April 5 (Renewables Now) – Direct air seize (DAC) know-how developer Climeworks AG is elevating CHF 600 million (USD 649m/EUR 592m) of financing in an fairness funding spherical co-led by Companions Group and GIC.
Climeworks has developed a know-how to seize carbon dioxide (CO2) straight from the air, which might then both be saved or recycled and used as a uncooked materials. The agency’s modular CO2 collectors may be stacked to construct machines of any measurement which might be powered solely by renewable power or energy-from-waste.
The corporate launched the world’s largest direct air seize and storage plant in September 2021. The Orca facility is positioned in Iceland.
Climeworks plans to make use of the newly-raised funds as a part of the subsequent part of its progress. Extra particularly, it should search to scale DAC as much as multi-million-tonne capability and implement large-scale amenities, it stated.
Contributions to the funding spherical additionally got here from Baillie Gifford, Carbon Removing Companions, World Founders Capital, John Doerr, M&G and Swiss Re, amongst different new and current shareholders comparable to anchor shareholder BigPoint Holding AG.
JP Morgan Securities LLC acted as sole placement agent for Climeworks.
(CHF 1.0 = USD 1.081/EUR 0.986)