August 29 (Renewables Now) - Climeworks AG has raised CHF 30.5 million (USD 31.2m/EUR 26.8m) in equity funding to further commercialise its carbon dioxide (CO2) removal technology, reduce its costs and prepare for mass production, the Swiss-based company said on Tuesday.
The funding was raised from a group of existing and new private investors and Zurich Cantonal Bank, and brings investments in the business to over CHF 50 million of private equity and public grants.
Climeworks, which has a vision of capturing 1% of global CO2 emissions by 2025, has so far built nine plants based on its Direct Air Capture (DAC) technology for three different market segments in six countries.
"Our direct air capture plants serve markets ranging from Food, Beverage and Agriculture, through Renewable Fuels and Materials to Carbon Dioxide Removal," co-founder and co-chief executive Jan Wurzbacher said and added that all three markets are set to grow.
(CHF 1 = USD 1.024/EUR 0.878)