Portfolio Spotlight: Climeworks
This series highlights the companies Carbon Drawdown Initiative has invested in.
The world’s leading DAC company just hit another milestone, but they’re not stopping there.
In May 2024, Climeworks flipped the switch on Mammoth, the largest operational DAC+storage facility on Earth. Located in Hellisheiði, Iceland, it builds on the success of Orca, their 2021 breakthrough plant, and takes a giant step toward large-scale climate impact.
But here’s what makes Climeworks different: beyond building machines, they’re also building trust.
From Lab Bench to Global Scale
Climeworks was founded in 2009 as a university spinout from ETH Zurich. What began as a bold experiment in a Swiss lab has become a pillar of the carbon removal movement. Their early DAC systems, Capricorn and Arctic Fox, proved the tech could work. Orca and Mammoth proved it could scale.
Their goal: remove 1 million tons of CO₂ per year by the 2030s, laying the foundation for gigaton-scale carbon removal by 2050.
A Portfolio Approach to Net Zero
In 2024, Climeworks launched Climeworks Solutions, a major shift beyond DAC alone. Now they offer tailored carbon removal portfolios that include both engineered and nature-based solutions.
For companies trying to future-proof their climate strategy, that’s a game-changer. It’s not about picking one silver bullet, but rather combining the best options, with quality and permanence at the core. Starting at $100 per ton, Climeworks makes high-integrity removal accessible for serious climate leaders.
Proven Performance, Next-Gen Tech
Climeworks’ momentum is grounded in science:
In August 2024, Orca became the first-ever DAC facility to receive a AAA rating from BeZero Carbon, an independent quality assessment for carbon credits.
With support from the U.S. DOE’s Project Cypress, they secured $50M in federal funding to build out DAC capacity in Louisiana, targeting 1 million tons per year.
Their new Gen3 technology halves energy use, doubles capture capacity per module, and slashes cost by 50% while proving durability over thousands of real-world cycles.
Why We’re Backing Climeworks
Carbon removal won’t succeed with duct tape and dreams. It needs real infrastructure, measurable impact, and companies willing to lead. Climeworks is such a company.
Their trajectory reminds us of what’s possible when science, execution, and ambition align. They’re proving what works, sharing what’s hard, and building for the long term. If we want a future that includes jet fuel, cement, and steel—but without emissions—we’ll need solutions like Climeworks to get us there. The good news? They’re already building it.
To learn more about their work, visit: https://climeworks.com/
Climeworks founders and Co-CEOs: Christoph Gebald (left) and Jan Wurzbacher
