February 04, 2025
CDR Monthly Recap - January 2025
We are back with another edition of the CDR Monthly Recap, a monthly round-up of some of the top news, developments, and market updates from the world of durable carbon removal.
January was a big month for durable CDR announcements, with deals worth over 467,000 tonnes led by companies such as Google, Zurich Insurance, SkiesFifty, Varaha, Charm industrial,, Gigablue and Nellie Technolgies. 400,000 tonnes of that total were from deals signed in 2024, meaning January is off to a slow start for 2025.
CDR.fyi released the findings from the Durable CDR Pricing Survey, conducted in partnership with OPIS, a Dow Jones Company.
Other developments such as policy updates, large funding rounds, new projects, and partnerships continue to drive momentum for the industry ahead, along with a host of events in the field.
Read on to learn more below!
Pricing Mismatch in Durable CDR
Explore insights from the Durable CDR Pricing Survey, conducted in partnership with OPIS, to help market participants better understand pricing expectations for durable CDR credits.
Deals and Partnerships
[Image source: Gigablue]
Deals
Marine carbon dioxide removal (mCDR) company Gigablue announced the sale of 200,000 tonnes of CDR to sustainable aviation firm SkiesFifty, in what is the largest mCDR deal recorded to date. The tonnes will be delivered over a period of 4 years.
Google announced offtake agreements to purchase 100,000 tonnes each from US-based Charm Industrial and Indian carbon project developer Varaha, marking its first foray into biochar carbon removal.
Swiss financial group Zurich Insurance signed a 5-year offtake agreement to purchase 17,500 tonnes of CDR from Welsh company Nellie Technologies. The tonnes were verified under Puro.earth.
Shopify announced deals with Applied Carbon, BIOSORRA, MASH Makes, Mati, Planboo, and Planetary to wrap up its CDR purchases for 2024.
Norwegian investment fund Farvatn announced the purchase of CDR credits from Inherit Carbon Solutions, which captures and removes CO₂ from biomethane production. The pricing and volume were not disclosed.
Germany and Brazil-based InPlanet delivered 235.53 tonnes of CDR to Adyen, marking the first independently verified Enhanced Weathering credits. The deal was facilitated by ClimeFi and the credits were verified by Isometric.
Indian enhanced weathering company Mati Carbon announced the delivery of 420 tonnes of CDR to Frontier Buyers marking the largest delivery of durable CDR credits by a supplier from the Global South.
With an aim to compensate for its emissions, Japanese shipping company NYK Group launched its CDR procurement strategy, starting with plans to purchase 100,000 tonnes by 2030.
Partnerships
Carbon Direct and Sumitomo Corporation partnered to develop a portfolio of over 500,000 tonnes per year of durable CDR projects, including BECCS, BiCRS, and DACCS, for Japanese and global markets.
Copenhagen Infrastructure Partners partnered with Vestforbrænding to develop, build, and operate a BECCS facility in Glostrup, Denmark. The project aims to capture approximately 500,000 tonnes of CO₂ annually.
ClimeFi, in partnership with Stockholm Exergi, launched the “Beyonds Emissions Initiative” aimed at allowing buyers to access durable carbon removal credits from BECCS at a preferential price and with unique risk mitigation attributes.
CDR company RepAir Carbon Capture signed a commercial agreement of up to $3 million with Shell and Mitsubishi Corporation to deliver its technology to the Pelican DAC Hub Project in Louisiana, US.
Building upon its partnership with Carbon Standards International, MRV provider Mangrove Systems was endorsed as the first dMRV Provider for the Global Biochar C-Sink standard.
CDR registry Puro.earth launched MyPuro API and RegistryAPI to streamline CDR credit trading, offering access and control over CORC (CO₂ Removal Certificate) management and trading on its platform.
Carbon credit management and investment firm Rubicon Carbon partnered with Enhanced Weathering company Terradot to purchase CDR credits for its clients through its diversified portfolios - Rubicon Carbon Tonnes®.
In partnership with UNDO Carbon, computer hardware manufacturer Raspberry Pi has launched Raspberry Pi Carbon Removal Credits, allowing customers to add $4 to support the removal of 6.5kg of CO₂ with each purchase.
