Welcome to CDR Currents, your guide navigating the dynamic currents of Carbon Dioxide Removal (CDR) trends. Here to provide you with the most recent developments in the CDR environment.
What’s driving the CDR market this week
- Frontier, an Advance Market Commitment to purchase CDRs, has partnered with 280 Earth, a direct air capture technology developer, on a $40 million investment to secure 61,500 tons of DAC-based CDRs between 2024 and 2030.
- CO2RE, led by the University of Oxford’s Smith School of Enterprise and Environment, has released its recommendations on Greenhouse Gas Removals (GGRs) for the UK Government. The recommendations lay out pathways for the UK’s GGR strategy to increase public engagement, establish the UK as a leader in climate and sustainability, and create a favorable environment for scaling up removals to inspire investor confidence.
- The Australian Government has selected seven projects to receive $65 million in funding for Carbon Dioxide Removal (CDR) and Carbon Capture Utilization (CCU) initiatives, including Direct Air Capture (DAC) and sustainable building materials.
- Delivering Greenhouse Gas Removal in the UK: Priorities for the Government (18.07.24) CO2RE’s, a UKRI-funded gateway to research expertise on Greenhouse Gas Removal (GGR), policy briefing for the UK Government includes four key recommendations:
- Carbon Capture Technologies Program Grant Recipients Announced (23.07.24) The Australian Government is investing $65 million in seven projects under the Carbon Capture Technologies Program, including Calix Ltd, MCi Carbon Pty Ltd, Airthena Technology Development Company Pty Ltd, Novalith Technologies Pty Ltd, Pilot Energy Limited, KC8 Capture Technologies Ltd, and the University of Melbourne.
- Carbon Direct and Microsoft Unveil 2024 Standards for Top-Tier Carbon Removal Solutions (12.07.24) Carbon Direct and Microsoft have released the latest edition of their “High-Quality Carbon Dioxide Removal Criteria.”
- IRS Releases Guidance on Claiming Carbon Sequestration Credits Under the Inflation Reduction Act (25.07.24) The IRS has provided guidance for taxpayers on claiming credits for the capture, removal, or use of CO2, including data requirements and Life Cycle Assessment (LCA) standards.
- 4 Corners Carbon Coalition Awards $335K to Carbon Removal Projects (18.07.24) The 4 Corners Carbon Coalition, comprising cities and counties from New Mexico, Colorado, Arizona, and Utah, has allocated $335,000 to four CDR projects.
- Futuristic BioChar Collaborates with R.E.D. Industrial Products (11.07.24) Futuristic BioChar Concepts LLC has teamed up with R.E.D Industrial Products to deliver thousands of tons of biochar to US crop farmers.
- 44.01 Secures $37M in Series A Funding (16.07.24) 44.01 has raised $37 million in a Series A round led by Equinor Ventures and Sharooq Partners to advance its mineralization technology.
- Biochar Now and AgriCap Group Launch Insured Biochar Carbon Credits (12.07.24) Biochar Now has partnered with AgriCap Group to offer insured biochar CDRs through the "Insured Carbon" program, supported by custom-structured insurance from AXA.
- BluSky Carbon Lists on Frankfurt Exchange (19.07.24) BluSky has listed on the Frankfurt Stock Exchange under the ticker symbol “QE4” to enhance market visibility and engagement.
- Bio-Logical Raises $1.3M for Carbon Removal and Kenyan Farmers (16.07.24) Bio-Logical has raised $1.3 million to expand its biochar operations and support smallholder farmers in Kenya.
- Green Valley Biochar and Bton Group Partner for Sustainable Concrete in the GCC (15.07.24) Green Valley Biochar has partnered with Bton Group to integrate biochar into concrete production in the Gulf Cooperation Council (GCC) region without compromising the material’s integrity.
- BlueGreen Water Technologies Raises Millions in Series B Funding (20.07.24) BlueGreen Water Technologies raised a Series B round led by TAU Capital, with support from OurCrowd, to scale up water-based CO2 removal technologies.
- Pilot Project Launched in Spain by Carbon Neutral Initiative (16.07.24) The Carbon Neutral Initiative has launched its first enhanced weathering pilot scheme in Spain.
- Phlair Unveils New Direct Air Capture Plant In Rotterdam. [19.07.24]. DAC company Phlair has unveiled its new plant, Electra 01, scheduled to begin operations in 2025.
- CarbonBlue Closes $10 Million Seed Round For Water-based CO2 Removal. [22.07.24]. CarbonBlue has raised a $10 million seed round, which will support its growth and collaborations in the industry, and also be used to mature its technology and applications.
- Air Liquide innovative CO2 liquefaction technology selected by Stockholm Exergi for a world-scale carbon capture and storage project. [17.07.24]. Stockholm Exergi has selected Air Liquide’s Cryocap™ LQ technology for its large-scale BECCS project. This technology can be used to transport CO2 over large distances to storage sites.
- Vesta Completes Deployment of First U.S. Standalone Ocean Carbon Dioxide Removal Pilot. [17.07.24]. Vesta has placed 8,200 metric tons of olivine sand off the coast of Duck, North Carolina. Vesta estimates that the small-scale pilot project will remove around 5,000 metric tons of CO2 after accounting for project emissions.
- Summit Carbon Solutions Selects Mangrove Nexus for Digital MRV. [23.07.24]. Summit Carbon Solutions has selected Mangrove System’s Mangrove Nexus solution as its carbon system of record, supporting the dMRV of Summit’s BiCRS project.
- Frontier Buys $40M In Carbon Removals From 280 Earth. [12.07.24]. Frontier has partnered with 280 Earth, to invest $40 million in DAC CDRs.
- Zürcher Kantonalbank And Climeworks Take Partnership Further With New Deal. [19.07.24]. Climeworks has partnered with Zürcher Kantonalbank with a contract for 1,750 tons of CDRs.
- Skytree Unveils Stratus Hub For Advanced CO2 Removal. [23.07.24]. Skytree has introduced Stratus Hub, with a modular design that can be deployed across varied applications, including geological sequestration.
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