NextGen CDR Invests In Neustark, Announces Upcoming Launch Of RFP On May 31st

NextGen CDR Invests In Neustark, Announces Upcoming Launch Of RFP On May 31st - Carbon Herald

NextGen CDR (NextGen) – a joint venture between South Pole and Mitsubishi Corporation with the commitment to advance carbon removals, just announced at San Francisco Climate Week the purchase of carton removal credits from CO2 sequestration in demolished concrete from 18 projects across Switzerland, Germany and other European countries. 

The purchase marks NextGen’s expansion towards other CDR technology segments such as CO2 mineralization in concrete. The purpose of NextGen is to invest in tech-based innovative carbon removal approaches and thus catalyze the market for high-quality carbon removals.

Relevant: NextGen CDR Facility Makes Historic Purchase Of 193,125T Of Carbon Removals

“We are delighted to expand our geographic footprint and support projects across a number of new countries across Europe in addition to our US commitments. Adding carbon removals from a high-emitting sector like concrete adds to the impact of this deal, complementing our existing transactions in Direct Air Capture & Storage, Biomass Carbon Removal and Storage, and high durability Biochar, and continuing our efforts to deliver one million tons of CDR purchases by 2025,” commented Phillip Moss, Chairperson at NextGen CDR. 

NextGen has also selected Neustark – a Swiss company specializing in the durable storage of CO2 in mineral waste streams such as demolished concrete. The companies have locked in a multi-year offtake agreement that supports Neustark’s innovative process of capturing CO2 and mineralizing it permanently in recycled concrete. 

Relevant: Neustark Set For Rapid Business Growth With New Expansion Plans

“We turn the world’s largest waste stream – demolition concrete – and other mineral waste material into carbon sinks. Our solution is highly durable, high-quality, and is making an impact already: we have removed more than 1500 tons of CO2 to date. Partnering with such carbon removal pioneers such as NextGen helps to scale the CDR industry,” explained Lisa Braune, Head of CDR at Neustark. 

In addition to this development, NextGen also announced it will be launching a new procurement round of CDR purchases on May 31st 2024 across a range of technologies with a target average price of $200/tonne. The new request for proposals (RFP) will aim to add new carbon removal technologies to the initiatives’ portfolio while securing needed financing to accelerate these projects.

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