Founders: Jan Wurzbacher, Christoph Gebald (co-CEOs) Launched: 2009 Headquarters: Zurich, Switzerland Funding: $810 million Valuation: $1 billion Key technologies: N/A Industry: Construction Previous appearances on Disruptor 50 List: 0
Persephone Kavallines
Reducing carbon emissions may be the most important part of the efforts to slow climate change, but it may not be enough. Increasingly, there’s a focus on capturing carbon from the atmosphere and storing it.
Swiss startup Climeworks AG was among the first to pursue this new technology. The company created a demo prototype in 2012 and launched its first direct carbon capture plant in Iceland two years later. The facility, called Orca, looks like a warehouse surrounded by four giant air filters. It can draw in 4,000 tons of carbon a year. The company partners with CarbFix, which dissolves the captured carbon dioxide in water, then combines the mixture with basalt rock formations. The carbon dioxide converts into solid carbonate minerals in about two years. Climeworks also sells some of the carbon dioxide for use in sparkling water or soft drinks.
This past June, Climeworks broke ground in Iceland on its second direct air capture facility, called Mammoth. Once completed, the plant will have the capacity to draw and store up to 36,000 tons of carbon a year. The company is reportedly eyeing the U.S. market next and has teamed up with Heirloom, a California-based carbon capture firm, and Battelle, a non-profit firm, to bid for a $500 million U.S. grant to commercialize carbon capture and storage.
Supporting the company are not only investors, but corporate clients. Climeworks started providing certified carbon removal services to Microsoft, Spotify and Stripe earlier this year for an undisclosed price. Their customer base currently includes more than 160 companies and more than 18,000 individual supporters who pay Climeworks to offset their personal emissions.
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While carbon capture and storage technology is relatively new, interest is heating up. Climeworks raised $650 million in April. Meanwhile, Stripe, Alphabet, Meta, Shopify and McKinsey said they were teaming up to create Frontier, which will invest nearly $1 billion in the carbon-capture market. The Bipartisan Infrastructure Bill included $3.5 billion in direct investment by the government into carbon-capture technology, and has spurred energy giants including ExxonMobil to get serious about new projects, while both Europe and the U.K. have committed to capture 5 million tons of carbon dioxide a year.
In Climeworks early days, it wasn’t clear that enough support would surround the idea.
“Back in 2009, the environment was definitely very different,” Climeworks co-CEO and Founder Jan Wurzbacher told CNBC in a June 2022 interview. “There was an ongoing climate debate, but it was more a debate about how can we avoid emissions. And when we came up with the method of capturing carbon dioxide from the atmosphere, many people said, ‘Hey, wait a minute, let’s not waste our time with that.'”
Now the United Nations’ Intergovernmental Panel on Climate Change (IPCC) includes carbon capture in its recommendations for addressing global warming. “CDR is also an essential element of scenarios that limit warming to 1.5°C or likely below 2°C by 2100, regardless of whether global emissions reach near zero, net zero or net negative levels,” its 2022 technical update stated.
Despite this interest and billions being invested, carbon-capture and storage still has many challenges, starting with cost and scalability. The power needed to suck carbon out of the air is significant enough to be a barrier to growth, according to ratings agency BeZero Carbon. There are also far cheaper ways to take carbon out of the air, like by planting trees, though that requires more land.
—CNBC’s Cat Clifford contributed reporting.
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The “Three” is Hyundai’s first compact electric vehicle concept under the IONIQ series, set to bring a radical new design to the family.
According to Hyundai, the Concept Three “represents the next step in the company’s electrification journey.” Production is expected to begin in early 2026 at Hyundai’s manufacturing plant in Turkey, with deliveries starting shortly thereafter.
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The new design, “Art of Steel,” is inspired by Hyundai’s advanced steel technology. Hyundai calls the Aero Hatch profile “a new typology that reimagines the compact EV silhouette.”
Hyundai kept a few of its signature design elements from other IONIQ EV models, like the Parametric Pixel lights at the front and rear.
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)
With its official debut approaching, a few IONIQ 3 prototypes have been spotted driving in public in South Korea. Despite heavy camouflage, you could tell the production version was shaping up to be nearly identical to the Concept Three.
A new image from KindelAuto offers a closer look at the IONIQ 3, spotted in Europe with barely any camouflage.
You can clearly see the vehicle’s profile stays close to the concept, with a sleek, hot-hatch design and a ducktail spoiler.
The compact EV is 4,287 mm long, 1,940 mm wide, and 1,428 mm tall, with a wheelbase of 2,722 mm, or about the size of the Kia EV3 or Volkswagen ID.3.
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)
Hyundai has yet to reveal battery specs or prices, but it’s expected to offer 58.3 kWh and 81.4 kWh battery packs, like the Kia EV3, providing a WLTP range of around 365 miles. Given the Kona Electric starts at £35,000 ($47,000), the IONIQ 3 will likely be priced closer to £25,000 ($33,700).
For those in the US, sadly, the IONIQ 3 is not expected to make the trip overseas, given America’s growing love for bigger trucks and SUVs.
The IONIQ 5 does, however, remain one of the most affordable EVs in the US, starting at under $35,000 with leases as low as $189 per month.
If you’re considering an EV, Hyundai’s lineup is absolutely worth checking out —offering over 300 miles of range, fast charging, modern tech, at a price that’s actually reasonable. Check out the links below to see what’s available by you.
