AirMiners, an organization that accelerates entrepreneurs and innovators developing solutions in the carbon removal industry, has announced the 20 teams selected for its Kiloton Fund.
As winners of this initiative, each team received a financial injection from the fund in exchange for a small portion of future revenue generated through their operations.
AirMiners developed this pioneering financing model after realizing that the biggest challenge carbon removal projects currently face is obtaining initial funding.
Pending on the successful outcome of this financing approach, AirMiners intends to apply the accumulated knowledge from their pilot fund towards a larger Megaton Fund in the future.
Global e-commerce company Shopify has also stepped in to support the selected winners, offering each of the 20 teams a $100K purchase as a recognition of their potential, aiming to fast-track the commercialization of their promising technology.
The cohort of chosen projects spans across 5 different carbon removal technologies: direct air capture, enhanced rock weathering, ocean-based removal, biochar, and utilization.
In the sphere of direct air capture, the winners are Airhive from the UK, Gaia Refinery in Canada, Heimdal in the USA, Phlair in Germany, Octavia Carbon in Kenya, and Sirona in Kenya and Belgium.
Three US-based projects, Alkali Earth, Scape and Scaled Carbon, and German project Planeteers, were picked as winners in the enhanced rock weathering category.
Relevant: AirMiners Introduces Pilot Fund To Support CO2 Removal Startups
The initiatives selected to receive financial support for their work in ocean-based carbon removal are: Lillianah, from the USA and Canada; Samudra Oceans, from the UK, Jamaica, and Scotland; SeaGen, from the UK, USA, and Mexico; and Denmark-based Sinkco Labs.
Specializing in biochar technology, Biosorra in Kenya, Takachar in India and Kenya,
HyveGeo in the UAE, Carbon Lock Tech in Canada and RubisCO2 were also greenlighted by the fund.
Read more: Enhanced Rock Weathering Shows Outstanding Results In US Corn Belt
