Zurich, Switzerland · StartupClimeworks is a Swiss climate tech pioneer specializing in direct air capture (DAC) of CO₂ – essentially technology to filter carbon dioxide directly out of the atmosphere. Founded in 2009 as a spin-off from ETH Zürich by engineers Jan Wurzbacher and Christoph Gebald, Climeworks has the distinction of building the world’s first commercial DAC plants. Its modular CO₂ collectors use a special filter that binds CO₂ when air passes through, then releases pure CO₂ when heated, allowing it to be captured and stored or reused. In 2017 Climeworks opened a prototype DAC plant in Iceland in partnership with Carbfix, where captured CO₂ is injected underground and mineralized into rock. By 2021, they launched “Orca” in Iceland – the largest DAC plant at the time – able to remove 4,000 tons of CO₂ per year, selling carbon removal as a service to corporate clients like Stripe, Microsoft and Shopify. Climeworks gained widespread attention as the first DAC unicorn: in April 2022 it raised $650M in an equity round (Europe’s largest-ever climate tech funding) at a valuation reportedly around $2 billion. Investors include Carbon Removal Partners and Big Oil venture arms, reflecting broad interest in negative emissions tech. As of 2025, Climeworks is scaling up “Mammoth,” a 36,000 tCO₂/yr plant in Iceland, and planning multi-megaton facilities by 2030. The EU and US policy push for carbon removal (with 45Q tax credits, etc.) strongly benefits Climeworks. The company also sells captured CO₂ for reuse in drinks and agriculture (a smaller market) and operates demonstration units in countries like Switzerland and Italy. With global climate goals increasingly reliant on carbon removal, Climeworks is positioned as a leader in an emerging industry. It touts a goal of removing 1% of global CO₂ emissions by 2050. While challenges remain (DAC is energy-intensive and currently expensive, around $600/ton), Climeworks has achieved real progress – turning sci-fi into reality. Its name comes up frequently in climate policy discussions, and it was highlighted at COP26 as an example of scalable climate innovation. In summary, Climeworks is a trailblazer in direct air capture, turning a bold lab idea into the world’s first commercial carbon removal service, putting Zurich on the climate tech map.
StartupGrowthClimateCleanTech
Berlin, Germany · StartupModular vertical farming network bringing fresh, low-footprint produce into urban retail and hospitality.
StartupGrowthAgriTechClimate
Stockholm, Sweden · StartupNorthvolt was a Swedish battery developer and manufacturer founded in 2016 by former Tesla executives Peter Carlsson and Paolo Cerruti. It aimed to build Europe’s first homegrown lithium-ion gigafactories to supply electric vehicle batteries at scale. Northvolt quickly became Europe’s cleantech darling – it secured over $15 billion in funding from investors like Volkswagen (which took a 20% stake), Goldman Sachs, BMW, and the European Investment Bank. By 2021, Northvolt built its flagship factory in Skellefteå, Sweden (Northvolt Ett) and announced over $55 billion in orders from automakers including Volkswagen, BMW, Volvo, and Polestar. At its peak, Northvolt reached a valuation of $12 billion and was seen as Europe’s best hope against the Asian battery giants CATL, LG Chem, and Panasonic. The company’s progress was significant: it produced its first battery cell in late 2021 and began deliveries in 2022. However, behind the scenes, Northvolt struggled with the immense capital expenditures and operational complexities of scaling battery production. By late 2024, it had accumulated over $5.8 billion in debt and was burning ~$100 million per month, while its factory ran at only 5% capacity due to equipment installation delays and safety issues. In November 2024, Northvolt filed for Chapter 11 bankruptcy protection in the U.S., and on March 12, 2025, it filed for bankruptcy in Sweden, marking the largest industrial bankruptcy in modern Swedish history. The collapse was dramatic – once valued at $12B, Northvolt’s assets were later acquired by US startup Lyten for pennies on the dollar in 2026. Investigations revealed mismanagement: thousands of unopened equipment crates worth €430M were found on-site and a critical €2B BMW contract was lost after Northvolt fell two years behind schedule. Despite its failure, Northvolt’s ambition wasn’t in vain; it spurred the European Commission to launch the European Battery Alliance and rival startups (like France’s Verkor) to push forward. Northvolt’s story is a cautionary tale of euphoria and risk in cleantech – a venture that raised unprecedented funding and $50B in orders to put Europe on the battery map, only to crumble under execution challenges and debt.
StartupGrowthClimateIndustrial
Berlin, Germany · StartupSustainable micromobility operator running e-scooters, e-bikes, and shared mopeds in cities.
StartupGrowthMobilitySustainability
Copenhagen, Denmark · StartupToo Good To Go is a marketplace that helps consumers buy surplus food from restaurants, bakeries, and supermarkets at a discount, reducing food waste. Launched in Denmark in 2015, the app scaled across Europe, North America, and Australia, building a global community that has saved millions of meals. The company combines sustainability impact with a simple consumer pickup model and has become one of the best known Danish climate tech exports. It also runs programs that help businesses prevent waste and educate consumers about food labeling.
StartupGrowthMarketplaceFood WasteSustainability