Agricultural carbon removal technology company Eion announced on Dec. 15 it has raised over $12 million in Series A funding. The round was led by AgFunder and Ridgeline, and included several other climate, ag tech, financial, and impact investors, as well as upstream mineral supplier Sibelco.
Eion will use the funds to continue to build out its distribution partnerships and make its proprietary CarbonLock™ more available. The patented technology is a nature-based soil amendment that removes CO2 from the atmosphere through enhanced rock weathering on agricultural soils. The company will also use the funding to expand its financial, commercial, and science teams.
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“Eion’s technology enables permanent carbon removal on agricultural soils, but our vision is so much broader,” said Adam Wolf, Founder and CEO of Eion. “Eion seeks to leverage carbon removal as a tool to diversify agriculture and sustain land productivity, improve margins for farmers, support the bedrock American businesses in our supply chain, and boost rural vitality.”
The CarbonLock™ product is processed to achieve a fast CO2 absorption rate, allowing it to efficiently sequester carbon. CarbonLock™ can be used with existing aglime spreading equipment at a prescribed agronomic rate to maximize the CO2 removal process.
The product technology removes about one ton of carbon dioxide per ton of rock applied. Eion measures the captured CO2 through its patented mineral fingerprinting approach, verifying and monitoring the application of rock and the weathering rate to determine the final amount of CO2 removed.
Last year, Stripe Climate entered into a Carbon Removal Purchase Agreement with Eion, considering CarbonLock™ a new technology with “high potential to scale.”
Read more: New Study Shows Enhanced Weathering Could Bring Half Of UK’s Carbon Removal Target