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Tesla CEO Elon Musk went on a podcast this week to express regret over the time he spent trying to destroy the American government, claiming that he wouldn’t do it again.
In the first half of this year, Musk took a position advising convicted felon Donald Trump (who cannot legally hold office in the US) on what essential government jobs to trim.
He named the group he led the “Department of Government Efficiency,” despite that it was never an actual government department, nor did it do a whole lot to increase efficiency as we will see below.
Musk claimed before taking the position that he could save the government $2 trillion – which was always going to be literally impossible, given the amount of discretionary spending in the US budget, as anyone with a passing interest in American government could have told you at the time.
All in all, Musk claims that he cut around $200 billion from the government’s budget, but actual analyses show that those numbers were fake and in fact that his actions likelyincreased the budget deficit, rather than decreasing it. This is due to the disruption in necessary government services, higher costs for employee severance, and lost revenue for the government as ultra-wealthy tax cheats will be able to get off without paying their fair share.
And, in the interim, republicans passed a law that gives away $4 trillion to those same wealthy elites, adding $3.3 trillion to the deficit. That number is 16 times larger than even the inflated $200 billion “savings” number Musk claims.
How Musk’s actions harmed Tesla, not just the US
But Musk’s actions cosplaying as a government official had other effects than his failure to effectively cut waste: they turned public opinion against his companies, mainly Tesla.
These results were eminently foreseeable – anyone can tell you that business leaders typically should remain neutral on politics as a rule, and generally only speak on issues that directly involve their company or industry.
Wading into wedge issues and identity politics as a business leader can only serve to turn off customers, and since negative motivations are generally stronger than positive ones, you will net lose sales even if you appeal to some portion of the population with your advocacy.
And if you do advocate for something, it should probably be for something that will help your companies, rather than hurt them.
But Elon Musk is different. Unlike most business leaders, he has millions of useful idiots at his beck and call on twitter at any time (and it is indeed where he spends all of his time), ready and willing to tell him that all of his ideas are genius, no matter how braindead they are, or how recycled they are from his rage-filled feed which seems to be his only source of information these days. Why should conventional wisdom apply to someone who is constantly told conventional wisdom doesn’t apply to him?
And so, he ignored – or rather, probably didn’t even see, given the echo chamber he has formed around himself – the conventional wisdom telling him what a bad idea all of this was. And now, years later, he’s finally showing the slightest moment of lucidity that perhaps all of the above was not a great use of time.
Musk finally recognizes what we’ve been telling him all along
This week, Musk went on a podcast (hosted by Katie Miller, wife of American white supremacist Stephen Miller) and claimed that his advisory board was “a little bit successful. We were somewhat successful,” which is a rather middling assessment given his big initial claims of being able to save the government trillions of dollars.
But further, he went on to say that he wouldn’t do it all over again, and that “instead of doing DOGE, I would have, basically, built … worked on my companies.”
He said that if he had done that instead, “they wouldn’t have been burning the cars.” This is a reference to Tesla protests, which have largely not included burning anything, but which have been widespread globally.
We, of course, agree that that would have been a better course of action. Which is why we said it at the time. Perhaps it’s time to get off twitter and read some real thoughts for once, Mr. Musk. We’re not sure if the damage you’ve done is repairable (though it was certainly preventable), but as they say, “garbage in, garbage out” – the more nonsense you read, the more nonsense you’ll continue to get up to.
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BMW is the latest major automaker to officially gain access to the Tesla Supercharger network in North America. Starting today, BMW EV drivers in the US can access over 25,000 Tesla Superchargers, adding a massive boost to the charging options for owners of the i4, iX, and other electric models from the German automaker.
It follows a wave of other automakers gaining access over the last year as the industry transitions to NACS (North American Charging Standard), Tesla’s proprietary connector that has now become the standard.
BMW confirmed today that the update is effective immediately. Owners can find Tesla Superchargers directly in their vehicle’s navigation system and the My BMW app.
However, like most other automakers making this transition, there is hardware involved. Current BMW EVs, which are equipped with CCS ports, will require a CCS-to-NACS adapter to use the vast majority of Tesla’s V3 and V4 Superchargers.
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According to BMW, official adapters will go on sale as accessories starting in Q2 2026. That is a bit of a wait, but in the meantime, some third-party adapters are already on the market.
For those lucky enough to live near one of Tesla’s few “Magic Dock” locations (Superchargers with a built-in CCS adapter), any BMW EV can charge immediately without needing to buy extra hardware.
BMW also clarified its timeline for native NACS ports, which will eliminate the need for an adapter entirely. The transition begins with the 2026 BMW i5 M60, followed by other models throughout the year, including the highly anticipated Neue Klasse iX3, which is expected to be a competitor of the higher-end trims of Tesla’s popular Model Y.
Interestingly, there is a software hurdle for some specific 2026 models. BMW noted that the 2026 iX and i5 eDrive40 will not be able to use Tesla Superchargers until they receive a remote software upgrade, also scheduled for Q2 2026.
One of the biggest pain points for non-Tesla EVs using the Supercharger network has been the user experience. Tesla has set a high bar with its “plug and play” ecosystem.
BMW seems to have done a good job integrating this. The automaker says that its Plug & Charge is supported at Tesla stations. You won’t need the Tesla app to start a session. Instead, billing is handled through the customer’s Shell Recharge account, which is integrated into the My BMW app.
Pricing will follow Tesla’s standard rate structure for non-Tesla vehicles, which is generally higher than what Tesla owners pay unless you pay a monthly membership fee.
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