Cleantech startup Brineworks has announced it has raised €6.8 million (£5.9 million) in funding to advance its renewable energy-powered, low-cost Direct Air Capture (DAC) carbon removal and clean fuel production technology. DAC, identified by the International Energy Agency as a crucial carbon removal strategy in the transition to a net-zero energy system, extracts CO2 directly from the atmosphere for use as a raw material or for permanent removal when combined with storage solutions. Despite its potential, DAC faces cost challenges, with current systems requiring between $200 and $600 per ton, making it difficult for synthetic fuels produced with DAC to compete with traditional energy sources.
Founded in 2023 by CEO Gudfinnur Sveinsson and CTO Dr. Joseph Perryman, the Amsterdam-based Brineworks is developing DAC technology aimed at achieving sub-$100/ton CO2 capture. The company also focuses on hydrogen co-production technologies to facilitate affordable e-Fuel production. Its process utilises a patented electrolyzer that operates with saltwater and can function on intermittent electricity, unlike other DAC systems that necessitate costly sorbents, continuous operation, and thermal inputs. This innovation enables Brineworks to significantly reduce capital expenditure, provide more flexible location options, and operate on intermittent renewable energy while producing substantial amounts of hydrogen.
Sveinsson stated, “It’s clear where the world is heading. Renewable energy is becoming cheaper faster than anyone predicted. The bottleneck now is technology that can use this power flexibly and affordably. That’s exactly what we’ve built — an electrolyzer that runs when the sun shines or the wind blows, and pauses when it doesn’t. We’re unlocking a dream that’s been out of reach for decades.”
The recent funding round includes €5 million in seed funding led by SeaX Ventures, with participation from Pale Blue Dot, First Momentum, AiiM Partners, Energie360°, and a €1.8 million grant from the European Innovation Council (EIC) Accelerator, the EU’s flagship programme for breakthrough innovations.
Dr. Kid Parchariyanon, Founder and Managing Partner at SeaX Ventures, commented, “This investment marks an inflection point for Brineworks, and we believe they have the potential to meaningfully reduce global emissions. Supporting them aligns directly with our goal of helping to cut 1% of the world’s carbon footprint—we’re proud to be part of their journey.”
Brineworks plans to use the new capital to scale its system to pilot level, aiming for commercial readiness by the end of 2026. Perryman remarked, “We envisioned the electrolyzer of the future — and now it’s here. With many long nights of work, we’ve proven a clear path to capturing CO₂ directly from air at below $100 per ton. That’s the threshold the world has been waiting for, and now the scale-up begins.”
