Neustark, a Switzerland-based carbon removal provider, has raised $69 million in a funding round to support its rapid scale-up in the carbon dioxide removal (CDR) market. The growth equity round was led by Decarbonisation Partners, a partnership between BlackRock and Temasek, and aims to help Neustark achieve its mission of permanently removing 1 million tons of CO2 by 2030.
Climate tech growth investor Blume Equity also participated in the round. The new investors join Neustark’s existing backers: Holcim, Siemens Financial Services, Verve Ventures, and ACE Ventures. Additionally, UBS has contributed to the round via debt financing. Neustark also has a strategic collaboration with Holcim to scale up its carbon removal technology globally, enabling circular and low-carbon building solutions.
Neustark has developed and deployed an IP-protected solution for durable carbon dioxide removal by capturing CO2 at the source and binding it in mineral waste streams via an accelerated mineralisation process. Biogenic CO2 is captured from partnering biogas plants, liquified, and transported to construction waste recycling sites, where it is injected into concrete granulates from demolished buildings or other mineral waste. The accelerated mineralisation process permanently binds the CO2 to the granules, which can then be used to build roads or produce new recycled building materials. This process stores the captured CO2 for hundreds of thousands of years, with minimal risk of reversal.
“We turn the world’s largest waste stream – demolition concrete – into a carbon sink. In the last year, we have already deployed our unique solution at 19 sites. This growth investment will take us into the next exciting phase of our mission, helping us to further scale our impact across Europe, enter new markets in North America and Asia Pacific, and develop new solutions to store even more CO2 in mineral waste streams,” said Johannes Tiefenthaler, co-CEO and founder at Neustark.