Neustark - Growth round - equity leg

Terms

Announced

25 Jun 2024

Instrument

Equity

Amount

US$59.1mReported as est. US$59.1m (six sevenths of the US$69m round)Estimate: source-stated US$69m round shared evenly across the seven named providers (no leg amounts are published)

Source

neustark.com

Parties

Project developer

Neustark

Country

Switzerland

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Decarbonization Partners	Lead investor	US$9.86m	Estimated: an even share, 1 of 6
Blume Equity	Investor	US$9.86m	Estimated: an even share, 1 of 6
Holcim	Investor	US$9.86m	Estimated: an even share, 1 of 6
Siemens Financial Services	Investor	US$9.86m	Estimated: an even share, 1 of 6
Verve Ventures	Investor	US$9.86m	Estimated: an even share, 1 of 6
ACE Ventures	Investor	US$9.86m	Estimated: an even share, 1 of 6

Carbon

Pathway

Mineralisation

Backed by offtakes from

• Frontier (coalition)
• Holcim
• UBS

· signed before this financing

What happened

Neustark's US$69m growth round of 25 June 2024 was led on the equity side by Decarbonization Partners, a partnership between BlackRock and Temasek, with new investor Blume Equity and existing investors Holcim, Siemens Financial Services, Verve Ventures and ACE Ventures continuing their support; UBS contributed debt financing (DEBT-036). The proceeds scale Neustark's carbon removal operations in Europe, enter North America and Asia-Pacific and develop new ways to store CO2 in mineral waste, towards removing 1 million tonnes permanently in 2030. The release gives the US$69m total only, so the equity value shown is an estimate (see Notes).

Kumo note

- Equity leg of the US$69m round led by Decarbonization Partners (BlackRock and Temasek); UBS's debt leg is DEBT-036. - The value shown is an estimate that shares the US$69m evenly across the seven named providers; neither leg amount is published.

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