This Week in CDR - Week 49, 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.

As the holiday season comes closer, this week saw a large CDR deal with NextGen CDR buying 36,000 tonnes of CDR from Exomad Green, while Heirloom raised $150 million with major players in aviation, shipping, and manufacturing joining the round.

Read on to learn more below!

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Deals and Partnerships

[Image source: Exomad Green]

Deals

Advance market commitment NextGen CDR signed a multi-year offtake agreement with Bolivia-based biochar producer Exomad Green for 36,000 tonnes of CDR. The deal was supported by Carbonfuture’s digital MRV system to ensure transparency and accountability. Exomad Green also announced the expansion of its Concepción Biochar Production Facility, allowing it to double its CO₂ removal capacity from 60,000 tonnes to 120,000 tonnes annually by 2025.

Partnerships

Direct air capture (DAC) company Climeworks partnered with research institute King Abdullah Petroleum Studies and Research Center (KAPSARC) to assess DAC feasibility, integrate renewable energy, and advance CO₂ storage, supporting Saudi Arabia's sustainability goals.

Isometric partnered with seven leading digital MRV providers, including Mangrove Systems, Carbonfuture, and Cula, to deliver real-time data for carbon removal. Their users can now issue high-quality credits monthly via Isometric’s certification platform.

Absolute Climate launched the Absolute Carbon Standard, the first independent standard for assessing carbon credit quality, announcing a first registry partnership with C-Capsule, the carbon removal certification service provided by Evident, the leading registry provider certifying renewable energy and clean assets.

Climate tech company BluSky Carbon partnered with Lympha Inc., a project financing and advisory firm, to collaborate on monetizing CDR credits generated from BluSky's biochar facilities, with Lympha looking to assist in supporting the financing needs.

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Financing

[Image source: Heirloom]

DAC company Heirloom raised $150 million in its Series B round co-led by Future Positive and Lowercarbon Capital, while Japan Airlines, Mitsubishi Corporation, Mitsui & Co., MOL Switch LLC, Quantum Innovation Fund, and Siemens Financial Services also participated in the round.

Enhanced weathering (EW) startup Everest Carbon announced its launch, unveiling the first-ever commercial EW sensor along with a $3 million seed round fundraise, led by Carbon Removal Partners.

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Policy and Research

[Image source: Puro.earth]

Puro.earth released a CDR policy meta-map highlighting the progress made by governments, international organizations, and voluntary rule-setters in defining net-zero emissions, thereby creating demand for durable carbon removal.

Reports

[Image source: US DOE]

The U.S. Department of Energy (DOE) released a report evaluating opportunities to enhance CDR's economic viability by directing R&D efforts toward impactful cost-reduction innovations.

Clean Air Task Force and CONCITO published a report examining best practices for integrating permanent carbon removal into the EU Emissions Trading System (EU ETS) and identifying potential risks to address

Poll of the week

In our latest poll, we aim to understand how effective a legislation such as the Carbon Dioxide Removal Investment Act, that was recently introduced in the U.S. Senate, be in affecting durable CDR activity.

- Extremely effective

- Very effective

- Somewhat effective

- Not effective

Click here to participate in the poll and share your thoughts in the comments.

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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.