Charm Industrial, a carbon removal company, has secured a $53m contract to remove carbon dioxide from the atmosphere.
The offtake agreement was facilitated by Frontier, a public service company backed by leading companies that aim to spend $1bn on carbon removal.
Under the agreement, Charm, a US-based company, will remove 112,000 tons of CO₂ between 2024 and 2030 on behalf of Frontier’s members.
Alphabet, Autodesk, H&M Group, McKinsey Sustainability, Meta, Shopify, Stripe, and Workday are among the members.
Aledade, Boom Canva, SKIMS, Supersonic, Wise, and Zendesk have also agreed to buy carbon removal with Frontier via cooperation with the carbon accounting company Watershed
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Set up in 2018, Charm is among the early carbon removal startups that have effectively achieved permanent underground carbon dioxide storage.
Through pyrolysis, Charm converts waste biomass such as leftovers from agricultural harvests or forest fire management, into bio-oil and injects it deep underground for permanent storage.
Charm Industrial Co-founder and CEO Peter Reinhardt said: “An offtake, especially one of this size, lets us move meaningfully faster than we would otherwise be able to, accelerating essentially all aspects of our technology and operations.
“Frontier has been an incredibly rigorous buyer, testing and pushing our limits across science, operations, engineering, finance, and our future cost curves. We are thrilled to have their confidence in our progression toward removing billions of tons of carbon from the atmosphere.”
Frontier head Nan Ransohoff said: “In just three years, Charm Industrial has gone from concept to permanently removing thousands of tons of CO₂.
“They have charted a feasible path to high-volume, low-cost carbon removal, and set the bar for executing with speed and rigour.”
Earlier this week, the US government announced a $251m investment to expand carbon capture and storage infrastructure in the country.
