CDR Monthly Recap - March 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.

After a slow February, which saw over 56K tonnes of CDR sold, there was a relatively big surge in March with deals worth over 267k tonnes, with some large agreements that were led by Frontier, Eion, Mitsui O.S.K. Lines, and Captura.

In March, we also released the 2025 CDR Market Survey report with Sylvera, analyzing and presenting the market sentiment for durable CDR solutions for 2025 and beyond.

Policy updates, new projects, partnerships, and large funding opportunities and announcements continue to drive momentum for the industry ahead, along with various events in the field.

Read on to learn more below!

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What is the market sentiment for durable CDR?
Explore findings from the 2025 CDR Market Survey with Sylvera, in which we present the market sentiment and expectations for durable CDR solutions for 2025 and beyond.

Heads Up!

We will be releasing the Q1 2025 Durable CDR Market Update report in a few weeks, the submissions for which are now open.

We request all durable CDR market participants to complete their data submissions via our Portal. In case you haven't started with the Portal, please reach out to us at team@cdr.fyi or use the link here to sign up as a Portal member.

Deals and Partnerships

[Image source: Eion]

Deals

Frontier signed a $33 million offtake agreement to buy 78,707 tonnes of CDR from Eion. The tonnes will be removed between 2027 and 2030, and this is also Frontier's first deal with an enhanced weathering company deploying Olivine to remove CO₂.

Finnish bank Nordea signed a multi-year agreement to buy 68,000 tonnes of CDR from Norwegian BECCS company Inherit. The deal, a first for Nordea, made it the 2nd largest purchaser of durable CDR credits by volume from the banking sector.

Japanese shipping company Mitsui O.S.K. Lines (MOL) purchased 30,000 tonnes of CDR from US-based Direct Ocean Removal (DOR) company Captura. MOL has also joined as a strategic partner and invested in Captura through its venture arm to scale its DOR deployment.

Mizuho Financial Group joined NextGen CDR, an advance market commitment and a joint venture between South Pole and Mitsubishi Corporation, becoming the first Japanese bank to purchase durable CDR credits.

Partnerships

Supercritical expanded its partnership with Exomad Green as the exclusive distributor for 130,000 tonnes of Exomad’s 2025 spot biochar credits, broadening biochar-based CDR solutions to new markets.

Mitsui O.S.K. Lines (MOL) and KEPCO signed an MoU to explore carbon removal initiatives, conducting feasibility and economic research in Africa, Southeast Asia, and beyond to develop CO₂ removal-based carbon credits.

UK-based football team Liverpool FC and 1PointFive partnered to launch merchandise decarbonized using Direct Air Capture (DAC) technology from 1PointFive’s STRATOS facility, allowing fans to support carbon removal through their purchases.

Indian enhanced weathering company Alt Carbon signed an agreement with Mitsubishi Corporation to establish India as a CDR hub, focusing on scaling carbon removal technologies to drive regional climate impact.

Baker Hughes and Frontier Infrastructure partnered to accelerate large-scale carbon capture and storage (CCS) and power solutions in the U.S., with Baker Hughes providing technologies and resources for CCS, power generation, and data center projects.

Spanish airline Volotea and DAC company 280 Earth signed a two-year agreement to develop high-quality carbon credits and explore certified emission reduction projects, marking 280 Earth’s entry into Europe’s carbon removal market.

Amazon launched a service offering CDR credits to companies such as suppliers, business customers, and Climate Pledge signatories that have set net-zero targets covering Scope 1,2 and 3 emissions.

Carbon Removal Canada announced the launch of an interactive dashboard to provide a detailed landscape of Canada’s CDR industry. It is seeking data submissions from market participants and the first iteration of data collection closes on March 31, 2025.

Artio launched a data-driven insurance product for early-stage carbon removal projects, backed by Tokio Marine HCC International, Markel, and Apollo, mitigating risks to accelerate market growth and boost high-integrity CDR credit supply.

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Projects

[Image source: Stockholm Exergi]

Stockholm Exergi passed an investment decision to build one of the world’s largest BECCS facilities for SEK 13 billion (€1.2 billion). The facility will be operational in 2028 and have a capacity to capture and permanently store 800,000 tonnes of CO₂ annually.

Northern Lights JV (Equinor, Shell, TotalEnergies) announced the expansion of its CO₂ transport and storage capacity to 5 million tonnes per year, following an agreement with Stockholm Exergi for 900,000 tonnes of biogenic CO₂ annually.

Skytree, Return Carbon, and EDF Renewables partnered to develop a new 500,000-tonne/year DAC facility in Texas, integrating renewable power and geological storage for cost-competitive carbon removal credits.

Clairity Technology’s Project Juniper in Southern Nevada has become the world’s first integrated DAC and ex-situ mineralization plant, successfully capturing CO₂ and storing it in carbonated material for over 1,000 years.

Energy and chemical company Aramco launched Saudi Arabia’s first DAC testing unit in collaboration with Siemens Energy. The pilot plant is designed to advance DAC technology and remove 12 tonnes of CO₂ annually.

