Carbon Removal Fund Backed By Meta, Alphabet Agrees Europe Deal
The group will spend nearly $49 million on carbon captured at a Swedish heating plant and stored under the North Sea.
Exergi uses biomass for heating. The firm is retrofitting its plant to capture carbon emitted in the process.
Photographer: Kiyoshi Ota/BloombergA Stripe Inc.-led group for buying carbon removal services struck its first major deal in Europe on Tuesday as it aims to help stimulate a global market for the technology.
The Frontier fund, which includes companies such as Alphabet Inc. and Meta Platforms Inc., will pay $48.6 million to Stockholm Exergi AB to capture and store carbon. The Swedish utility burns biomass — including wood chips and logging waste — at power plants, and it aims to trap emissions at its Stockholm facility using a carbon capture and storage system. This process can prevent materials like branches and sawmill dust from decaying and releasing carbon into the atmosphere.