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Stripe’s Carbon-Removal Effort Announces First Funding Recipients

The Frontier Fund has selected six startups to receive a combined $2.4 million.

Eskom Holdings SOC Ltd.'s Tutuka Coal-Fired Power Plant
Photographer: Waldo Swiegers/Bloomberg

The nascent $925 million carbon-removal effort funded by major technology firms has started writing checks to fledgling companies aiming to remove CO₂ from the air.

The Frontier fund said Wednesday that it had selected six startups to receive grants or pre-purchase agreements — essentially, advance payments for carbon removal in the future — from the fund. It’s the first set of commitments from the fund, which has raised money from Stripe Inc., Meta Platforms Inc., Alphabet Inc., Shopify Inc. and McKinsey & Co. The fund debuted earlier this year and grew out of similar carbon-removal purchase programs at Stripe and Shopify.