Neustark, a Switzerland-based carbon removal provider, has raised $69 million in a funding round to underpin its rapid scale-up in the carbon dioxide removal (CDR) market.
The company has developed and deployed an IP-protected solution that allows the durable removal of carbon dioxide from the atmosphere by capturing CO2 at point source, then binding it in mineral waste streams via an accelerated mineralisation process.
Biogenic CO2 is captured from partnering biogas plants, then liquified and transported to construction waste recycling sites. There, the carbon dioxide is injected into concrete granulates from demolished buildings or other mineral waste such as slag and slurry. Neustark’s technology triggers an accelerated mineralisation process, binding the CO2 permanently to the pores and surface of the granules.
The carbonated, recycled aggregate can then be used to build roads or to produce fresh recycled building materials. The mineralisation process stores the captured CO2 for hundreds of thousands of years, and the risk of reversal is proven to be slim to none.
Johannes Tiefenthaler, co-CEO and founder at neustark, explained:
“We turn the world’s largest waste stream – demolition concrete – into a carbon sink.“
Together with construction recycling partners, neustark currently has 19 carbon capture and storage plants in operation across Switzerland, Austria, Liechtenstein, and Germany. Forty future plants are currently under construction across Europe, with a robust pipeline of projects beyond that.
Neustark has sold nearly 120,000 tons of carbon removal to date, making it one of Europe’s fastest-growing carbon removal companies, with clients including Microsoft, UBS and NextGen.
Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners, said:
“With carbon capture, utilisation 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 decarbonisation impact – in the years to come.
Neustark not only helps organisations integrate carbon removal to address their hard-to-abate emissions, but their solution also contributes to decarbonising the construction industry.”
The growth equity round was led by Decarbonization Partners, a partnership between BlackRock and Temasek and will reinforce neustark’s continued growth path and support their mission to permanently remove 1 million tons of CO2 in the year 2030.
Climate tech growth investor Blume Equity also participated in the round. The new investors join neustark’s existing backers, which are all continuing their support: Holcim, Siemens Financial Services, Verve Ventures, and ACE Ventures. In addition, UBS has contributed capital to the round via debt financing.
Lead image: neustark. Photo: uncredited.