This Week in CDR - Week 45, 2024

We are back with another edition of This Week in CDR, a weekly round-up of some of the top news, developments, and market updates from the world of durable carbon removal.

From the DOE awarding $10 million to develop MRV for CDR methods in concrete, to the launch of a new biochar facility in Bolivia, this has been yet another eventful week in CDR.

Read on to learn more below!

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Deals and Partnerships

Image source: Varaha

Carbon investment manager Artemeter has purchased first-of-a-kind industrial biochar-based CDR credits from Varaha, an Indian multi-asset carbon developer. Artemeter is also an investor in Varaha $8.7 million Series A round in December 2023.

Switzerland-based Neustark has announced a partnership with Aggregate Industries, a UK-based building materials supplier to introduce a new technology that permanently removes carbon from the atmosphere and locks it into recycled concrete.

Financing

Image source: US DOE

The U.S. Department of Energy (DOE) awarded $10 million in grant funding to the National Renewable Energy Laboratory (NREL), Oak Ridge National Laboratory (ORNL), and Lawrence Livermore National Laboratory (LLNL) to collaborate with Prometheus Materials – and a team of partner institutions – to establish methods for measuring, reporting and verifying carbon dioxide removal and sequestration in cement and concrete.

Dutch Direct Ocean Removal startup SeaO2 has raised over €2 million in seed funding. The investment round saw participation from DOEN Participaties B.V NEW-TTT fund, Future Tech Ventures, CarbonFix, and several other (angel) investors.

Projects

Image source: Exomad Green

Biochar producer Exomad Green has announced the launch of its new biochar facility in Riberalta, Bolivia. The facility is projected to sequester 60,000 tonnes of CO₂ annually, with plans to expand to 120,000 tonnes by 2025.

Omani climate tech company 44.01 and UAE-based oil company Abu Dhabi National Oil Company (ADNOC) have announced plans to scale-up mineralization in the Emirate of Fujairah. After a successful pilot, which saw it successfully convert 10 tonnes of carbon dioxide into rock within 100 days, the first phase of the scale-up will inject more than 300 tonnes of CO₂.

Scotland-based BECCS company The Carbon Removers (formerly Carbon Capture Scotland) has announced its expansion into Denmark to provide advanced carbon removal services. Starting in 2026, the company will capture and store 4,650 tonnes of biogenic CO₂ annually through to 2032.

Climate Vault has announced an RFP (Request for Proposals) round for its Carbon Dioxide Removal Innovation Award, a program that helps stimulate the growth and development of impactful CDR solutions.

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Policy and Research

Image source: Carbon Gap

Carbon Gap released a CDR Research Gaps Database to offer an overview of existing research gaps in the field. The goal of the database is to support policymakers, researchers, funders and wider CDR ecosystem actors in making informed decisions regarding CDR funding.

Reports

Image source: Carbon Direct

Carbon Direct has published the 2024 State of the Voluntary Carbon Market report, highlighting key trends from the durable CDR market such as the prominence of pre-purchases and offtakes in deals, and the concentration of few buyers in the market. It also points towards the need for project financing to scale durable CDR in the future.

The World Business Council for Sustainable Development (WBCSD) has published a new report “Carbon Dioxide Removal and the Journey to Net Zero – A Call to Action for Business” urging businesses across the world to develop a CDR strategy to meet their sustainability goals.

Climate non-profits Bellona Europa and Carbon Market Watch have published the “Carbon Negative Handbook” - exploring key concepts, advantages and disadvantages, feasibility and deployment potential of CDR.

Disclosure

CDR.fyi is a public benefit corporation operating globally. Some of the company’s contributors 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, our Monthly Recaps, and our Quarterly Market Updates, are vetted and reviewed by individuals with no conflict of interest.

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