Frontier, an advance market commitment to accelerate CO2 removal, has facilitated $7 million of carbon removal purchases from 12 companies. Those include Airhive, Alkali Earth, Banyu Carbon, Carbon Atlantis, CarbonBlue, CarbonRun, EDAC Labs, Holocene, Mati, Planetary Technologies, Spiritus Technologies, and Vaulted Deep—on behalf of buyers Stripe, Shopify, and H&M Group.
Stripe has also provided $500,000 in R&D grants to Carboniferous and Rewind, and $200,000 to Arbon and Vycarb as part of a collaboration with Activate.
Relevant: Frontier Signs $53M In Carbon Offtake Agreements With Charm Industrial
In the past three months, Frontier evaluated 132 applications and 230 pages of technical reviews on selected applications from Frontier’s global network of scientific experts. This cycle marked an over 7-fold increase in proposals for solutions capable of storing carbon for over 1,000 years compared to Stripe’s first purchase cycle three years ago.
The chosen companies specialize in 14 different approaches to CO2 removal, including a photo-excitable molecule to extract carbon from seawater, a sequestration technology that reduces the cost of biomass injection, and improving the CO2 absorption capacity of rivers with minerals. The selected carbon removal firms address all five of Frontier’s RFP priority innovation areas, which include decreasing the energy and cost of direct air capture and speeding up weathering rates of geochemical methods.
This cohort of companies have headquarters in five different countries. Deployment sites range from rice paddy farms in central India, gravel roads in northern Indiana, watersheds in Nova Scotia, to a desalination site on the Mediterranean coast of Israel. According to Frontier’s projections, the selected companies could together remove more than half a million tons of carbon per year by 2026.
Read more: Frontier Opens Its 2023 Prepurchase Cycle For Carbon Removals
