As per ESG Today, 2009-founded Climeworks focused on becoming one of the world's most important carbon removal companies and in 2022, the company was able to raise almost 650 million USD to help it in this regard.

Recently, company officials announced the opening of "Mammoth", the world's largest carbon capture plant, which could have a capacity of absorbing 36.000 tons of CO2 emissions per year. The newly announced Generation 3 technology switches from using packed filter beds to structured sorbent materials, reducing the time required to capture carbon emissions from the atmosphere.

Climeworks engineers report that the new technology doubles carbon capture capacity per module, while reducing energy usage by 50% and increasing the lifespan of the materials. All in all, these changes should reduce costs by 50%.

By 2030, the Swiss company wants to achieve a price of between 400-600 USD per ton of removed carbon emissions.

Jan Wurzbacher, Co-founder and Co-CEO said that "we operate the world’s largest commercial direct air capture plant, Orca, in Iceland, and have inaugurated a larger plant, Mammoth, ten times the size. In parallel, we have, over the past five years, been developing our Generation 3 technology. This development is based on real field data, enabling the scale-up to megaton removal capacities."