The Hamburg-based startup Novocarbo has received 25 million euros from the French investor SWEN Capital Partners. Their common goal is to expand a Europe-wide network of carbon removal parks to decarbonize the economy. The aim is to remove up to one million tons of CO2 from the atmosphere by 2030.
Novocarbo is on course for growth with innovative technologies
The carbon removal parks built and operated by Novocarbo combine various important climate protection measures. They remove CO2 from the atmosphere and at the same time produce renewable energy and a sustainable carbon product called biochar. The technology, known as biochar carbon removal (BCR), produces climate-neutral heat that companies or municipal utilities can use to decarbonize their energy supply. The completed financing is the starting signal for Novocarbo to build 200 carbon removal parks by 2033 and thus expand the network for carbon dioxide removal and green heat in Europe.
Since its foundation in 2017, the startup has opened several carbon removal parks in Germany and the team has grown to more than 35 employees. The company has one of the largest European distribution networks for biochar and, as a pioneer in trading carbon removal credits, counts corporations such as Bayer and Swiss Re among its customers. Novocarbo has recently signed three long-term contracts for carbon removal credits of over 8,000 tons of CO2.
