CarbonCure part of world’s largest purchase agreement for carbon credits to store CO2 through carbon mineralization
Mike EdwardsNews agreement video
In the wake of the United Nations’ Intergovernmental Panel on Climate Change detailing the essential need for carbon removal technologies to prevent the worst effects of climate change, Invert Inc., Ripple Inc., and CarbonCure Technologies have signed a pioneering carbon credit purchase agreement for permanent CO₂ storage through carbon mineralization.
The credit purchase will facilitate increased investment in innovative technology research and development, the rapid scaling of Halifax-based CarbonCure’s existing patented technologies across new sites and geographies, and significant reductions and removal of greenhouse gases from the atmosphere. The funding partnership represents the largest investment to-date in durable, verifiable carbon mineralization and storage, worth $30 million US.
Grand prize winner of the Carbon XPRIZE, CarbonCure offers a suite of technologies that reduce and remove carbon dioxide across the concrete manufacturing process. With hundreds of systems operating around the world, CarbonCure injects captured CO₂ into fresh concrete, where it is immediately mineralized and permanently locked away, never to return to the atmosphere. This mineralization reduces the amount of cement needed in each mix, lowering the concrete’s carbon footprint. It is an urgent task as concrete is the most used building material on Earth, and the production of its key ingredient — cement — generates about 7 percent of global CO₂ emissions each year.
Watch Carbon XPRIZE video:
Invert, a specialized emissions reduction, and offsetting company, invests in carbon credit projects that produce high quality, meaningful carbon reduction and removal credits and is focused on making a wide portfolio of carbon reduction and removal projects available to individuals and businesses both big and small.
“This is an investment to catalyze positive change and remove significant amounts of greenhouse gases from the atmosphere,” said Mark Zekulin, chairman of Ottawa-based Invert.
“We recognize that long-term removals are critical to achieving the world’s net-zero objectives, and Invert is focused on investing meaningfully to support developers and technologies in this space. Concrete offers massive global capacity and an immediate opportunity for permanent storage of captured carbon dioxide to meet the world’s climate goals. And CarbonCure is uniquely positioned to tap into that capacity with its rapid scale around the world and innovative portfolio of technologies operating now.”
Watch CarbonCure concrete video:
“We applaud Invert’s leadership in the effort to remove carbon from the atmosphere and provide a sustainable, livable climate for future generations. CarbonCure is thrilled to partner with Invert and Ripple in this milestone agreement for our organizations and the carbon removal field,” said CarbonCure Technologies founder and CEO Rob Niven.
“This investment will accelerate CarbonCure’s active scaling and help us achieve our mission to reach 500 million metric tons of annual CO₂ reduction and removal by 2030 — equivalent to removing 100 million cars from the road each year.”
Invert as a majority funder, and Ripple, a San Francisco-based provider of enterprise crypto and blockchain solutions, as a minority funder, will provide up-front capital in exchange for hundreds of thousands of carbon credits for permanent, immediate, and verifiable carbon storage, to be delivered over a ten-year period.
CarbonCure is the only carbon removal technology company with a methodology approved by Verra, the world’s most widely used voluntary greenhouse gas crediting program. CarbonCure measures and tracks the CO₂ from the point of capture to mineralization, allowing Invert and other carbon credit buyers to trace the precise deployment date and location of the CO₂ they paid to permanently store.
Invert operates at the core of the carbon reduction ecosystem, from financing the removal of carbon from our atmosphere via high quality carbon offset projects to empowering businesses and individuals on their emissions reduction journeys.
Invert invests in carbon credit projects that produce high quality, meaningful carbon reduction and removal credits that we believe will help save our world. By selling these credits on to individuals or businesses, the Company generates revenue that can be reinvested towards further projects that reduce or remove CO2 from the atmosphere. We work directly with businesses to help them understand and reduce the carbon footprint of their operations and reduce the Scope 1, 2 and 3 emissions that they generate.
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