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Direct air capture (DAC) tech leader Phlair and entrepreneur-led private equity firm Waldegg have signed a multi-year agreement to recapture CO2 with permanent, engineered carbon removals
Waldegg is the very first PE firm to join Phlair's group of sophisticated buyers such as McKinsey, Google, Stripe, Shopify, JPMorganChase
Waldegg stays true to it’s entrepreneurial DNA and aims to catalyze demand for an emerging net zero industry
Waldegg Equity Partners concludes its first direct air capture contract with Phlair. As a first step to net zero, Waldegg commits with this partnership to the long-term financing of the removal and permanent storage of their own emissions.
Waldegg selected Phlair based on their novel technology with a chemical energy storage system that allows to run the commercial plant primarily on behind the meter solar energy. The plant “Dawn” will be built in Canada and remove 20,000 tons of CO2 per year (equivalent to the average footprint of 2500 individuals) from the atmosphere.
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"Waldegg was founded with a clear focus on generating strong returns for our investors. At the same time, we set out to support environmental projects funded through our partnership earnings.”
Fabian Kiechle, Waldegg Equity Partners
Fabian, founding partner of Waldegg, comments: “We are committed to using a part of our income to establish a nature foundation aimed at actively combating climate change through both capital and dedicated efforts. Having visited Phlair on site myself, I was particularly impressed by the focus on execution and the impressive customer list. The contract with Phlair is a first building block. Our long-term vision eventually could be to remove the annual CO2 emissions of our portfolio via DAC, recapturing the emissions not only of our footprint as General Partner but also the products and services of our portfolio companies.”
Fabian Kiechle, Waldegg Equity Partners
“Two factors convinced us to partner with Phlair: the highly motivated team and the cutting-edge technology.”
Malte, CO-founder and CEO of Phlair, adds: “We are thrilled that Waldegg trusts Phlair's innovative Direct Air Capture technology for permanent carbon removal. Their vision to remove the footprint of their own operations as a first step and to offer this to all portfolio companies in the long-term demonstrates a generational, entrepreneurial thinking and commitment that ensures sustained competitive advantage.”
About Waldegg Equity Partners
Waldegg Equity Partners is an independent and entrepreneur-led investment company based in Munich. Waldegg invests in profitably growing medium-sized companies in the fields of enterprise software, business-related services and scalable industrial products as part of growth partnerships and succession solutions. Waldegg focuses on partnership-based and sustainable corporate development.
About Phlair
Phlair is revolutionizing carbon removal. With its unique hydrolyzer-based Direct Air Capture (DAC) technology, Phlair is enabling CO2 capture from ambient air: scalable and at low cost. Phlair’s technology runs purely on solar electricity and employs a pH-swing mechanism for efficient CO2 capture and release. The captured CO2 is permanently stored or used for CO2-negative chemicals. The Munich-based company serves leading customers in carbon removal, including Google, McKinsey, JPMorganChase, Shopify, Stripe, H&M, and Deep Sky. Currently, the company is gearing up for a larger >20,000 tCO2/year plant deployment by 2027.