Neustark Secures $69M To Scale Promising Carbon Removal Technology

Neustark Secures $69M To Scale Promising Carbon Removal Technology - Carbon Herald

Neustark has recently announced that it has secured $69 million in funding to scale its promising carbon removal technology. 

The Switzerland-based company is focused on developing innovative solutions to remove CO2 from the atmosphere, and this new injection of funds will help them expand their presence in the market.

The funding round was led by Decarbonization Partners, a collaboration between investment giants BlackRock and Temasek. This substantial investment will enable neustark to accelerate their efforts to remove 1 million tons of CO2 by the year 2030. 

The round also included participation from Blume Equity, a climate tech investor, as well as continued support from existing backers such as Holcim, Siemens Financial Services, Verve Ventures, and ACE Ventures. In addition to the equity investment, UBS provided debt financing for neustark’s expansion.

Relevant: Neustark Launches First Commercial Site In The EU, Announces New Partnerships

Neustark has successfully sold almost 120,000 tons of carbon removal services so far, establishing itself as one of Europe’s rapidly growing carbon removal firms. Its client portfolio includes big names like Microsoft, UBS, and NextGen.

The company has created and implemented a proprietary solution for extracting carbon dioxide from the air by capturing CO2 at its source, then storing it in mineral waste streams through a fast-tracked mineralization process.

The removal process involves liquifying biogenic CO2 captured at biogas plants and transporting it to construction materials recycling facilities, where the carbon is injected into concrete granules from demolished structures or other mineral waste like slag and slurry. 

Neustark’s solution then stimulates a rapid mineralization process, binding the CO2 permanently to the granules’ pores and surface, which can later be used for building roads or manufacturing new recycled construction materials.

Read more: New Research Will Study CO2 Mineralization Systems To Help Scale CO2 Storage

Meghan Sharp, the Global Head and Chief Investment Officer of Decarbonization Partners, shared that they have identified a strong ally in the face of neustark to support the growth of the carbon capture, utilization, and storage sector.

She said, “With carbon capture, utilization and storage being one of our key investment focuses, we believe that we have found a perfect partner to help scale the industry – and ultimately its decarbonization impact – in the years to come.”

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