Limenet Secures €5 Million Round to Scale CO2 Removal Technology

Limenet, the Milan-based startup revolutionizing carbon removal technology, has announced the launch of a new €5 million funding round. This follows a successful initial fundraising year where they raised over €2 million through a participatory financial instrument (SFP). The previous investors included prominent names like Aither, COREangels Climate, Moonstone Venture Capital, Forest Valley Catalyst, Faros (CDP accelerator), and Leone La Ferla.

The latest round is set to fuel Limenet’s expansion and further development of its innovative CO2 removal technology. The startup, founded by Giovanni Cappello, a gasification expert, Stefano Cappello, an environmental engineer, and Enrico Noseda, a serial entrepreneur, has made significant strides in the carbon removal space in just a year and a half since its inception.

Scaling Up: The Augusta Plant

Limenet’s progress is underscored by the recent unveiling of its first industrial-scale plant located in Augusta, Sicily. This plant is notable for its status as the largest CO2 storage facility globally, boasting a production capacity of 100 kilograms per hour. The technology employed by Limenet allows for the removal of CO2 from the atmosphere and its storage in seawater through a natural chemical process that converts CO2 into calcium bicarbonate.

This breakthrough plant is 100 times larger than Limenet’s pilot facility built earlier in La Spezia, marking a major technological milestone for the company. The new plant not only highlights Limenet’s rapid growth but also its commitment to tackling climate change through innovative solutions.

Achievements and Milestones

In the past 12 months, Limenet has achieved several notable milestones. They have successfully sold the first CO2 credits equivalent to 1,000 tons of negative emissions through an agreement with KlimaDAO. Additionally, they completed an acceleration program with Faros, the blue economy accelerator from CDP Venture Capital, which played a crucial role in their growth journey.

Another significant achievement was the launch of Italy’s first carbon removal project at sea using calcium bicarbonates. This initiative, in collaboration with the Autorità Di Sistema Portuale del Mar di Sicilia Orientale, positions Limenet as a pioneering force in global carbon sequestration efforts.

Industry Impact and Future Plans

Limenet’s advancements reflect a broader trend towards innovative climate solutions and the increasing importance of carbon removal technologies. As governments and organizations worldwide intensify their decarbonization efforts, startups like Limenet are at the forefront, developing scalable and impactful solutions to mitigate climate change.

Stefano Cappello, a co-founder of Limenet, emphasized the significance of their achievements: “After years of research and experimentation, we are honored to present our first industrial plant in Augusta. This milestone represents a significant step in our company’s growth. Over the past year, we’ve rapidly expanded, secured our first carbon credits, and initiated Italy’s first sea-based carbon removal project. Our collaboration with various stakeholders has been instrumental in advancing our mission.”

The company’s progress was showcased during the “Limenet Opening” conference, which featured notable speakers including Stefano Caserini from the University of Parma, Daniela Basso from Milano-Bicocca, Jacopo Visetti, co-founder of Aither, Stefano Molino from CDP Venture Capital, Francesco Sarcina, President of the Port Authority of Augusta, and Giovanni D’Angelo, Manager of Sustainability & Energy at RINA. The event was moderated by Beatrice Capano, Limenet’s Stakeholder and Impact Specialist.

Conclusion

Limenet’s announcement of a €5 million funding round and the launch of its cutting-edge CO2 removal plant signify a pivotal moment for the startup and the carbon removal sector. As the company continues to scale and innovate, it sets a benchmark for others in the industry, demonstrating the potential for technology-driven solutions to address climate challenges.

The integration of sophisticated carbon removal technologies into practical applications marks a new era in environmental sustainability. With its latest advancements, Limenet is not only contributing to the fight against climate change but also inspiring other startups and investors to explore and support groundbreaking solutions.

As Limenet gears up for the next phase of its journey, the startup’s commitment to environmental impact and technological innovation will be closely watched by industry stakeholders, investors, and climate advocates alike. The future of carbon removal is here, and Limenet is leading the charge.