Cleaner Tech
Frontier Carbon Removal Fund Makes New $46.6 Million Direct Air Capture Purchase
- Frontier carbon removal fund buys services from two startups
- Market for carbon removal can grow to nearly $1 trillion
Heirloom’s direct air capture plant to pull carbon from the atmosphere recently opened in California. The startup entered a deal on Thursday with a group of carbon removal buyers.
Photographer: HeirloomAn effort backed by companies including Stripe, Alphabet Inc. and JPMorgan Chase & Co. has locked its first major contracts with startups that use machines to remove carbon from the air.
Members of the effort, dubbed Frontier, will pay a total of $46.6 million to CarbonCapture and Heirloom. The two startups will be responsible for pulling 45,500 and 26,900 tons of CO2 out of the atmosphere respectively over the course of the deals. The cost includes the measuring, reporting and verification to ensure the startups deliver on their promises.