Decarbonization Partners, a partnership between Singapore’s state investment firm Temasek and global investment manager BlackRock, led a funding round raising US$69 million for Neustark, a Switzerland-based carbon dixoide (CO2) removal specialist.

The funding round will help underpin the company in its rapid scale-up in the CO2 removal market and will reinforce its continued growth and support its mission to permanently remove 1 million tonnes of CO2 in the year 2030.

Climate tech growth investor Blume Equity also participated in the round, while UBS contributed capital to the round via debt financing.

The new investors join Neustark’s existing backers – Holcim, Siemens Financial Services, Verve Ventures and ACE Ventures – that are all continuing their support.

As well, Neustark points out that with the investment it will be able to capitalize on Decarbonization Partners’ global platform and reach, including its access to corporates and investors across North America and Asia-Pacific, and its dedicated decarbonization specialists.

The Swiss company has developed and deployed a solution that allows the durable removal of CO2 from the atmosphere by capturing CO2 at point source, then binding it in mineral waste streams via an accelerated mineralization process.

“We turn the world’s largest waste stream, demolition concrete, into a carbon sink,” notes Johannes Tiefenthaler, the company’s co-CEO and founder. “In the last year, we have already deployed our unique solution at 19 sites.

“This growth investment will take us into the next exciting phase of our mission, helping us to further scale our impact across Europe, enter new markets in North America and Asia-Pacific, and develop new solutions to store even more CO2 in mineral waste streams.”

Neustark has sold nearly 120,000 tonnes of carbon removal to date, making it one of Europe’s fastest-growing carbon removal companies, with clients including Microsoft, UBS and NextGen. All projects, the company emphasizes, are certified under the Gold Standard to ensure credible third-party assessment and transparency related to performance.

“With carbon capture, utilization and storage being one of our key investment focuses, we have found a perfect partner to help scale the industry and, ultimately, its decarbonization impact in the years to come,” adds Meghan Sharp, Decarbonization Partners’ global head and chief investment officer. “Neustark not only helps organizations integrate carbon removal to address their hard-to-abate emissions, but their solution also contributes to decarbonizing the construction industry.”