JPMorganChase has expanded its existing partnership with Charm Industrial, inking a new carbon dioxide removal (CDR) deal and a venture debt facility agreement.
As part of the collaboration, JPMorganChase is purchasing 61,500 tons of carbon removal credits from Charm Industrial, which will be delivered over multiple years.
With this contract, the total CDR volumes purchased by JPMorganChase from Charm Industrial to date come to 90,000 metric tons of CO2 equivalent, marking one of the largest bilateral offtakes for bio-oil carbon removal in the sector.
The signed venture debt facility is for $20 million, which will support Charm’s commercial growth in Colorado. “JPMorganChase is helping build the infrastructure for a permanent carbon removal industry,” said Charm Industrial Co-Founder and CEO Peter Reinhardt.
“Having a sophisticated, mission-aligned financial institution come back for a second, larger purchase while also stepping up with growth capital is exactly the kind of validation that tells us we’re on the right path,” he added.
Charm Industrial specializes in permanent carbon removal through bio-oil injection and biochar, tackling forest residues in Colorado tied to wildfire mitigation.
With the secured capital, the company will grow its pyrolysis and injection operations, including work linked to its Fort Lupton facility.
Additionally, this partnership will support the processing of unsaleable forest residues from wildfire mitigation projects, and it will back rural economic development, creating new jobs and workforce development for pyrolyzer operators in Colorado.
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Commenting on the collaboration, Taylor Wright, Head of Operational Sustainability at JPMorganChase, stated, “Our initial purchase with Charm marked an important step as we expanded our ambition in carbon removal and refined how we assess quality and deliver real impact across our portfolio.”
She continued, “This new purchase—bringing our total to 90,000 tons—together with financial support from our business, reflects how our portfolio has matured over time and Charm’s track record of delivering measurable, durable outcomes across its projects.”
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