Climeworks, the company behind “the world’s first large-scale” direct air capture and storage plant for carbon dioxide, has raised SFr600 million ($649 million; €592 million) from a raft of institutional investors.
The funding round was led by Partners Group and Singapore’s sovereign wealth fund, GIC. Other investors include Swiss Re, Baillie Gifford, M&G, Carbon Removal Partners and Global Founders Capital, according to a statement from Climeworks.
Climeworks opened a facility in Iceland in 2021 that can capture up to 4,000 tons of CO2 per year – “the world’s first large-scale carbon dioxide removal plant”, according to the company’s website.
“We believe that DAC [direct air capture] technology will play a crucial role in decarbonisation globally, and that Climeworks will lead this transformation,” said GIC’s chief investment officer for private equity, Choo Yong Cheen. “As a long-term global investor, we look forward to supporting Climeworks’ proven leadership team, as they deliver on their roadmap to scale their DAC capabilities and meet the already-outsized demand for their product.”