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The startup turns CO2 into permanent, carbon-storing materials
October 11, 2024 | Staff Reporter | Netherlands | Facilities Management
Paebbl, a company turning captured CO2 into permanent, carbon-storing materials, has raised a €22.8 million Series A funding round. The new capital will accelerate Paebbl’s work to scale up and complete a future-proof value chain for CO2 storage in building materials, turning the built environment and facilities management industry into key players in mitigating climate change.
The funding round was led by a group of tier one financial and strategic investors: DACH-focused VC Capnamic, with participation from additional new investors including The Climate Pledge Fund (Amazon), global construction and materials leader Holcim, and several European industrial family offices including Aurum Impact, the family office of the German concrete and construction company Goldbeck. Existing Paebbl investors 2050, Pale Blue Dot, and the Grantham Foundation all participated.
By joining forces with global leaders like Amazon, Holcim, and Goldbeck, Paebbl is accelerating the development of carbon-storing buildings and setting new standards for sustainable construction.
Building on 15 years of prior applied research, Paebbl has demonstrated a remarkable growth rate. In its first 18 months of existence, the company has moved from gram-scale lab tests to bench-scale experiments to a fully functioning pilot unit, producing 250kg of CO2-storing product daily.
In May 2024 Paebbl reached its first full ton of sequestered CO2 in their mineral product – a major milestone for the company. At the same time, Paebbl has now cast their first concrete structures in the field with captured carbon, showcasing the real-world impact of the proprietary technology.
Expanding Footprint
Fuelled by the new funding round, the company is now focused on commissioning its demonstration plant in the first half of 2025. With the new plant, Paebbl will ramp up their production capacity another ten-fold to 3 tons of product per day, sequestering up to one ton of CO2 per day. The facility will lay the groundwork for the commercial deployment of Paebbl’s technology, where the next step is a commercial-scale plant.
“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.”
Andreas Saari, Co-founder and Co-CEO, Paebbl
Paebbl will continue expanding its existing hubs in Helsinki, Rotterdam, and Stockholm, where most of the 40 Paebblers are based, and open a new hub in the UK. Paebbl co-founder and co-CEO Marta Sjögren, commented, “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.”
Paebbl co-founder and co-CEO Andreas Saari, added, “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.”
Capnamic managing partner Christian Knott said, “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.”
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