NeoCarbon, a Berlin-based cleantech startup, has successfully raised €3.2 million in a seed funding round. This investment, led by RAISE Seed For Good and supported by various investors and high-profile angel investors, will accelerate the deployment of the company’s innovative technology for removing carbon dioxide from the atmosphere.
Founded in 2022, the startup is at the forefront of fighting climate change with its cost-efficient Direct Air Capture (DAC) technology. The company has developed a novel reactor that removes CO2 from ambient air, leveraging existing waste heat streams from industrial sites. This approach significantly reduces the cost and time associated with capturing CO2, encouraging mass-market adoption.
Utilizing Industrial Waste Heat
NeoCarbon’s technology is particularly innovative in its use of excess heat produced by hundreds of thousands of industrial sites across Europe. By retrofitting their system at these sites, NeoCarbon can remove carbon dioxide from ambient air with much lower capital and operational costs compared to traditional methods.
Scaling Carbon Removal and Market Adoption
The startup is focusing on scaling carbon removal credit pre-procurements and accelerating rollouts to industrial sites with waste heat, such as glass, paper, and metal manufacturers. The first paid customer pilot with a major industrial player is set to go live in Q1 2024, showcasing the practical application of NeoCarbon’s technology.
The Investor: RAISE Ventures
RAISE Ventures, dedicated to early-stage investing in European Tech startups, led the funding round. Sophia Martin, Co-head at RAISE Ventures, highlighted the critical role of DAC in achieving carbon neutrality and mitigating climate change effects. She praised NeoCarbon’s decentralized approach as the first autonomous system that leverages existing infrastructures to capture CO2 scalably.
CEO’s Vision for Climate Impact
René Haas, CEO of NeoCarbon, emphasized the urgency of scaling carbon dioxide removal to address the climate crisis. He expressed confidence that the seed funding would enable the company to better meet demand and reach the climate potential of the german company.
A Step Towards a Sustainable Future
NeoCarbon’s funding round marks a significant step in the battle against climate change. With its innovative DAC technology and strategic focus on leveraging industrial waste heat, NeoCarbon is poised to make a substantial impact in reducing atmospheric CO2 levels and advancing towards a more sustainable future.