Impact Startup ReCarber Secures SEK 60 Million to accelerate bio-CCS (EN)

ReCarber, a Swedish impact startup with an international team and a new business model to accelerate bio-CCS, has raised SEK 60 million in its first investment round. Backing the investment are three Swedish venture capital firms: Luminar Ventures, Spintop Ventures, and Course Corrected.

The company is founded by Kristoffer Labuc, former CEO of Loomis Pay and VP at Klarna, who saw parallels between how fintech companies have simplified value chains and the similar need to build platforms able to accelerate carbon capture and storage projects from biogenic sources (bio-CCS), crucial for the transition to net zero.

“Today, all of the stakeholders must learn to navigate and manage a complex value chain - this hampers the development of climate solutions like bio-CCS. ReCarber was founded based on the idea that there is a need to replicate what has been done in fintech. Based on this insight, coupled with the experience the team has in financing and infrastructure, we are now building a platform that allows us to take bio-CCS projects to market faster, mitigate risks, and reduce the costs of these projects,” says Kristoffer Labuc, CEO and founder of ReCarber.

ReCarber has attracted leading expertise to its board, including Syrie Crouch, who is also a board member at Climeworks, the pioneering company in direct air capture with operations in Iceland and other locations. Syrie has played key roles in developing some of the world's first CCS projects, such as Northern Lights in Norway. Another notable addition to the board is Elise Roc, who brings extensive experience in large-scale infrastructure and CCS project development at Total Energies.

The operational team consists of five senior founders based in Stockholm and Paris, combining expertise in CCS, project financing, fintech, marketing, and legal.

Kristoffer adds: “The broad expertise and unique experience of the team enables us to connect all parts of the value chain. This, combined with a scalable platform and business model, allows us to build a portfolio of projects that will drive the industry forward. We have already started working on several exciting projects.”The funds will be used to advance ReCarber’s platform, grow the team, and enable more Nordic bio-CCS projects to reach final investment decisions. For a foreseeable term, the focus is on capturing biogenic carbon dioxide from sources like combined heat and power plants and securely storing it in natural carbon sinks. The Swedish Energy Agency estimates that bio-CCS could reduce the emissions in Sweden by at least 10 million tons of carbon dioxide annually, equivalent to approximately a quarter of the country’s total emissions. This would position Sweden and the Nordics as global leaders in bio-CCS.

“The investment is a crucial milestone that enables us to accelerate the roll-out of bio-CCS. Each of our projects removes carbon dioxide equivalent to the emissions from 100,000–300,000 cars per year. The projects form significant, tangible, and necessary contributions to mitigating climate change,” says Kristoffer Labuc, CEO and founder of ReCarber.

The investors of ReCarber sharing their perspectives

● "ReCarber is one of the most promising climate tech players in the Nordics. The platform they are building, together with their strong strong team and business model, positions them well to take a leading position in this growing segment and have a significant positive climate impact," says Jacob Key, General Partner at Luminar Ventures and lead investor in the round.

● "ReCarber’s vision and expertise makes them well-equipped to scale up one of the most important climate solutions. As an Article 9 fund, we see their great potential to help accelerate the green transition, and are proud to support their journey toward a sustainable future," says Kerstin Cooley, Partner at Course Corrected.

● “Just like ReCarber, our analysis indicated a lack of efficient solutions to commercialize bio-CCS. ReCarber have impressed us by presenting an innovative solution that connects the dots in the value chain,” says Helen Agering, Partner at Spintop Ventures