Paebbl, a startup which has developed a way to turn captured CO2 into building materials, has raised a $25m Series A led by VC Capnamic.
Amazon’s The Climate Pledge Fund, construction and materials company Holcim, 2050, Pale Blue Dot and several family offices also invested.
The Nordic-Dutch company is one of a growing number of European startups looking to pull planet-heating carbon from the atmosphere, while governments are setting aside billions of euros to capture and store emissions.
Paebbl can turn carbon captured from industrial facilities, the air or ocean, which it combines with water and ground rocks, into a cement-like material that can be used to make concrete for the construction sector — a huge emitter responsible for 38% of global carbon emissions. Production plants would typically be built near the source of CO2.
The company was founded in 2021 by Jane Walerud — an early Klarna backer — former Northzone partner Marta Sjögren, former Slush CEO Andreas Saari and Dutch scientist and mineralisation expert Pol Knops. Paebbl last raised in an €8m seed round in 2022.
While it’s early days commercially, the startup has a single pre-purchase agreement signed and is running a pilot project in the Netherlands, producing 250kg of CO2-storing materials daily.
Paebbl plans to use the funding to commission a demonstration plant in the first half of 2025, which it hopes will help it ramp up production capacity to 3 tonnes (3,000 kg) of product — and up to one tonne of sequestered CO2 — per day.
Further down the line it’s aiming to build a commercial-scale plant by 2027.
Commercialising carbon capture tech can’t come soon enough for governments across Europe, who see it as a key means of reaching net zero commitments.
Last week, the UK government announced a £22bn funding package for carbon capture and storage projects over the next 25 years. The EU, the Netherlands and Norway have all committed billions of euros to carbon capture.
The opportunity is not lost on VCs.
The sector’s biggest raise was picked up by Zurich-based Climeworks, which uses direct air capture to extract carbon from the atmosphere, in a $650m round in 2022. UK startup Carbon Clean, which is building carbon capture tech, raised a $150m Series C, also in 2022.
More recently Swiss carbon storage startup Neustark raised a $34.5m round in June this year, and German air capture startup Greenlyte Carbon Technologies raised €10.5m in March.
Read the orginal article: https://sifted.eu/articles/amazon-paebbl-raise-startup-news/
