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About the financing round
The funding round was led by Capnamic, significantly strengthening our reach in the DACH market, particularly Germany, Europe’s largest industrial power. With Capnamic’s strong track record in supporting disruptive early-stage companies, this strategic alignment enhances our ability to penetrate one of the most crucial markets for industrial innovation in Europe.
Capnamic Partner Christian Knott who led the investment commented: "I have been following the decarbonisation efforts of this industry for a while now and am very impressed by the speed that the team at Paebbl displays in getting to first commercial traction. The combination of diligent engineering and best practices from the software industry, like rapid prototyping, can pave the way for unprecedented speed in this industry.”
In addition to Capnamic, several new investors joined the round, including Amazon's Climate Pledge Fund and the global building materials leader, Holcim through its Holcim MAQER Ventures. Other investors include influential European industrial family offices, like Aurum Impact and the Family office of Antti Herlin, which is also a major shareholder in KONE. We also saw continued support from existing investors, with 2050 doubling down on its investment, along with participation from Pale blue dot and the The Grantham Foundation for the Protection of the Environment.
From Grams to Tons: Our >100x Growth in Less Than Two Years
Particularly in climate tech, execution speed is everything. At Paebbl, we have scaled up our early production capacity by 100x in our first 18 months of existence, and are currently on track to make another 20x jump in scale by completing our continuously operating demonstration plant in Rotterdam and bringing it online during 1H25.
When setting up the company, and after raising our Seed round in February 2022, we started from outsourced lab-scale experimental production of hundreds of grams per day, and in May 2023, brought online an in-house benchtop reactor with a capacity of producing 2-3 kg of product per day. Only five months later, we commissioned our pilot plant in Rotterdam in November 2023, bringing our daily production capacity up to 200-300 kg of product per day.
Each kilogram of our carbon-storing material is made up of between 15-30% of CO2.
After moving to larger facilities and re-starting production, our pilot scale production allowed us to reach the first full ton of CO2 mineralised in May 2024.
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Scaling Up: Making things concrete
The pilot plant production of our Carbon-storing SCM has been going into casting our first real-scale concrete structures in internal tests as well as customer projects. Looking ahead, our next milestone is to commission our demo plant during the first half of 2025. This facility will lay the groundwork for the commercial deployment of our technology, which will start with a First-Of-A-Kind commercial plant.
"We're incredibly proud of the progress our team has made in such a short time, but for us this still feels like day zero. This funding enables us to execute even faster with our customers and leap ahead towards our objective to make the built environment a cornerstone of the decarbonised economy," said Andreas Saari, Co-CEO and Co-Founder of Paebbl.
With the new funding, we are actively expanding our existing hubs in Helsinki, Rotterdam, and Stockholm, while also opening a new hub in the UK in the near future. These expansions reflect our commitment to going where the deepest talent hubs are as we grow our team.
Aligning the Value Chain: An Integral Part of Our Vision
Accelerating the market introduction of this new generation of CO2-storing material requires a coordinated effort across the entire value chain. Our go-to-market strategy is focused on building strong, aligned partnerships across the industry. By collaborating with leaders like Amazon, GOLDBECK, and Holcim, we are pioneering the development of carbon-storing buildings, setting new standards for sustainable construction.
“We are thrilled to welcome early mover leaders in their respective fields, Amazon and Holcim, as first commercial partners that will help bring our vision to the market rapidly. Aligning interests is at the core of our commercial ethos,” added Marta Sjögren , Co-CEO and Co-Founder of Paebbl.
Amazon’s Climate Pledge Fund expressed excitement about partnering with us: "We are excited to partner with Paebbl to advance our Climate Pledge and help decarbonize our own value chain. Paebbl’s innovative approach to CO2 sequestration in the built environment aligns perfectly with our commitment to sustainability, and we believe this partnership will be instrumental in driving forward our goals,” said Phoebe Wang, Partner at the Amazon Climate Pledge Fund.
Holcim, the global leader in building materials, also shared their enthusiasm: "Paebbl’s pioneering technology offers a game-changing pathway to creating truly climate-aligned building materials, and together, we aim to bring these innovative solutions to market, setting new standards for sustainable construction,” said Nollaig Forrest, Chief Sustainability Officer at Holcim.
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