Climeworks' launch of world's largest air capture and storage plant
On 8 September 2021, Climeworks announced the launch of "Orca", the world’s largest climate-positive carbon dioxide direct air capture (DAC) and storage plant in Hellisheidi, Iceland. The first of its kind plant will remove carbon dioxide from the air and ensure its permanent, safe storage through underground mineralization by Climeworks’ partner Carbfix within Icelandic basalt rock formations. Climeworks is the world leader in DAC, and this is the first time that DAC technology has been deployed at this scale. DAC technology will play a vital role in keeping global temperature rises below two degrees, a widely accepted global warning benchmark.
Lenz & Staehelin is assisting Climeworks as its Swiss counsel in the project financing for "Orca". The team includes Beat Kühni (overall & Project Finance), Roland Fischer (Project Finance) and Lukas Aebi (Tax).