Christopher Sinadinos’ Post

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Innovation Projects Specialist | Health | Manufacturing | Biotech | Mechanical & Chemical Engineering | Automation | Industry 4.0 | Energy-Intensive Industry

Swiss company Climeworks are a global leading player for direct air capture (DAC) CO2 removal. They are a unicorn company (startup with >€1Bn valuation) having raised $650M equity investment in a single round in Q2-22. Their new 'Mammoth' plant near Reykjavik will process 36KT CO2/yr. Only 4 DAC plants process >1KT anywhere on the planet today. Massive fans suck in & condense CO2. This is dissolved in huge water tanks & pumped underground to dissolve minerals into solid locked-up deposits. Local geothermal heat drives this energy-hungry process. One strength is speed, with >95% of CO2 mineralised in <2 years. It currently costs $1000/T of CO2 captured, which comes from selling carbon-offsets of clients. Demand is high, with 1/3 of Mammoths total lifetime capacity already sold. The order list includes Microsoft, JP Morgan Chase, Shopify & Lego. Climeworks aim to quickly reach $300-400/T & will establish a 1MT plant. The US site in question will break ground in 2026. It's proponents argue it is a key part of the toolkit towards climate neutrality & reversing past damage. However, much remains to be done. Work so far is a drop in the ocean vs the c40 billion tons of CO2 released globally each year. Some critics also say it's far easier & more efficient to pinpoint the highest CO2 concentrations by removing CO2 directly at smokestacks. Alexander Novitskiy, Stefano Vittor, Paul Webber, Andrea Mangel Raventos, Francesca Boscolo Bibi, PNO Consultants Ltd (UK)

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