Carbon capture and removal company Svante partnered with Speed Skating Canada to launch the “Save the Ice” campaign in Calgary to raise climate awareness. For every video share, Svante will remove 0.5 kg of CO₂ from the atmosphere via Deep Sky.
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Projects
[Image source: Winsome Resources]
Lithium developer Winsome Resources partnered with Isometric, Arca, Exterra, and Aquarry to develop a large-scale CDR hub at Renard, Canada - the world’s first dual-purpose hub for lithium production and carbon management.
Indo-Danish CDR company MASH Makes announced the expansion of its plant in Udupi, India, allowing it to double its capacity to produce 14,000 tonnes of biochar as well as 7,000 tonnes of biofuel annually.
UK-based renewable energy company Low Carbon signed a 10-year Power Purchase Agreement (PPA) with Canadian CDR project developer Deep Sky. The agreement will supply 10 GWh annually to power Deep Sky’s Alberta facility, Deep Sky Alpha, ensuring 100% renewable energy for its operations.
Financing
[Image source: Stockholm Exergi]
Stockholm Exergi secured over $1.8 billion (20 billion SEK) in Sweden’s BECCS reverse auction to advance its Stockholm facility, set to become Europe’s largest biogenic carbon capture and storage site.
US renewable energy company Origis Energy secured a $415 million funding package for its 145 MW solar project that will provide power for 1PointFive’s STRATOS DAC facility in Ector County, Texas.
Carbon ratings agency BeZero Carbon closed a Series C funding round of $32 million, led by investment firm GenZero. The round also saw participation from Japan Airlines, Translink Innovation Fund, and EDF Pulse Ventures, amongst others.
UK-based CDR company Origen raised $13 million in its Series A round to scale its limestone-based DAC technology. The round, led by Barclays Climate Ventures, also saw participation from Shell Ventures, Exascale Fund, Elemental Impact, and Hatch.
Svante was selected by the U.S. Department of Energy to negotiate a cost-sharing agreement of up to $1.5 million for its Preliminary Front End Engineering Design (Pre-FEED) study on a commercial-scale carbon capture project based in Arkansas, US.
Stuttgart-based ZeroEx was awarded a grant from the Climate Intervention Environmental Impact Fund to deepen its understanding of the environmental impact of Enhanced Weathering in Western Germany.
The Swiss Federal Office of Energy (BFE) announced a funding call for 100 million Swiss francs for CDR, CCS, and storage projects under the new Climate and Innovation Act (KIG). The pre-proposal deadline for projects to apply is April 25, 2025.
The Africa Carbon Removal Accelerator (ACRA) was recently launched by sus.lab | ETH, Net Zero Lab, Strathmore University, Nuvoni Centre for Innovation Research, and remove, to support CDR startups in sub-Saharan Africa.
Policy and Research
[Image source: Pexels, Social Soup Social Media]
The Canadian government launched the Direct Air Carbon Dioxide Capture and Geological Storage (DACCS) offset protocol, allowing CDR projects to earn federal offset credits tradable under the Greenhouse Gas Offset Credit System Regulations to support carbon removal efforts.
A new bill “Removing and Sequestering Carbon Unleashed in the Environment and Oceans Act (ReSCUE Oceans Act)” was recently presented by a group of US Congress members to accelerate the research and development of mCDR in the United States.
CDR crediting platform Puro.earth launched a new methodology for public review, which focuses on depositing sustainable biomass into permanently oxygen-depleted (anoxic) ocean basins where natural seafloor conditions allow for durable CO₂ storage.
Ocean non-profit program Carbon to Sea Initiative released the draft guidelines on Ocean Alkalinity Enhancement data management for public review, developed with the National Oceanic & Atmospheric Administration (NOAA) and Submarine Scientific.
US-based Aquatic Labs unveiled the first commercial sensor capable of autonomously measuring Total Alkalinity in seawater in real-time, with climate-scale precision and no consumable reagents.
Biochar technology company CapChar introduced a UK-focused Biochar Carbon Code, the first in the market designed to match an end-to-end solution for biochar developers
Puro.earth launched the Direct Air Capture and Ocean Storage (DACOS) methodology, developed with Equatic, for public consultation. This approach leverages the ocean’s natural CO₂ uptake in a controlled, reactor-based setting.
