Climeworks process to become more efficient by reducing the cost and resources required to capture CO2. Productionally, the investment allows Climeworks to better prepare for commercial deployment by industrializing its plant-production process, and by increasing the size of its industry-leading 60-member team.
Christoph Gebald, co-founder and co-CEO, said in a statement: “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.”
Successful funding rounds like this are integral to Climeworks’s goal of capturing one percent of global CO2 emissions by the year 2025. Direct-air capture technology follows a downward-sloping cost curve: the more money that is invested and the larger the quantity produced, the cheaper and better the technology becomes. The Climeworks technology is still very early in its lifecycle, and this funding will catalyze tremendous growth in both its efficiency and its scaling.