December 13, 2024
This Week in CDR - Week 50, 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.
This week, the festive cheer came in early with two large deals, seeing Boston Consulting Group (BCG), Frontier, and Google purchasing over 340,000 tonnes of CDR! Read on to learn more below!
Read on to learn below!
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Deals and Partnerships
[Image source: Terradot]
Deals
Enhanced weathering company Terradot signed offtake agreements to sell 290,000 tonnes of CDR to Google and Frontier buyers. Google has purchased 200,000 tonnes as part of its agreement with the tonnes are expected to be delivered by the early 2030's, while Frontier will pay $27 million to Terradot to remove 90,000 tonnes of CO₂ from 2025 to 2029.
Boston Consulting Group (BCG) announced the purchases of 50,250 tonnes of CDR, in a deal facilitated by ClimeFi, from its portfolio of suppliers including Andes, Euthenia Energy, Exomad Green, Graphyte, Lithos Carbon, and O.C.O Technology.
Sweden-based impact platform Milkywire secured a $5 million pre-purchase agreement to support the early-stage CDR suppliers, as part of Salesforce’s commitment to purchase $100 million in durable CDR by 2030. Milkywire also announced a call for proposals for durable CDR suppliers as part of its Climate Transformation Fund for 2025. (Disclosure: CDR.fyi Co-founder Robert Höglund leads the Milkywire CDR Fund.)
Event organizer London Marathon Events (LME) signed a deal to purchase 1,935 tonnes of CDR through CUR8, following its previous two purchases. This deal is part of LME’s goal to achieve net zero by the end of 2030.
Partnerships
PyroNam, a subsidiary of project developer PyroCCS, partnered with German non-profit atmosfair gGmbH to set up a new biochar plant in the Nog Verder farm in Namibia that will remove 2,000 tonnes of CO₂e per year.
Carbon credit platform CEEZER partnered with measurement, reporting, and verification (MRV) providers Carbonfuture, Cula, Mangrove Systems, and Kanop to enhance its project monitoring data by covering over 9,000 carbon projects on its platform.
DAC company Climeworks partnered with Thanks a Ton to introduce an offering that includes carbon removal from Climeworks in greeting cards available to individuals and companies.
Projects
[Image source: Spiritus]
Spiritus launched a pilot plant in New Mexico with support from the Nambé Pueblo Development Corporation, a real estate and construction company, to demonstrate and test its direct air capture (DAC) technology.
Opportunities for Suppliers!
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Financing
[Image source: Tencent]
Chinese tech company Tencent launched the CarbonX Program 2.0, offering financial support to early-stage technologies in four key areas, including carbon removal, with pilot projects planned in Kenya.
Terradot announced its official launch along with a financing of $58.2 million, out of which $4.2 million was in the Seed round and a recent $54.2 million as part of its Series A round.
Carbicrete, a Montreal-based carbon removal company that decarbonizes concrete, announced a financing collaboration with Meta that will expand the scale of its low-carbon concrete production technology.
Policy and Research
[Image source:Pexels, Social Soup Social Media]
The Canadian government announced its 2035 climate goals and also announced its commitment to solicit feedback from stakeholders on carbon removal’s role in Canada’s future economic and environmental ambitions.
Cascade Climate announced that its RFP, accepting research proposals that aim to collect high-quality enhanced weathering field datasets on existing deployments, is set to close on December 20.
Season’s greetings with CDR!
This holiday season, buy Thanks a Ton gift cards that include carbon removal from Climeworks or gift a rental of the film Legion 44 and remove CO2 from two methods.
Poll of the week
In our latest poll, given that Q1 - Q3 2024 volumes increased 60% while unique purchasers dropped from 198 to 185 compared to the same period in 2023, we aim to understand what should be a bigger priority for the durable CDR market in 2025:
- Increase in total volume
- Increase in number of purchasers
Click here to participate in the poll and share your thoughts in the comments.
Join over 600 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!
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.