This Week in CDR - Week 46, 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 Microsoft and Royal Bank of Canada (RBC) purchasing 10,000 tonnes of CDR from Deep Sky, to Vaulteed Deep’s $32.3 million Series A round, this has been yet another eventful week in CDR.

Read on to learn more below!

Opportunities for Suppliers!
Help shape CDR.fyi! Email us at partners@cdr.fyi to provide feedback on CDR.fyi's new Supplier pages and pricing tables.
If you are a Supplier based in California and are open to virtual or in-person tours with policymakers, please email us at team@cdr.fyi.

Deals and Partnerships

Image source: Deep Sky

Microsoft and Royal Bank of Canada (RBC) purchased 10,000 tonnes of CDR from Canadian project developer Deep Sky. The tonnes will be delivered from the Deep Sky Labs facility, the world’s first CDR innovation and commercialization center.

ClimeFi (formerly CarbonX) and XPRIZE launched the Global 1000 CDR Challenge, an initiative calling on 1,000 companies to each commit to purchasing 1,000 tonnes of durable CDR in 2025.UK-based automotive platform Auto Trader partnered with enhanced weathering company UNDO to spread 1,839 tonnes of basalt rock on UK farmland, permanently removing around 340 tonnes of CO₂.

Want to know more about durable CDR? Join over 500 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!

Financing

Image source: Vaulted Deep

Biomass direct storage company Vaulted Deep raised $32.3 million in Series A funding. The investment round was led by Prelude Ventures and also saw participation from Lowercarbon Capital, Earthshot Ventures, and WovenEarth Ventures.

Projects

Image source: Neustark

Swiss carbon removal provider Neustark, along with utility company SIG, launched the first CO₂ source site in French-speaking Switzerland, capturing up to 1,500 tonnes of biogenic CO₂ annually for permanent storage with local construction recyclers.

Get on the CDR Map!

It’s easy to add and update your locations with your free CDR.fyi Portal account. Read the blog post on our website or email us at team@cdr.fyi to learn more.

Policy and Research

Image source: Octavia Carbon

Kenya-based DAC company Octavia Carbon received an 'Ae' carbon credit rating from BeZero Carbon along with a standalone ‘AAA’ rating. This is BeZero's first public ex-ante rating for Direct Air Carbon Capture and Storage (DACCS).

CDR investment firm Counteract has published their perspective on the various challenges surrounding ocean-based carbon removal and the firm’s investment approach towards mCDR companies.

The Wall Street Journal published a new piece giving an outline of various carbon removal methods along with their pros and cons, according to climate and investing experts.

Reports

Image source: NOAA

The White House Office of Science and Technology Policy and National Oceanic and Atmospheric Administration (NOAA) released a national marine carbon dioxide removal (mCDR) research strategy outlining how the U.S. government can accelerate mCDR research in a way that is safe and effective and will help to determine if the emerging approaches are viable climate solutions.

Carbon Unbound published “CDR Wrap-Up: Europe 2024” recapping Carbon Unbound Europe that was held in September. It highlights areas such as the need for growth financing in CDR, trends from the Global South and the need for buyer engagement.

CDR.fyi Updates and Research

We recently re-launched the CDR.fyi Durable CDR Pricing Survey with OPIS, a DOW Jones company, to help market participants understand pricing expectations for durable CDR credits. The survey is open until December 6 and purchasers and suppliers completing the survey will receive a full report with detailed findings, while summary results will be posted on the CDR.fyi blog in January. Market intermediaries such as Marketplaces, Brokers, and Resellers are encouraged to complete both surveys.

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.

Join over 500 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!