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Climeworks Raises $650 Million in Largest Round for Carbon Removal Startup

The company’s Iceland plant can currently capture about 4,000 tons of CO2 each year. Now the goal is to reach million-ton scale.

The 'Orca' direct air capture and storage facility, operated by Climeworks AG, in Hellisheidi, Iceland.

The 'Orca' direct air capture and storage facility, operated by Climeworks AG, in Hellisheidi, Iceland.

Photographer: Arnaldur Halldorsson/Bloomberg

Swiss startup Climeworks AG has raised 600 million francs ($650 million) to scale up its technology that sucks carbon dioxide directly from the air.

The world has to reach peak greenhouse-gas emissions before 2025 to avoid catastrophic climate change, according to a major United Nations report published Monday. But most scenarios that keep warming within 1.5°C above pre-industrial levels will also require removing some of the CO₂ that’s already been dumped into the atmosphere.