LOS ANGELES, Nov. 16, 2023 (GLOBE NEWSWIRE) -- CarbonCapture Inc. (CarbonCapture), a leading direct air capture (DAC) company, announced today that Frontier has facilitated a multi-year offtake agreement with CarbonCapture on behalf of Stripe, Alphabet, Shopify, Meta, McKinsey Sustainability, Autodesk, H&M Group, JPMorgan Chase, Watershed, and Workday. Collectively, these buyers will pay CarbonCapture $20 million to permanently remove 45,500 tons of carbon dioxide from the atmosphere by 2030.
"We're extremely pleased to be supplying Frontier and its members with high-quality DAC carbon removal," said Adrian Corless, CEO of CarbonCapture Inc. "Large offtake agreements like this are critical to us because they demonstrate commercial viability and unlock a path to scale. We highly value Frontier's confidence in our technology and team, particularly as we emerge from the lab and begin deployment."
To efficiently absorb carbon dioxide from the atmosphere, CarbonCapture's DAC machines use solid sorbents that regenerate at relatively low temperatures. Since the choice of sorbent plays a pivotal role in influencing both capital expenditures and energy requirements, the company has developed a DAC platform based on a modular open systems architecture that enables the seamless integration of next-generation sorbents. This strategy empowers CarbonCapture to drive down costs by upgrading sorbents in existing units, eliminating the need to construct entirely new facilities in order to leverage the latest sorbent breakthroughs.
"Getting DAC to gigaton scale requires finding innovative ways to quickly drive down costs," said Hannah Bebbington, Strategy Lead, Frontier. "CarbonCapture is doing that by cultivating a pipeline of innovative sorbents and building a modular and upgradeable capture system that allows them to swap in best-in-class sorbents as they become available."
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About CarbonCapture Inc.
CarbonCapture develops and deploys direct air capture (DAC) machines that can be connected in large arrays to remove massive amounts of carbon dioxide from the atmosphere. With a groundbreaking modular open systems architecture, the company's technology platform allows for plug-and-play sorbent upgrades, mass production, and unlimited scalability. CarbonCapture's systems capture atmospheric carbon dioxide for either permanent removal or for utilization in low-carbon synthetic fuels, concrete, and other industrial products. For more information, please visit CarbonCapture.com or follow @CarbonCaptureUS.
Media contact: media@carboncapture.com
About Frontier
Frontier is an advance market commitment to buy an initial $1B of permanent carbon removal between 2022 and 2030. It was founded by Stripe, Alphabet, Shopify, Meta, McKinsey Sustainability, and tens of thousands of businesses using Stripe Climate. Frontier's goal is to accelerate the development of carbon removal technologies by guaranteeing future demand for them. In practice, its team of technical and commercial experts facilitates purchases from high-potential carbon removal companies on behalf of buyers.
More information at frontierclimate.com
Media contact: media@frontierclimate.com
Attachments
Andrea Sydney CarbonCapture Inc. andrea.sydney@carboncapture.com
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