Carbon Drawdown Initiative released findings from their 4-year-long Enhanced Weathering experiment, revealing varied carbon removal results across soil-rock combinations, with steel slag as the most effective, achieving CDR rates of up to 2.8 tCO₂ per hectare per year.
Industry association Carbon Removal India Alliance (CRIA) partnered with the Council on Energy, Environment and Water (CEEW), a climate think tank, to advance research and policy in CDR and sustainability in India.
Reports
[Image source: U.S. Department of Energy]
The U.S. Department of Energy (DOE) released a report analyzing DAC technologies, required deployment levels, DOE support, and a comprehensive list of companies working on it. The DOE also published a new draft report highlighting future research and deployment needs for CDR, assessing current and emerging approaches, and providing insights into potential advancements.
Carbon Dioxide Removal Mission published a report reviewing the current state of national CDR policies and their development in measurement (monitoring), reporting, and verification (MRV) methodologies across the spectrum of technologies.
Rhodium Group published a report exploring economic opportunities that could be introduced by scaling durable CDR in the US. One of the findings suggests that the sector could generate up to 130,000 jobs a year in the US.
Carbon Direct released a report offering evidence-based guidance for biomass-based CDR offtake agreements, emphasizing sustainable sourcing to mitigate risks and align with global climate goals.
Leaderboard Updates - January 2025
Over 67,000 tonnes of CDR were purchased in January, while nearly 747,000 tonnes were sold in December. Please note, that while 3 more deals worth 400,000 tonnes were announced in January (including Google’s deals worth 200,000 tonnes with Varaha and Charm Industrial and the largest mCDR deal involving Gigablue and SkiesFifty), they were contracted in December 2024.
Listed below are the January leaderboards for top suppliers and purchasers:
Supplier Leaderboard
Purchaser Leaderboard
Events Round-up - January 2025
[Image source: Carbonfuture]
Carbonfuture hosted a webinar on project financing for CDR suppliers, featuring a panel of leaders from organizations such as Phoenix Energy, Macquarie Group, Barclays, and Terra Natural Capital.
Patch held a webinar featuring Randy Spock, Carbon Credits and Removals Lead at Google, gave an inside look at how one of the largest buyers in the market handled its carbon program from strategy to execution. He offered practical advice on achieving significant impact with available resources.
Carbon Dioxide Removal Mission hosted a webinar featuring leading experts discussing the current MRV landscape and the various developments surrounding the carbon removal industry across countries.
The Institute for Responsible Carbon Removal conducted a webinar exploring the results of a joint report by Clean Air Task Force and CONCITO examining best practices for integrating permanent carbon removal into the EU Emissions Trading System (EU ETS).
Check out the CDR Events Calendar to stay updated with upcoming CDR events in October and beyond.
CDR.fyi Updates and Research
- New Survey Shows Pricing Gap in Durable CDR: Insights from the CDR.fyi/OPIS Pricing Survey
We released the findings from the Durable CDR Pricing Survey, conducted in partnership with OPIS, a Dow Jones Company, to increase transparency in pricing and support the industry’s growth by gathering data on acceptable price ranges, optimal price points, and market dynamics.
The findings, which reveal a gap in price perception between durable CDR purchasers and suppliers, have been compiled into a comprehensive report, offering detailed insights.
Read more in the blog post and sign up to access the full report.
- Custom Insights from CDR.fyi
We released Custom Reports, a new offering introducing custom reports for those in need of tailored, in-depth analysis and insights about the durable CDR market.
Through the new offering, we bring together information points from our different databases together with our custom insights to help you make informed decisions.
Custom Reports includes data coverage such as:
- Specific data on durable CDR transactions
- Custom insights and analysis based on our surveys
- Equity investment insights
- Quick turnaround for your needs
To get a quote, send an email detailing your request to team@cdr.fyi to get started.
Premium portal users can use the CDR.fyi portal data to draw their own insights based on transaction data.
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Disclosure
CDR.fyi is a public benefit corporation operating globally. The company has numerous contributors, some of whom have affiliations with companies in the industry, including Milkywire, Charm Industrial, CDRJobs, and DVNE. Data and content published by CDR.fyi, including This Week in CDR, this Monthly Update, and our Quarterly Market Updates, are vetted and reviewed by CDR.fyi representatives with no conflict of interest.
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