This Week in CDR - Week 51, 2024

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

As the year heads towards a close, the durable CDR industry had a strong week 51, with Frontier announcing the purchase of over 296,000 tonnes of CDR, Deep Sky securing $40 million in grant funding to scale its operations and direct air capture (DAC) technology, and the DOE announcing a $1.8 billion DAC hubs funding opportunity.

Read on to learn more below!

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Deals and Partnerships

[Image source: Frontier]

Deals

Frontier Buyers signed offtake agreements to purchase 296,378 tonnes of CDR from CO280 and CREW Carbon. Frontier buyers will purchase from CO280 224,500 tonnes of CDR between 2028 and 2030 for $48 million and 71,878 tonnes of CDR between 2025 and 2030 from CREW for $32.1 million.

UK-based insurer Pension Insurance Corporation (PIC) purchased an 800-tonne CDR portfolio of credits, in a deal supported by CUR8, to neutralize its operational emissions.

Management consultancy Arkwright Consulting announced the purchase of carbon removal credits from Norway-based BECCS company Inherit Carbon Solutions, as part of its commitment towards environmental stewardship.

Partnerships

Nippon Yusen Kabushiki Kaisha (NYK) and ENEOS partnered on the sale and purchase of marine fuels, with ENEOS set to procure CDR credits from 1PointFive’s STRATOS DAC plant in Texas, starting operations in 2025.

CDR project developer Skytree acquired ReCarbn, a Dutch startup renowned for its innovative advancements in DAC technology. All three co-founders of ReCarbn will take on leadership roles at Skytree, providing expertise across different functions.

Projects

[Image source: Equatic]

Equatic partnered with design and engineering firm Arup to develop the world’s first large-scale ocean carbon removal facility. Once operational, the plant will remove 100,000 tonnes of CO₂ a year.

Indian enhanced weathering company Mati Carbon announced the expansion of its operations to Tanzania and Zambia, having begun trials with its partner smallholder farms.

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Financing

[Image source: U.S. Department of Energy (DOE)]

The U.S. Department of Energy (DOE)’s Office of Clean Energy Demonstrations (OCED) opened up applications for up to $1.8 billion to DAC technology and project developers with support at various stages on their commercialization path towards the realization of 4 regional DAC hubs.

Canadian project developer Deep Sky secured $40 million in grant funding from Breakthrough Energy Catalyst to accelerate the development of its Deep Sky Alpha (formerly Deep Sky Labs) facility and advance research and testing of its DAC technologies.

Policy and Research

[Image source: Pexels, Lara Jameson]

The CDR community is set to organize a dedicated CDR pavilion at COP30 in Belem, Brazil, aiming to bring discussions on carbon removal at the heart of the conference, while also educating policymakers, companies, and activists on CDR and putting it on the agenda of various countries. The community is also looking to hire a project manager to lead the effort in running the CDR pavilion.

Climeworks announced the launch of its Scientific Advisory Network, a group of 8 leading experts who will support the company in evaluating carbon removal technologies in its portfolio.

Isometric released a new protocol “Open System Ex-Situ Mineralization (OSEM) Protocol” for public consultation, which is also the first for durable CDR in the mining industry.

Taiwanese biochar producer TCHAR received the European Biochar Certificate (EBC), following its guidelines to produce high-quality for climate action. TCHAR aims to generate 1 million tonnes of CDR credits by 2032.

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.

Reports

[Image source:Puro.earth]

• Puro.earth published its latest CDR Offtake Market Report, offering detailed insights into market trends, buyer commitments, and offtake agreements in the carbon removal industry.

CDR.fyi Updates and Research

• 2025 CDR Market Survey

• CDR.fyi launched the 2025 CDR Market Survey in partnership with Sylvera to uncover key trends in market expectations in durable CDR across supply and demand for 2025 and beyond. Summary results will be published on the CDR.fyi blog in January, and survey respondents, Data Partners, and Platform Subscribers will receive a complimentary copy of the full report containing detailed insights.
  

• CDR Data Insights: Advanced Analytics for the Carbon Removal Market
  

• We recently released CDR Data Insights, a new tool exclusive to CDR.fyi Data Partners and Platform Subscribers that provides advanced analytics & insights into the state of the market. The tool allows users to:
  • View long-term trends with cumulative breakdowns of key metrics.
  • Analyze 6-month breakdowns of tonnes delivered, purchased, and transaction volumes - by method.
  • Discover new suppliers and purchasers entering the market and track their activity month by month.
• To learn more about CDR Data Insights, please email us at team@cdr.fyi.

Poll of the week

In our latest poll, we aim to understand how pleased the audience and the CDR community is with the advancement of the durable CDR market in 2024:

• Very pleased
• Somewhat pleased
• Somewhat displeased
• Very displeased

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.