Swiss Re was among the participants in a round which pushed the carbon capture system developer's overall financing past the $800m mark.

Switzerland-headquartered carbon capture technology provider Climeworks revaled yesterday it has agreed to raise CHF600m ($646m) of equity funding from investors including reinsurance firm Swiss Re.

Partners Group and GIC are co-leading the round, which also features Baillie Gifford, Carbon Removal Partners, Global Founders Capital, M&G, BigPoint Holding and private investor John Doerr, while JP Morgan Securities was sole placement agent for the deal.

Climeworks has developed technology designed to pull carbon from the air and has 15 such systems in use, having launched what it describes as the world’s largest direct air capture and storage facility in Iceland in September 2021.

Christoph Gebald, co-founder and co-chief executive of Climeworks, said: “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…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.