Terraset announced it has invested a seven-figure amount into a selection of permanent carbon removal projects that utilize different approaches to tackle the climate crisis.
As shared by Terraset, the funding was provided to a cohort of carbon removal companies that are joining its portfolio for the first time, as well as to companies already part of it.
The cohort of newcomers to receive backing from Terraset includes CarbonRun, Deep Sky, Eion, NY Carbon, Pyrogen, Sinkco, Terraton, Tradewater, and UNDO.
These companies have each developed a cutting-edge solution for excess CO2 emissions, powered by technologies ranging across enhanced rock weathering, ocean alkalinity enhancement, bio-oil injection, and biochar.
The companies that already form part of Terraset’s portfolio that received follow-on funding in this financing round include Andes, Charm Industrial, Climeworks, Graphyte, and TerraFixing.
On its mission of funneling philanthropic funding into early-stage capital for novel climate technologies, Terraset supports scalable, science-backed innovations that need the means to prove they can deliver tangible results.
The company has clarified that its funding approach is diversified into a number of mechanisms.
Its signature investment method is through CO2 removal pre-purchases, where it buys carbon dioxide removal (CDR) up-front from companies that show a promising potential.
Terraset has also come up with an ambitious new funding mechanism called the Terraset Revolving Fund.
Relevant: Terraset Buys 5,000 Tons Of Carbon Removal From 11 Organizations
Launched with the help of the Schmidt Family Foundation, this tool is envisioned to function by pre-purchasing CDR now, then selling the credits upon delivery, and reinvesting the proceeds into new projects.
Additionally, Terraset has teamed up with 4 Corners and Giving Green to enable greater access to low-cost biochar through grants in Hudson Valley, New York.
As the company works to drive the scaling of high-potential climate solutions, it is also looking for alternative ways to support the fight against greenhouse gases, an interest marked by pilot purchases from technologies that center around methane abatement and refrigerant destruction.
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