Extantia Capital led Phlair's seed funding. Other investors included Verve Ventures and existing investors such as Atlantic Labs, Counteract, and UnternehmerTUM Funding for Innovators. The total investment of €14.5 million also includes a €2.5 million grant from the EIC Accelerator.
Founded in 2022, Climatetech develops an electrochemical Direct Air Capture (DAC) for removing CO2 from the atmosphere. At DAC, ambient air is drawn in via fans and flows through highly selective filters, to which the CO2 molecules adhere. The gas can then either be stored permanently or used for carbon-neutral or carbon-negative products, such as in cement production or the chemical industry. The startup's so-called hydrolyzer is intended to make carbon dioxide removal cost-effective, modular, and scalable.
In a LinkedIn post Phlair announced that the fresh capital would enable the company to launch a pilot plant. It states:
"We will use the financing to commission our two FOAK-DAC plants, Electra 01 and Electra 02, next year. The financing round also lays the foundation for our commercial facility, Project Dawn, with a capacity of more than 20,000 tCO2/year, which is scheduled to come online in 2026."
The startup has already sold a number of carbon credits to various organizations. According to Phlair, early customers include well-known companies such as Shopify, Stripe, Klarna, and Deep Sky.
