Zurich-based Carbon removal solutions provider Climeworks announced today that it has raised $162 million in a new equity funding round, with proceeds from the financing aimed at further developing its direct air capture (DAC) technology to reduce the cost of removals, and to expand its carbon removal portfolio service.
Founded in 2009 by Christoph Gebald and Jan Wurzbacher, Climeworks provides carbon removal solutions for companies, including its own DAC technology, with the company operating the world’s first two DAC plants, Orca, opened in 2021, and Mammoth, which began operations in 2024. DAC technology extracts CO2 directly from the atmosphere for use as a raw material or permanent removal when combined with storage. Climeworks has made significant advancements in reducing the costs of DAC carbon removals, including recently unveiling its Generation 3 technology which doubled CO2 capture capacity per module, halved energy consumption, and increased material lifetime, cutting costs by 50%.
In 2024, Climeworks announced the launch of Climeworks Solutions, a new service providing companies with tailored,high-quality carbon removal portfolios, spanning a broad range of carbon removal technologies and solutions, such as afforestation and reforestation, biochar, bioenergy with carbon capture and storage, and enhanced rock weathering, as well as DAC.
The company said that the new capital will support the continued development of its DAC technology to bring down the cost of removals, as well as the continued expansion of its carbon removal portfolio.
The main investors in the new equity round included BigPoint Holding and Partners Group, with additional backing mainly from other existing investors. To date, Climeworks has raised more than $1 billion in funding.
Christoph Gebald, co-CEO and co-founder of Climeworks said:
“Direct Air Capture has gone from experiment to essential—and we’re focused on scaling it by driving down costs and pushing innovation. Our hybrid model builds long-term demand while generating cash flow today, helping us grow a market that investors now see as inevitable. Crossing the $1 billion equity mark isn’t just a milestone—it shows that carbon removal is real, needed, and here to stay.”
