Climate technology firm Mission Zero has announced a £21.8m Series A investment.
The funding round was led by investor 2150 alongside participation from World Fund, Fortescue, Siemens Financial Services and Breakthrough Energy Ventures, which was founded in 2015 by Bill Gates.
The investment will help Mission Zero to rapidly scale up its direct air capture (DAC) technology around the world to unlock megatonne annual CO₂ removal capacity by the end of the decade.
The new investors join several existing climate-first partners, including Deep Science Ventures, Anglo American, Stripe, Klarna, Deep Sky, and the XPRIZE Foundation.
Dr Nicholas Chadwick, CEO at Mission Zero, said: “Our new partners’ manufacturing acumen and deep alignment with our vision will be catalytic in allowing us to scale DAC rapidly and responsibly for maximum positive climate impact.”
Christian Jølck, co-founder and partner at 2150, said: “Mission Zero has gone from concept to commercial deployments in just three years and built a team with the technical talent and drive to rapidly deploy the most competitive DAC in the market.
“The world needs versatile solutions that can help find ways to bring the level of CO2 emissions down at gigatonne scale, and this team has already moved far with partners in their ecosystem to mature an innovation product, which is modular, energy efficient and cost competitive.”
To keep global temperature rise to 1.5°C, global society needs to remove vast volumes of CO₂ from the atmosphere, in addition to drastically reducing new emissions.
Since 2020, Mission Zero has been working to scale a versatile technology capable of efficiently recovering CO₂ from the atmosphere.
Mission Zero has started connecting its technology to pioneers in carbon removal and utilisation and by the end of 2024 will have three fully-funded first-of-a-kind systems on the ground in a variety of projects.
This milestone new funding will catalyse the next chapter of Mission Zero’s scaling journey — accelerating the development of a mass deployable DAC product with a recovery capacity of 1,000 tCO₂ per year.
It follows three-and-a-half years of rapid growth.