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Swiss Startup Climeworks AG has raised CHF 600 million ($650 million) to improve their technology that sucks CO2 directly from the air.

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The world has to reach the peak of greenhouse-gas emissions before 2025 to avoid catastrophic climate change. According to the a major report of the United Nations.

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The $650 million Climeworks secured is the largest sum ever raised by a carbon-dioxide removal company.

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Climeworks has developed a technology to capture carbon dioxide (CO2) directly from the air, which can then either be stored or recycled and used as a raw material.

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The company launched the world’s largest direct air capture and storage plant in September 2021. The Orca facility is located in Iceland.

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Climeworks plans to use the newly-raised funds as part of the next phase of its growth.

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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.

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Climeworks will use the funds to build a 40,000-ton capture plant in the next three years, according to Chief Executive Officer Christoph Gebald.

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“Climeworks is committed to using only renewable or sustainable energy sources,” said Gebald.

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