Swiss carbon removal provider Neustark secures $69 million funding from Decarbonization Partners to expand global Carbon Dioxide Removal projects, with technology capturing biogenic CO2 from biogas plants and injecting it into concrete granulates for decarbonizing the construction industry.
Neustark Secures $69M Funding for Global Carbon Removal Expansion
Neustark, a Swiss carbon removal solution provider, has raised $69 million from Decarbonization Partners, a collaboration between Singapore-based Temasek and BlackRock. The funds will be used to expand Neustark’s portfolio of global Carbon Dioxide Removal (CDR) projects and grow its team.
Investment Details and Partners
Decarbonization Partners, launched in 2022 by Temasek and BlackRock, focuses on late-stage venture capital and early-growth private equity. The partnership aims to accelerate the global transition to a net-zero economy by 2050. Neustark’s growth equity round was led by Decarbonization Partners and included participation from Blume Equity. Existing investors such as UBS, Holcim, Siemens, Verve Ventures, and ACE Ventures continue their support.
Neustark’s Carbon Removal Technology
Neustark uses IP-protected technology to capture biogenic CO2 from biogas plants, which is then liquefied and transported to construction recycling sites. CO2 is injected into concrete granulates, triggering a mineralization process that permanently binds CO2, which helps in decarbonizing the construction industry. Neustark plans to remove 1 million tons of CO2 by 2030 and is already operational in Europe, with 40 plants under construction.
Key Projects and Achievements
Neustark claims to store about 10kg of CO2 per ton of demolished concrete and has key clients like Microsoft, UBS, and NextGen. A notable project includes a large-scale storage plant at Biberist, Switzerland, operational since May 2023, with a capacity of 1000 tons of CO2 annually.
Support from BlackRock and Temasek
Both BlackRock and Temasek aim to reduce their own carbon footprints significantly. BlackRock focuses on sustainability strategies and has set ambitious emissions reduction targets, while Temasek has implemented an internal carbon price to deepen climate impact evaluations.
Shell’s Carbon Capture Initiatives
Separately, Shell Canada has made a final investment decision for the Polaris carbon capture project at the Scotford refinery in Alberta, Canada. Polaris aims to capture about 650,000 metric tons of CO2 annually and will send the captured CO2 to the Atlas Carbon Storage Hub, which is jointly owned by Shell and ATCO EnPower. Both projects plan to start operations in late 2028, leveraging extensive experience from the Quest CCS facility.
Conclusion
With the new funding, Neustark is set to make significant advancements in carbon removal, contributing to global decarbonization efforts alongside strategic moves from companies like Shell.
