Novocarbo secures 25 million euros

25 million euros for the future: Novocarbo and SWEN CP focus on CO2 removal and green heat. Europe-wide expansion of carbon removal parks thanks to new financing.

Hamburg, March 19, 2024 - Novocarbo, a German startup, has secured €25 million in seed funding to build a pan-European net-zero infrastructure. In a partnership with French investor SWEN Capital Partners, the company aims to remove one million tons of CO2 from the atmosphere by 2030.

The investment by SWEN Capital Partners is one of the largest financing rounds in the CO2 removal sector in Europe in the past year. This financial support will enable Novocarbo to expand its network of Carbon Removal Parks across Europe.

Our only chance to limit global warming to 1.5 degrees is to unlock the full potential of effective net-zero technologies such as Biochar Carbon Removal.

Caspar von Ziegner, CEO Novocarbo

CO2 removal from the atmosphere

Novocarbo focuses on building and operating state-of-the-art carbon removal parks that remove CO2 from the atmosphere while generating renewable energy. These parks also produce Biochar, a sustainable product that can be used to decarbonize heat generation.

Novocarbo develops, owns and operates infrastructure that generates green energy while capturing CO2 through the production of biochar.

Charlotte Virally, Investment Director SWEN Capital Partners

The collaboration with SWEN Capital Partners, an investor with a clear focus on environmental and social sustainability, further strengthens Novocarbo's position. SWEN CP is thus expanding its "SWEN Impact Fund for Transition 2 fund" to include a carbon removal solution for the first time. Carbon Dioxide Removal (CDR) technologies are critical to achieving net zero emissions and the recent agreement on the EU Carbon Removal Certification Framework underlines their importance.

Since its foundation in 2017, Novocarbo has already opened several Carbon Removal Parks in Germany and now plans to expand its business internationally. With the new funding, the company is well positioned to further scale its biochar carbon removal solution and make an important contribution to the fight against climate change.

Competitive technology

In a highly competitive market where CO2 removal technology is becoming increasingly important, it can be challenging for outsiders to keep track. Just yesterday, we reported a similar story about Mission Zero Technologies, which is also active in the field of CO2 capture. However, given the pressing challenges of climate change, it is probably best for multiple players to take on the issue and pool their resources to make a positive impact together.