Carbo Culture, focusing on carbon removal with biochar, has raised some EUR 16 million (USD 18 million) in its growth financing round. The company is developing a new research-based technology to produce sustainable and high-quality biochar from agricultural and forestry residues. Additionally, the gases generated in the process can be utilized in renewable energy production.
The lead investors in the round are Singapore-based GenZero, specializing in carbon removal solutions, and the U.S.-based True Ventures. Among other investors in the round are Tesi, alongside renowned climate technology investors and family offices.
“Removing carbon from the atmosphere is a necessary means to reduce greenhouse gas emissions and combat climate change. With Carbo Culture’s protected biochar technology, carbon can be sequestered from the atmosphere for a very long time. The technology is cost-effective and can be rapidly commercialized. We are very pleased to support the company in its next phase of growth,” says Heli Kerminen, Director on Tesi’s Venture Capital Investments team.
Tesi’s investment was its first in the company and was made through Tesi’s circular economy program. The program is aimed at promoting the growth and internationalization of startups and growth companies operating in the circular economy, as well as fostering the emergence of venture capital and/or private equity funds investing in such companies.
Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies.
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