Karbon-X, a company that specializes in carbon offset solutions, announced it has signed a non-binding Letter of Intent (LOI) with carbon capture and utilization firm (CCU) Heimdal.
According to the LOI, Karbon-X will acquire a 20% equity stake in Heimdal for $15.5 million. The collaboration aims to facilitate the development of a direct air capture (DAC) facility in Oklahoma.
Construction for the DAC site is scheduled to start within the upcoming 3 months. The plant’s initial capacity will allow it to sequester 20,000 tons of carbon per year, with the potential to scale exponentially in the years to come.
Relevant: World’s First CO2 Removal Plant From Ocean Launched By Heimdal
The collaboration between Karbon-X and Heimdal happens in the context of growing awareness, where governments, businesses, and society at large increasingly acknowledge the pressing need to reduce atmospheric carbon dioxide levels. The U.S. Department of Energy has set a target to capture and sequester as much as 1.8 billion tons of carbon per year by 2050.
“We believe that the journey to a sustainable future requires innovative solutions and strong collaborations,” said Chad Clovis, CEO of Karbon-X. “Heimdal’s pioneering work in direct air capture aligns perfectly with our vision, and we are excited to work together to accelerate the development of this transformative technology.”
Karbon-X aims to empower individuals to take action against climate change by offsetting their carbon footprints. Users can participate in carbon reduction projects through the organization’s mobile app.
Read more: Heimdal Uses Renewable Energy To Extract CO2 And Cement Components From Seawater
