Verdox company carbon capture3/20/2024 ![]() This year, Heirloom permanently stored direct-air-captured CO 2in concrete for the first time and partnered with Climeworks ( featured at the 2022 Summit), applied science nonprofit Battelle, and others in a proposal to the U.S. Last year, Brisbane, Calif.-based Heirloom raised a $53M Series A co-led by Carbon Direct Capital Management, Ahren Innovation Capital, and Breakthrough Energy Ventures. ![]() That bold target has attracted top-tier investors. ![]() Shashank Samala is CEO and co-founder of Heirloom Carbon Technologies, which is heating up limestone in electric kilns to remove 1 gigaton of CO 2 by 2035-eventually, at $50 per ton. This year at the SOSV Climate Tech Summit (Sept 26-27 / free & virtual / register now), we’re hosting a panel of three startup founders working to scale carbon removal in three ways: limestone, biomass conversion, and electrochemical systems. Meanwhile, efforts like Frontier, an advance commitment by big tech companies to buy $1 billion worth of carbon removal between 20, are creating a stronger market. The IRA raised the tax credit value to $180 per ton of CO 2 captured and stored via direct air capture (DAC). by providing a guaranteed baseline price and line-of-sight for future financing. Promisingly, tax credits in the Inflation Reduction Act (IRA, aka “the climate bill”) are making carbon removal more attractive in the U.S. So far, carbon removal ventures have struggled with high costs, uncertain economic markets, and debates about which methods genuinely reduce atmospheric CO 2. In other words, we have a long way to go. For perspective, that’s about 5% of the 36.8 gigatonswe emitted in 2022. Researchers at Oxford estimate that the world removes 2 billion metric tons of CO 2 per year through methods such as reforestation, biochar, mineralization, and direct air capture (DAC). The question is, can it be done at scale and at a price the world can afford? We’re diving deep on that topic at the upcoming SOSV Climate Tech Summit (Sept 26-27 / free & virtual / register now). With greenhouse gas emissions still growing, carbon dioxide removal (CDR) is fast becoming an imperative for addressing climate change.
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