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Swiss Startup Neustark Secures $69M to Boost Carbon Removal Efforts

Neustark raises $69M to scale carbon removal technology, transforming demolition concrete into a carbon sink
June 27, 2024

Neustark, a carbon removal company based in Switzerland, has successfully raised $69 million in a recent funding round. Led by Decarbonization Partners—a joint venture between BlackRock and Temasek—the round marks a significant milestone for the climate tech sector.

The funding round also saw participation from Blume Equity, Holcim, Siemens Financial Services, Verve Ventures, ACE Ventures, and UBS, which contributed through debt financing. This substantial investment is one of the largest growth equity rounds in the carbon removal industry, underscoring the increasing importance of sustainable solutions in tackling climate change.

Neustark has developed an innovative technology that transforms demolition concrete into a permanent carbon sink. The company has already deployed its solution at 19 sites across Switzerland and Europe, capturing and storing CO2 efficiently. With this new funding, Neustark aims to scale its impact by entering new markets in North America and Asia Pacific, expanding its team, and enhancing its offerings to meet the rising global demand for carbon dioxide removal (CDR).

“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 of Neustark.

Neustark’s technology utilizes an accelerated mineralization process to bind CO2 permanently to recycled mineral waste. The carbonated, recycled aggregate can then be repurposed for building roads or producing new construction materials, storing the captured CO2 for hundreds of thousands of years with minimal risk of reversal.

The startup’s strategic collaboration with Holcim aims to scale up this technology globally, enabling the creation of circular and low-carbon building solutions. The funding will also support the construction of 40 new carbon capture and storage plants across Europe, adding to the 19 already in operation. Neustark’s clientele includes major corporations like Microsoft, UBS, and NextGen.

Meghan Sharp, Global Head & Chief Investment Officer of Decarbonization Partners, expressed her confidence in Neustark: “With carbon capture, utilization, and storage being one of our key investment focuses, we believe that we have found a perfect partner to help scale the industry—and ultimately its decarbonization impact—in the years to come. Neustark not only helps organizations integrate carbon removal to address their hard-to-abate emissions, but their solution also contributes to decarbonizing the construction industry.”

Neustark’s approach is a vital step towards limiting global warming to 1.5°C, as outlined by the IPCC. By turning waste into a valuable resource for carbon storage, Neustark is addressing immediate environmental challenges and paving the way for sustainable construction practices.

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