Milkywire announced a new prepurchase deal with Salesforce, which has committed to invest $5 million in durable carbon dioxide removal (CDR) in an effort to stimulate industry growth.
Led by a shared vision of supporting innovation in climate action, the two companies embarked on this partnership that will provide early-stage funding for novel carbon removal technologies through Milkywire’s Climate Transformation Fund.
Over the years, this fund has provided vital financial support to 27 carbon removal suppliers, spanning over nine different CDR technologies and operating across 15 countries globally.
Backed by leading industry players like Klarna, Spotify, and ING Bank, the Climate Transformation Fund serves to boost the development of innovative carbon removal companies and nascent technologies.
Looking to address the gap of early-stage funding for promising climate solutions, the fund often acts as the first buyer for startups focused on developing direct air capture, biomass, and ocean-based carbon removal technology.
Currently, the Climate Transformation Fund offers the chance for both seed and scale funding.
With the recent $5 million prepurchase agreement, Salesforce is joining Milkywire on the journey of catalyzing CDR growth. This investment forms part of the company’s ambitious $100 million CDR First Movers Coalition pledge.
Stressing the importance of investing in transformative, long-term climate solutions, Salesforce Director of Climate & Energy Jamila Yamani commented, “Just as we empower our customers with agents through Agentforce to drive change and innovate, we’re also accelerating early-stage carbon removal solutions to drive meaningful climate action.”
Relevant: Salesforce Commits $25M To Scale Carbon Removal Tech
“Through our collaboration with Milkywire, we’re building the foundation to scale innovative carbon removal solutions to commercial viability while delivering co-benefits that support both people and the planet,” she added.
Milkywire is now on the lookout for new projects to support, with their annual call for durable CDR proposals set to open in mid-December.
Last year’s call saw a highly competitive response, with Milkywire receiving over 230 proposals from CDR suppliers operating in different parts of the world. Following a rigorous selection procedure, Milkywire decided to purchase carbon removal from 13 new projects.
Read more: Milkywire Announces Thirteen Finalists For Climate Transformation Fund
