Inherit Carbon Solutions Welcomes Sumitomo As New Strategic Investor

Inherit Carbon Solutions Welcomes Sumitomo As New Strategic Investor - Carbon Herald

Inherit Carbon Solutions, a company based in Oslo, has recently announced that Sumitomo, a leading global corporation, is now a strategic investor in their company.

The oversubscribed investment round had Sumitomo Corporation as the primary investor, with the participation of new investors Farvatn Venture, Momentum, and Arkwright X, as well as existing investors Equinor Ventures and Stratel AS.

Inherit Carbon Solutions is focused on providing methods for decreasing CO2 emissions and extracting CO2 from the air. They gather, liquify, and move CO2 to secure geological storage sites, and they provide carbon credits to offset emissions.

On behalf of Inherit, Mike Carpenter, CEO and co-founder, commented, “We are delighted to have Sumitomo Corporation as a strategic partner and investor. This collaboration not only validates our mission to address climate change but also provides the resources and expertise needed to scale our efforts and make a real impact on carbon removal.”

With its extensive global presence, industry influence, and specialized knowledge, Sumitomo Corporation is the ideal ally for Inherit to further strengthen its existing foundation.

Relevant: Microsoft And Inherit Carbon Solutions Strike A Deal For CO2 Removal

The Japanese company will market carbon removal credits to businesses looking to compensate for their harmful emissions. Sumitomo Corporation’s goal is to oversee the management of 2 million tons of CO2 per year by 2030, positioning itself as one of the leading Japanese firms in the carbon removal credit industry.

Ko Akiyama, the Head of Energy Innovation Initiative (Europe) at Sumitomo Corporation Europe Limited, expressed excitement about the investment, stating, “We are thrilled to embark on a collaboration with Inherit, a pioneer dedicated to transforming biomass-derived CO2 emissions in the biogas industry into CDR.”

This collaboration marks an exciting new chapter for both companies and brings hope for a more sustainable future. Together, Inherit Carbon Solutions and Sumitomo are poised to make significant strides towards achieving the ambitious goal of creating a net-negative world where more carbon is removed from the atmosphere than is emitted.

Read more: Sumitomo Forestry Establishes $420 Million Decarbonization Fund

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