Climeworks is a Swiss company that has developed a technology for capturing carbon dioxide (CO2) from the air and storing it underground. The company’s technology is based on a process called direct air capture (DAC), which involves using specialized filters to absorb CO2 from the atmosphere. In 2022, Climeworks had several major highlights, including equity fundraising of USD 650 million in April, the groundbreaking of the Mammoth DAC and unit and expanding the Climeworks team to 300 employees.
Climeworks was founded in 2009 by two ETH Zurich graduates, Christoph Gebald and Jan Wurzbacher. The company began operating its first commercial DAC plant in Switzerland in 2017 and has since built several more plants around the world. Climeworks claims that its technology is capable of capturing CO2 at a cost of around $100 per ton, making it one of the most cost-effective DAC technologies currently available. Once the CO2 is captured, it can be used for a variety of purposes, including enhancing oil recovery, producing carbon-neutral fuels, and sequestering the gas underground for long-term storage.
One of the main advantages of Climeworks’ technology is its scalability. The company’s plants can be built in a variety of sizes and can be easily integrated into existing infrastructure, making it possible to deploy DAC systems in a wide range of locations. In addition, Climeworks’ technology is flexible and can be used in a variety of applications, including enhancing oil recovery, producing carbon-neutral fuels, and sequestering CO2 underground for long-term storage.
How does Carbon Capture work:
Despite its potential, DAC technology has faced some criticism. Some critics argue that it is not a practical solution for reducing greenhouse gas emissions on a large scale, as it is currently too expensive to be deployed at the necessary scale. Others have pointed out that DAC technology relies on the availability of renewable energy sources, such as wind and solar power, to operate, and that these sources are not always reliable.
Climeworks is an innovative company that is working to develop a technology that has the potential to play a significant role in reducing atmospheric CO2 levels. While there are still challenges to be addressed, the company’s technology has the potential to make a significant contribution to the fight against climate change.