CarbonCure enters 10-year, $30M carbon credit purchase agreement

Sources: Invert Inc., Calgary; CarbonCure Technologies, Halifax, N.S.; CP staff

CarbonCure Technologies has signed a pioneering carbon credit purchase agreement underpinned by its process of mineralizing and storing carbon dioxide in ready mixed or manufactured concrete. Valued at $30 million over a 10-year window, it entails majority and minority funding partners, Invert Inc. of Calgary and Ripple Inc. of Ottawa, providing up front capital in exchange for hundreds of thousands of credits for verifiable CO2storage. CarbonCure measures and tracks CO2from the point of capture to mineralization, allowing credit buyers to trace precise deployment dates and points of the CO2they pay to store.

Invert is a specialized greenhouse gas emissions reduction and offsetting service provider, Ripple a developer of blockchain solutions expediting financial transactions. Billed as the largest to date in durable, verifiable CO2mineralization and storage, their investment will facilitate expanded CarbonCure research and development; rapid scaling of its existing patented technologies across new sites and geographies; and, significant reduction and removal of greenhouse gases from the atmosphere. Carbon credits will emanate from the company’s CO2injection and mineralization equipment installations in North American and overseas concrete plants.

The CarbonCure partnership, says Invert Chairman Mark Zekulin, “Is an investment to catalyze positive change and remove significant amounts of greenhouse gases from the atmosphere. We recognize that long-term removals are critical to achieving the world’s net-zero objectives, and Invert is focused on investing meaningfully to support developers and technologies in this space. Concrete offers massive global capacity and an immediate opportunity for permanent storage of captured carbon dioxide to meet the world’s climate goals. CarbonCure is uniquely positioned to tap into that capacity with its rapid scale around the world and innovative portfolio of technologies operating now.”

“This investment will accelerate our active scaling and help us achieve our mission to reach 500 million metric tons of annual CO2reduction and removal by 2030—equivalent to removing 100 million cars from the road each year,” adds CarbonCure Founder and CEO Robert Niven.

Related articles

CarbonCure Technologies: NRG Cosia Carbon Xprize winner

CarbonCure solidifies ties to Amazon and Microsoft founders, climate funds

Shopify steps up to CarbonBuilt carbon removal credit counter