NeoCarbon – a direct air capture technology startup, announced it has successfully raised €3.2 million ($3.5 million) in a seed round of funding. The funding round was led by RAISE Seed For Good and several new high-profile angel investors – Christian Vollmann and Matthias Gotta.
The round will accelerate the roll-out of the company’s direct air capture units to customer sites through the hiring of an operations team and will help finalize the company’s first full-scale capture unit using the proprietary reactor technology.
NeoCarbon was founded in 2022 and develops smaller size direct air capture units and installs them near existing infrastructure like cooling towers and waste heat sources that remove CO2 from the air in a fast and cost-effective way.
The company’s core products, available to be ordered by clients are named Gas cylinder – capturing 5kg of pure CO2 per day, NeoDuo – capturing 5 tons of CO2 per year with delivery time in 2024 and NeoCore removing 62.5 tons of CO2 per year with delivery also in 2024.
The direct air capture units are owned and operated by the clients on their site which according to NeoCarbon eliminates transportation costs and fluctuating CO2 prices. The DAC modules provide an on-site CO2 source with transparent and stable costs.
“Every year, the climate crisis is causing more tangible and costly damages. Thus, experts from leading climate research like the IPCC are now urging actions to scale carbon dioxide removal as fast as possible. NeoCarbon is a core actor of this impactful mission, and with our first unit being rolled out in the coming months to one of our partners’ industrial sites, we are starting to see the tangible impact of our company. We need to accelerate this rollout, and the Seed round will enable us to answer demand better and faster, to reach the climate potential of NeoCarbon,” said René Haas, NeoCarbon CEO.