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Financing

[Image source: Spiritus]

DAC company Spiritus announced a $30 million Series A funding round, led by Aramco Ventures and joined by Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures.

Berkeley, US-based direct air capture (DAC) company Capture6 raised $27.5 million in Series A and project funding to scale its freshwater production and carbon removal technology, expanding its impact in the CDR sector. The investment round was led by private equity firm Tetrad Corporation.

The Government of Canada announced a $24 million investment over six years in Solid Carbon, a University of Victoria-led project developing offshore CDR technology to permanently store CO₂ as rock in deep ocean basalt.

Biomass direct storage company Mote raised $7 million in Series A funding. The round was led by Nella Next and Preston-Werner Ventures, while it also saw participation from Counteract and other strategic partners.

Carbon Reform raised $5.5 million in a seed-plus round, with backing from Richard Green, MVP Capital Partners, and Delaware's Seed and Capital Accelerator Program under the State Small Business Credit Initiative.

Direct Ocean Removal company BlueShift secured $2.1 million in pre-seed funding that will help build its pilot facility in Boston. The round saw participation from ConocoPhillips Company, Ridgeline, and the Massachusetts Clean Energy Center (MassCEC).

Brineworks received €1.8 million in grant funding from the European Innovation Council (EIC) Accelerator to scale its Direct Ocean Removal technology, turning seawater into a scalable feedstock for e-fuels and enabling deep decarbonization.

Varaha secured a multi-million USD investment from Conductor Capital to expand CDRl projects across India and Nepal, benefiting more farmers and advancing multi-pathway initiatives in the region.

Greenlyte Carbon Technologies received a multi-million Euro grant from Produktives.NRW to develop DAC-2-e-Methanol, a first-of-a-kind facility in Marl, scaling liquid renewable energy production.

Ucaneo secured funding from Aramco Ventures to develop Germany’s largest DAC facility, accelerating its electrochemical DAC technology and strengthening its role in the carbon removal market.

Subscription-based carbon offset and accounting company Wren announced an investment in Pacific Biochar. Through this investment, it aims to help Pacific Biochar remove 4 times more CO₂ by 2026.

The Institute for Responsible Carbon Removal received grant funding from the Alfred P. Sloan Foundation to advance research on a new approach to community engagement on marine CDR technologies.

Carbon To Sea Initiative and Google have announced that they are funding the Ocean Alkalinity Enhancement Model Intercomparison Project (OAEMIP) to study how location and timing impact OAE’s large-scale carbon removal efficiency through coordinated multi-model studies.

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.

Policy and Research

[Image source: SBTi]

The Science Based Targets initiative (SBTi) released a draft version of the Corporate Net Zero Standard V2 for public consultation, providing options for companies to incorporate CDR to net zero targets, limited to Scope 1 emissions.

The UK government published an independent review of CDR methods covering areas such as scale of deployment, co-products, regulatory framework gaps, and economic cost, amongst others.

The Carbon Data Open Protocol was launched, co-chaired by The Global Carbon Market Utility (GCMU), S&P Global Commodity Insights, RMI, and Sylvera. It brings together 30+ organizations, including CDR.fyi, to standardize carbon market data, enhancing transparency, efficiency, and integrity in emissions reduction and credit verification.

ClimeFi introduced its Analyst Rating, a new product offering CDR project assessment to guide portfolio management, with coverage across areas including carbon quality attributes, delivery probabilities, scalability potential, regulatory evolvement, and alignment with emerging market trends.

Takachar received its first-ever certification by Puro.earth for biochar-based CDR credits from its facility in the US. It also aims to get its India and Kenya-based facilities certified while putting up its credits on the Puro registry.

Biomass direct storage company Graphyte announced that its Loblolly Project was awarded a ‘AA’ rating by BeZero Carbon. It is also the first biomass CDR-based method to be assigned the rating.

Lithos Carbon partnered with Puro.earth to certify its Enhanced Rock Weathering (ERW) credits. Throught the certification, Lithos’ impact will be rigorously validated for durability, measurability, and scalability.

Biosorra became Kenya’s first industrial CDR company to achieve ICROA certification, ensuring its biochar projects meet rigorous standards for durable carbon removal.

Biomass direct storage company Carbon Lockdown's founder, Dr. Ning Zeng, has received a U.S. Patent for wood harvesting and storage, advancing biomass burial as a durable carbon removal solution for permanent CO₂ storage.

Isometric launched Certify, a new tool that streamlines the verification process for CDR suppliers to help them generate credits faster and scale commercialization.

The Institute for Responsible Carbon Removal and the National Wildlife Federation (NWF) launched the Carbon Removal Justice Fellows Program, focusing on environmental justice considerations and concerns in the sector.

Isometric released a new protocol for CDR via River Alkalinity Enhancement (RAE) for public consultation. The protocol, developed with feedback from CarbonRun, details requirements and procedures for carbon removal that occurs via rivers.

