Extantia Capital led the seed financing for Phlair. Verve Ventures and previous investors such as Atlantic Labs, Counteract, and UnternehmerTUM Funding for Innovators also participated in the investment. The total sum of €14.5 million also includes a grant of €2.5 million from the EIC Accelerator.
Founded in 2022, the climate tech company develops an electrochemical direct air capture (DAC) process to remove CO2 from the atmosphere. In DAC, ambient air is drawn in through fans and flows through highly selective filters where CO2 molecules adhere. The gas can then either be stored permanently or used for carbon-neutral or carbon-negative products, such as in cement production or the chemical industry. The startup’s so-called hydrolyzer is designed to make carbon dioxide removal cost-effective, modular, and scalable.
In a LinkedIn post, Phlair states that it will be able to launch with a pilot plant thanks to the fresh capital. The post reads:
“We will use the financing to bring our two FOAK-DAC plants Electra 01 and Electra 02 into operation next year. The financing round also lays the foundation for our commercial plant Project Dawn with a capacity of more than 20,000 tCO2/year, which is scheduled to be commissioned in 2026.”
The startup has already sold a number of carbon credits to various organizations. According to Phlair, its first customers include renowned companies such as Shopify, Stripe, Klarna, and Deep Sky.
