Climeworks raises CHF 600 million in equity funding. The advisors
Climeworks signs an equity round of CHF 600 million (USD 650 million). The financing is co-led by Partners Group (acting on behalf of its clients) and GIC, with further participation from Baillie Gifford, Carbon Removal Partners, Global Founders Capital, John Doerr, M&G, Swiss Re, as well as other new and existing shareholders including long-term investor and anchor shareholder BigPoint Holding.
J.P. Morgan Securities served as sole placement agent for Climeworks in connection with the transaction.
Climeworks is a Swiss company founded in 2009 specialising in carbon dioxide air capture technology. This funding will unlock the next phase of Climeworks’ growth, scaling direct air capture up to multi-million-ton capacity and implementing large scale facilities as carbon removal becomes a trillion-dollar market.
The capital from this equity round is to be used for capacity scale-up and geographical expansion – pilot projects have started in the US, the Nordics, and the Middle East – as well as investment into technology development and scaling the organization. Climeworks aims to become a dominant platform in the growing DAC market.
The advisors
Lenz & Staehelin advises Climeworks. The team is led by Beat Kühni (partner, corporate/m&a, pictured) and includes Simone Ehrsam (partner, corporate/m&a), Iliana Djagova and Céline Stähelin (both associates, corporate/m&a), and Stephanie Buschta (trainee, corporate/m&a).
Niederer Kraft Frey advised Partners Group on its investment in Climeworks. The NKF team advising Partners Group was led by corporate/capital markets partner Philippe Weber, working with partner Thomas Brönnimann as well as associate Daniela Lötscher and junior associate Lukas Würgler.
Clifford Chance, led by partner Ansalm Addatz (Düsseldorf, Germany), acted as international counsel to Partners Group.
CMS Switzerland, led by partner Stephan Werlen (corporate/m&a), advised investment management firm Baillie Gifford & Co on all legal matters of the transaction. CMS team further included associate Pascal Stocker (corporate/m&a) and partner Mark Cagienard (tax),
