Carbon capture company 1PointFive struck an agreement with Boston Consulting Group (BCG) for the purchase of carbon credits.
Namely, the agreement is for the amount of 21,000 metric tons of carbon removal delivered via means of Direct Air Capture (DAC) technology.
This deal with 1PointFive marks the latest in a series of similar agreements for BCG, as the one of the world’s leading management consulting firms has been supporting engineered carbon removal solutions while also offsetting its own carbon footprint.
The newest purchase agreement of carbon removals is for the period of three years, but it is not the only way in which the two companies are collaborating.
BCG is also providing consulting services for 1PointFive, including the development of business processes that will further advance DAC carbon removal credits.
The carbon removals will be facilitated by 1PointFive’s first industrial-scale DAC plant STRATOS, which is still under construction but expected to become operational in mid-2025.
The plant is designed to capture as much as 500,000 metric tons of carbon dioxide from the atmosphere per year, which would make it the largest DAC facility in the world.
“We are pleased to enter into this strategic agreement with BCG. It builds on our existing partnership and reflects our shared commitment to the climate and the importance of DAC as an industrial-scale, durable, and verifiable carbon removal solution,” said Michael Avery, President and General Manager of 1PointFive.
On BCG’s part, Chief Sustainability Officer David Webb also expressed excitement to be partnering with 1PointFive and further supporting carbon removal via DAC.
“Over the past year, BCG has already supported 1PointFive in designing the required IT architecture needed for the Measurement Reporting and Verification (MRV) of STRATOS,” Webb said.