Altitude, a company proactively working on enabling the scale-up of CO2 removal, has launched a carbon removal purchasing facility called Ascent 1.
Through this facility, which represents a 50,000t CO2 removal procurement commitment, Altitude has positioned itself as a significant carbon dioxide removal (CDR) buyer on the voluntary market.
The purpose of the Ascent 1 facility is to provide early-stage financial support to CDR developers, creating demand for their services and helping them scale their operations.
This effort will enable the efficient capital deployment towards a curated portfolio of tech-based carbon removal credits.
Specifically, the 50.000t commitment of the Ascent 1 facility will be focused on biomass-based CO2 removal technologies, and Altitude will leverage its partnerships with trailblazing CDR entities like Puro, the Carbon Drawdown Initiative and BioFlux to ensure that carbon removal purchases comply with high-quality standard.
In a broader perspective, the Ascent 1 initiative aims to provide liquidity and guarantee long-term price signals to CDR suppliers, enabling them to confidently participate in the carbon removal market.
Commenting on this achievement, Altitude CEO Benjamin Schulz shared that it marks a meaningful milestone in their mission of scaling the carbon removal industry.
He said, “By committing to 50,000 t of large-scale CDR procurement, we are providing critical demand and price certainty for CDR suppliers that are scaling their working operations.”
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According to Magnus Drewelies, CEO of Ceezer, who is a certified CDR buyside partner of Altitude, purchasing facilities are an important component for scaling carbon removal.
As he explained, this kind of mechanism helps project developers by giving them the necessary funding before they reach at-scale demand, while also playing a role in securing volumes, stabilizing prices, and facilitating access to future volumes.
On behalf of ClimeFi, another certified CDR buyside partner, CEO Sebastien Dewarrat stated, “Altitude’s commitment to large-scale carbon removal procurement is exactly what the industry needs to scale. This initiative will provide essential financial stability to CDR suppliers—a very important piece of the puzzle.”
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