Heirloom Carbon Technologies believes it can pull off carbon removal for $50 a ton, and aims to remove one billion tons by 2035. A new startup is rely

A startup using minerals to draw down CO2 has scored funding—and its first buyer

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2021-05-27 07:30:04

Heirloom Carbon Technologies believes it can pull off carbon removal for $50 a ton, and aims to remove one billion tons by 2035.

A new startup is relying on minerals to pull carbon dioxide out of the air, in one of the first commercial efforts to deploy what’s known as enhanced weathering to slow climate change.

Heirloom Carbon Technologies says it could do carbon dioxide removal for $50 a ton once it reaches commercial scale, which would come in well below the estimates for other industrial approaches. Its goal is to remove 1 billion tons of the main greenhouse gas fueling climate change by 2035.

The San Francisco–based company will announce on May 26 that it has raised an undisclosed amount of seed funding from major investors including Breakthrough Energy Ventures, Lowercarbon Capital, and Prelude Ventures. (Industry sources say it’s in the millions.)

In addition, the payment processing company Stripe, which has been funding demonstration projects in this space, will announce that it plans to purchase nearly 250 tons of carbon removal from the company at $2,054 per ton.