A carbon credit purchase agreement, claimed to be the world’s largest of its kind, for permanent CO2 storage through carbon mineralisation has been signed between Invert, CarbonCure and Ripple.
The credit purchase will facilitate increased investment in innovative technology research and development, the rapid scaling of CarbonCure’s existing patented technologies across new sites and geographies and significant reductions and removal of greenhouse gases.
The funding partnership is said to represent the largest investment to data in durable, verifiable carbon mineralisation and storage, worth $30 million (£23m).
With hundreds of systems operating around the world, CarbonCure injects captured CO2 into fresh concrete, where it is immediately mineralised and permanently locked away.
The mineralisation reduces the amount of cement needed in each mix, lowering the concrete’s carbon footprint.
CarbonCure measures and tracks the CO2 from the point of capture to mineralisation, allowing Invert, Ripple and other carbon credit buyers to trace the precise deployment date and location of the CO2 they paid to permanently store.
Mark Zekulin, Chairman, Invert said: “This is an investment to catalyse positive change and remove significant amounts of greenhouse gases from the atmosphere. We recognise that long term removals are critical to achieving the world’s net zero objectives and Invert is focused on investing meaningfully to support developers and technologies in this space.
“Concrete offers massive global capacity and an immediate opportunity for permanent storage of captured carbon dioxide to meet the world’s climate goals. And CarbonCure is uniquely positioned to tap into that capacity with its rapid scale around the world and innovative portfolio of technologies operating now.”