Neustark secures one of largest carbon removal purchases this year
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Neustark secures one of the largest carbon removal purchases this year
- Switzerland’s Climate Cent Foundation has granted CHF 50 million of funding to five projects in the field of negative emission technologies. Swiss carbon removal provider neustark was awarded two projects to permanently removal of 29’500 tons of CO2.
- The purchase of 29’500 tons of permanent carbon dioxide removal (CDR) is one of the largest this year to date. For these projects, neustark will store the CO2 in demolition concrete as well as geologically.
- The Swiss climate tech continues to scale up and expand internationally at a rapid pace: This week, two more storage sites will go into operation, making it a total of eleven sites that are already in operation. A dozen more sites are currently under construction abroad.
- Neustark has developed and rolled out a negative emission technology that is already removing tons of CO2 every day from the atmosphere via its mineralization technology.
As communicated last week, the Climate Cent Foundation has chosen to support five carbon removal projects with 50 million Swiss francs until 2030. The projects all capture CO₂ directly at point source and then store it permanently. The foundation aims to make an important contribution to developing negative emission technologies (NET), which it recognizes as crucial to reach the net zero targets adopted worldwide and voted for by the Swiss population in June 2023. The Climate Cent Foundation is a voluntary scheme set up by the Swiss business community with the aim of ensuring effective climate protection.
Two neustark projects chosen – 29’500 tons of CDR purchased
Out of the 21 submitted projects, of which five were selected through a rigorous process, neustark was the only company to be awarded two contracts. Neustark also secured the largest contract volume: The total of 29,500 tons of CO2 purchased from neustark by the Climate Cent Foundation makes it one of the largest CDR deals worldwide this year.
The first investment will be allocated to the company's main field of activity: neustark captures biogenic CO2 at biogas plants, liquefies it for transport, and then stores it permanently in demolition concrete via its mineralization technology. The contract for this project totals at 16,500t CO2, which will be permanently removed by neustark.
"Generating negative emissions is crucial to reach our climate neutral targets by 2050. Funding like that by the Climate Cent Foundation allow carbon removal providers like neustark to scale up even more quickly – and thus contribute even more to protecting our climate and planet," says Valentin Gutknecht, founder and co-CEO of neustark.
The second project selected by the foundation aims at developing further permanent storage methods. As Johannes Tiefenthaler, founder and co-CEO of neustark, puts it, "Storing CO2 geologically offers great potential, which first must be tapped. Thanks to the Climate Cent Foundation's grant, we can accelerate this process of rolling out our model of capturing and storing CO2 in the underground in the next years."
Neustark’s role in this geological storage project is as follows: the company manages the entire value chain, working with partners to capture and liquefy the CO2 at point source (biogas plants) in Switzerland, transports the emissions via rail, ship and truck, and stores the CO2 underground in countries such as Iceland or Norway. Neustark also manages the certification of its carbon removal with third party verification partners. The contract volume for this project is 13,000t CO2.
Neustark continues to scale up – 11 sites already in operation
Neustark is a leading provider in the rapidly growing field of permanent carbon removal, having developed and rolled out a solution to store CO2 from the air in recycled mineral waste such as demolished concrete.
After testing the mobile prototype at various locations in 2021, the Swiss scale-up went in operation with its first stationary storage facilities in 2022. Over the past eight months, neustark has widely rolled out its technology. Its largest storage site to date was inaugurated last month in Biberist, Switzerland, and two more sites will start removing CO2 this week in Basel and Thurgau. In total, eleven storage facilities with a total annual capacity of around 3’000 tons of CO2 are already in operation.
Around a dozen further capture and storage sites are currently under construction – not only in Switzerland but also in Germany, Austria and France. Neustark is scaling up rapidly, on track towards its goal of permanently removing one million tons of CO2 in 2030 and beyond.
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Media contact: Elmar Vatter, media@neustark.com, +41 79 267 11 10
About neustark
Limiting global warming to 1.5°C implies reaching net zero CO2 emissions in 2050 according to the IPCC. Next to substantially reducing emissions, this target will only be possible by globally deploying carbon removal (CDR) solutions at the scale of billions of tons of CO2. Neustark is a leading provider in this rapidly growing field, having developed a solution to permanently store CO2 from the air in recycled mineral waste such as demolished concrete.
Our first solutions have been deployed in Switzerland and Europe and are already capturing and storing tons of CO2 every week. We are currently scaling up our operations and carbon removal impact globally – on the road to removing one million tons of CO2 in 2030, and beyond that.
Founded in 2019, neustark AG is based in Berne, Switzerland, and is a team of around 55 people (as per Q3 2023). Together, we enable permanent CO2 storage for a bright future of all generations on our planet.
neustark
neustark AG
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