Milkywire published a new article urging buyers and registries to adopt improved soil water measurements to advance enhanced weathering CDR accuracy.

(Disclosure: CDR.fyi Co-founder Robert Höglund leads the Milkywire CDR Fund.)

Project developer Deep Sky launched the Climate Dashboard, a real-time platform aggregating key climate metrics like temperature anomalies, CO₂ levels, sea ice extent, sea level rise, and economic disaster impacts.

Absolute Climate and Vesta partnered to co-develop the MRV framework and methodology for Coastal Carbon Capture and apply the Absolute Carbon Standard to marine carbon removal.

Carbon Gap and RMI partnered to develop the next phase of the National Carbon Removal Readiness Assessments—comprehensive reports that help align CDR deployment with an individual country's goals, policies, and available resources.

Reports

[Image source: BCG and AFEN]

Boston Consulting Group (BCG) and Association Française pour les Émissions Négatives (AFEN) released a report on France’s potential in CDR. The report highlights the market potential of up to €50 billion per year in 2050, the creation of nearly 130,000 jobs and other existing assets that make France a key player in the market.

Milkywire released a whitepaper on corporate CDR target setting, providing practical recommendations to complement emission reductions, ensure credible net zero pathways and accelerate the scale-up of CDR. *Disclosure: CDR.fyi Co-founder Robert Höglund is Manager of the Milkywire Climate Transformation Fund

Carbonfuture released a guide for CDR suppliers covering funding options, investor pitching, policy opportunities, and case studies, offering strategies to finance and scale carbon removal projects.

Supercritical released a report exploring how multi-year biochar offtake agreements are shaping supply, pricing and scale in the CDR market.

XPRIZE released the “Circular Carbon Market Report” analyzing investment and growth trends of the circular carbon industry in 2024, with carbon removal as one of the key sections in it.

The Enhanced Weathering Policy Working Group, led by Carbon Removal Alliance and Cascade Climate, released “Research Priorities for Enhanced Weathering”, highlighting U.S. programs that can advance scientific understanding of the environmental, health, and agronomic impacts of enhanced weathering implementation.

Arca published a whitepaper with The Climate Agency and Will MacNamara, former Financial Times correspondent, outlining how mine waste can remove CO₂ from the atmosphere at scale, while representing a $100 billion revenue stream for the mining industry.

Leaderboard Updates - March 2025

Over 267,000 tonnes of CDR were purchased in March, almost a 4.8X jump from 56,000 tonnes in February.

Listed below are the March leaderboards for top suppliers and purchasers:

Supplier Leaderboard

Purchaser Leaderboard

Events Round-up - March 2025

[Image source: Carbonfuture]

CDR.fyi Co-founder Robert Höglund was part of a Carbonfuture webinar on the CDR market outlook for 2025 and 2026 featuring leaders from XPRIZE, World Economic Forum, and Climate Principles.

CDR.fyi Co-founder and CEO Alexander Rink was part of a webinar hosted by Wil Burns, Co-Director, Institute for Responsible Carbon Removal, discussing CDR.fyi's 2024 Year in Review and the current state of the CDR market.

CDR.fyi co-hosted a joint information session webinar with Tencent on the CarbonX Program 2.0, which is offering millions in grant funding to technology-based CDR solutions that can achieve significant cost reductions by 2030.

CDR.fyi co-hosted a webinar with OPIS discussing the findings from the Durable CDR Pricing Survey featuring a panel of experts from Exomad Green, Frontier, and Heirloom.

Isometric held a webinar discussing the updated draft of the SBTi Corporate Net Zero Standard and its implications on corporate climate strategies and demand for durable CDR. Experts from Carbon Gap, Isometric, and Salesforce were part of the panel discussion on the topic.

Airminers hosted a webinar featuring Grant Faber on the diligence of carbon removal startups when purchasing credits. It is also starting its new cohort of the Airminers Buyers Academy for corporate sustainability professionals who want to buy CDR for neutralizing Scope 1, 2, or 3 carbon emissions.

Check out the CDR Events Calendar to stay updated with upcoming CDR events in April and beyond.

CDR.fyi Updates and Research

In Net Zero Standards We Trust - 2025 CDR Market Survey

Our biggest release in March was the 2025 CDR Market Survey report with Sylvera, presenting and analyzing our survey findings to gauge market sentiment and expectations for durable CDR solutions. Guidance on CDR from standard setters is cited as the top factor in scaling the CDR market, while other findings across portfolios, market growth, pricing, and business cases for durable CDR are also cited.

A full version of this Market Survey report, including charts for all questions, is now available to survey respondents and CDR.fyi Premium account holders.

Stay connected

We'd love to hear from you! Reach out to us anytime with suggestions or comments at team@cdr.fyi

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.

Join over 800 companies and sign up for free access to the CDR.fyi Portal to gain market insights, showcase your company’s profile and progress, and get on the CDR Map!