Energy & Science
Climeworks Raises $650 Million in Largest Round for Carbon Removal Startup
The company’s Iceland plant can currently capture about 4,000 tons of CO2 each year. Now the goal is to reach million-ton scale.
The 'Orca' direct air capture and storage facility, operated by Climeworks AG, in Hellisheidi, Iceland.
Photographer: Arnaldur Halldorsson/BloombergThis article is for subscribers only.
Swiss startup Climeworks AG has raised 600 million francs ($650 million) to scale up its technology that sucks carbon dioxide directly from the air.
The world has to reach peak greenhouse-gas emissions before 2025 to avoid catastrophic climate change, according to a major United Nations report published Monday. But most scenarios that keep warming within 1.5°C above pre-industrial levels will also require removing some of the CO₂ that’s already been dumped into the atmosphere.