Nordic-Dutch climate-tech startup Paebbl has raised $25M (approximately €22.81M) in a Series A funding round. The company turns captured CO2 into permanent carbon-storing materials.
The funding will help the company build a sustainable value chain for CO2 storage, positioning the construction industry as a key player in mitigating climate change.
The funding round was led by financial and strategic investors, including DACH-focused VC Capnamic, with new investors such as The Climate Pledge Fund (Amazon), sustainable building solutions provider Holcim, and several European industrial family offices like Aurum Impact, the family office of Goldbeck.
Existing Paebbl investors 2050, Pale Blue Dot, and the Grantham Foundation also participated.
Paebbl co-founder and co-CEO, Andreas Saari says, “We are thrilled to welcome early mover leaders in their respective fields, Amazon and Holcim, as first commercial partners that will help bring our vision to the market rapidly; aligning interests is at the core of our go-to-market model.”
“We have the chance to turn the built environment into the world’s greatest carbon sink, having taken a natural process, innovated upon it, and turned it into a commercially viable, scalable service.”
“With new investors on board, we can enter the next stage of our growth. To go from bench to pilot to demo in less than 18 months shows our team’s ability to move at the speed necessary to win,” adds Saari.
Combating global warming
Founded in 2021 by Andreas Saari, Jane Walerud, Pol Knops and Marta Sjögren, Paebbl turns captured CO2 into building materials that store carbon permanently. Its goal is to create a large-scale carbon removal solution within the next decade.
The company claims that its mineralisation process is nature-inspired and tech-enabled.
Paebbl is a joint effort between Nordic and Dutch partners and is supported by eco-focused investors like Capnamic, Amazon’s Climate Pledge Fund, 2050.do, Pale Blue Dot, Aurum Impact, and the Grantham Foundation.
The company is collaborating with major companies like Amazon, Holcim, and Goldbeck to speed up the development of buildings that store carbon and set new standards for sustainable construction.
In 18 months, Paebbl progressed from lab tests to a pilot unit that produces 250kg of CO2-storing material daily.
In May 2024, Paebbl achieved a milestone by sequestering its first ton of CO2 and casting its first concrete structures using captured carbon, demonstrating the practical impact of its technology.
Capnamic’s Managing Partner, Christian Knott, says, “What sets Paebbl apart from other companies in the space is their demonstrable ability, across the senior team, to build and scale companies, and execute where it matters.”
“For a young deep tech company, they already have rapidly won multiple customers and key partners, and have a continual stream of exceptional people joining the company.”
Capital utilisation
With the fresh funding, Paebbl aims to commission its demonstration plant in the first half of 2025. This facility will increase production capacity tenfold, enabling the company to produce 3 tons of product daily and sequester up to one ton of CO2 each day.
The demonstration plant will serve as a foundation for the future commercial deployment of Paebbl’s technology, leading to plans for a commercial-scale plant.
Additionally, Paebbl will expand its existing hubs in Helsinki, Rotterdam and Stockholm while opening a new hub in the UK.
Co-founder and co-CEO, Sjögren, says, “We’re incredibly proud of the progress we’ve made in such a short time, but there’s so much more to come. This funding enables us to take even bolder steps in our mission to make the built environment a cornerstone of the decarbonised economy. The challenge ahead is significant but so is the upside and opportunity.”
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