TLDR:
- Neustark, a carbon dioxide removal (CDR) solutions provider, raised $69 million in an equity funding round led by Decarbonization Partners.
- The funding will be used to expand the team, enhance offerings, and meet global demand for CDR.
Neustark, a Switzerland-based carbon removal startup, recently announced the successful completion of a $69 million equity funding round led by BlackRock and Temasek’s Decarbonization Fund. The company, founded in 2019, utilizes a unique technology that uses recycled materials like concrete from demolished buildings as a storage solution for CO₂ removed from the atmosphere. This mineralization process allows captured biogenic CO2 to be permanently stored in granules that can be used for various construction purposes.
The growth equity funding will support Neustark’s goal of permanently removing 1 million tons of CO2 by 2030, with plans to expand geographically and scale its impact. The company currently has 40 future plants under construction across Europe and has already sold nearly 120,000 tons of carbon removal. This investment will enable Neustark to enter new markets in North America and Asia Pacific while developing new solutions to store even more CO2 in mineral waste streams.
The funding round, led by Decarbonization Partners, also included participation from other investors such as Blume Equity, Holcim, Siemens Financial Services, and ACE Ventures. UBS contributed capital to the round through debt financing. The partnership between BlackRock and Temasek aims to invest in companies like Neustark that provide technologies to accelerate the transition to a net zero economy by 2050.
Meghan Sharp, Global Head & Chief Investment Officer of Decarbonization Partners, expressed confidence in Neustark’s ability to help organizations integrate carbon removal solutions and support the decarbonization of the construction industry. With a strong focus on carbon capture, utilization, and storage, Neustark is poised to scale its impact and contribute significantly to global decarbonization efforts in the coming years.
