Karbon-X Teams Up With Drax For BECCS Collaboration In U.S.

Karbon-X Teams Up With Drax For BECCS Collaboration In U.S. - Carbon Herald

Karbon-X (OTC PINK:KARX), a Canadian company specializing in carbon offset solutions, and UK-based power generation group Drax (LON: DRX) have joined forces in a move towards advancing bioenergy with carbon capture and storage (BECCS) technology in the United States.

This partnership signals a significant step forward in the carbon removal market, highlighting the growing demand for premium carbon removal solutions, Karbon-X said in a statement Thusrday.

In this collaboration, Karbon-X will procure carbon dioxide removal (CDR) credits from Drax, equivalent to permanently storing 25,000 metric tons of carbon dioxide (CO2), at $350 per ton.

The agreement spans five years, starting in 2030, and is aligned with Drax’s upcoming BECCS initiatives in the U.S.

Relevant: Drax To Launch New Carbon Capture Business In Texas

Laurie Fitzmaurice, Drax’s President of Carbon Removals, expressed excitement about partnering with organizations like Karbon-X, emphasizing the urgent need for investing in superior carbon removal solutions.

With the CDR market rapidly evolving, there is an expected scarcity of supply as companies worldwide approach their carbon reduction targets, she said.

This collaboration reflects Drax’s ongoing commitment to leading in carbon removal efforts, following previous agreements with key stakeholders and the establishment of a dedicated business unit focused on global carbon removals.

BECCS technology, used for producing renewable energy from sustainable biomass while capturing and storing CO2, is increasingly sought after for its verifiable impact compared to nature-based removal methods.

Fitzmaurice emphasized the significance of partnering with Karbon-X in advancing the implementation of BECCS in the U.S. to meet the rising demand for decarbonization solutions.

Karbon-X intends to resell the acquired credits in the voluntary carbon market, supporting companies and individuals in reaching their emission reduction goals.

Read more: Karbon-X Reveals Intent To Acquire 20% Equity Interest In Heimdal

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