ETH Zurich-founded CO2 storage technology developer Climeworks has now amassed more than $50m in equity and grants.
Climeworks, a Switzerland-based carbon dioxide (CO2) storage technology company based on Swiss Federal Institute of Technology in Zurich (ETH Zurich) research, has attracted CHF30.5m ($30.8m) of funding from state-owned bank Zürcher Kantonalbank (ZKB) and a group of unnamed investors.
Founded in 2009, Climeworks has created a modular, scalable technology that enables industrial clients to store CO2 filtered from air piped in from the outdoor environment.
The technology utilises a chemical binding to separate carbon from inward ambient air, releasing concentrated CO2 to customers once its filter chamber has been filled.
Climeworks will use the capital to improve its margins as it targets industrial-scale production of its technology, which could supply CO2 for purposes including agriculture, beverages, energy and automotive.
The company also plans to grow its 60-person headcount and strengthen its development capacity having opened two new plants during 2017 – one in Switzerland and one in Iceland.
The business has now raised more than $50m in equity and grant funding, including $3.1m from a 2014 series B round backed by ZKB and undisclosed investors, according to StartupTicker.ch.
Climeworks had closed a $1.8m series A three years previously, again with ZKB and undisclosed investors.
