Recently, Invert Inc., CarbonCure Technologies, and Ripple Inc. have signed a revolutionary carbon credit purchase agreement for permanent CO2 storage through carbon mineralization. They have stepped forward following the announcement by the United Nations' Intergovernmental Panel on Climate Change of the critical need for carbon removal technologies to mitigate the worst effects of climate change.
The credit purchase will permit CarbonCure to invest more in innovative technology research and development, significantly reduce and remove greenhouse gases from the atmosphere, and rapidly scale its existing patented technologies across new sites and geographies. The $30 million (USD) funding partnership represents the most significant investment in the long term to date.
CarbonCure, the grand prize winner of the Carbon XPRIZE, provides a suite of technologies that reduce and remove carbon dioxide throughout the concrete manufacturing process. CarbonCure, which has hundreds of worldwide systems, injects captured CO2 into fresh concrete. It is immediately mineralized and permanently locked away so that it is not released back into the atmosphere. This mineralization reduces the amount of cement required in each mix, lowering the carbon footprint of concrete. It is an urgent task because concrete is the most commonly used building material. Cement production as a critical ingredient accounts for approximately 7% of global CO2 emissions each year.
Invert, a specialized emissions reduction and offsetting company, has invested in carbon credit projects that produce high-quality, meaningful carbon reduction and removal credits. It supports making a diverse portfolio of carbon reduction and removal projects available to individuals and all businesses sizes.
"This is an investment that will catalyze positive change and remove significant amounts of greenhouse gases from the atmosphere. "We recognize that long-term removals are critical to achieving the world's net-zero objectives. And Invert is committed to investing meaningfully in this space to support developers and technologies. Concrete provides massive global capacity and an immediate opportunity for permanent carbon dioxide storage to meet the world's climate goals. And CarbonCure is uniquely positioned to tap into that capacity with its rapid global scale and innovative portfolio of technologies in operation right now."
Invert Chairman Mark Zekulin
CarbonCure Technologies Founder and CEO Rob Niven also stated, "We applaud Invert's leadership in the effort to remove carbon from the atmosphere and provide future generations with a sustainable, liveable climate. We are excited to partner with Invert and Ripple in this landmark agreement for our organizations and the carbon removal field. This investment will accelerate CarbonCure's dynamic scaling and benefit us achieve our mission of reducing and removing 500 million metric tonnes of CO2 annually by 2030—the equivalent of removing 100 million cars from the road each year."
Invert, as the majority funder, Ripple, a provider of enterprise crypto and blockchain solutions, will provide up-front capital in exchange for hundreds of thousands of carbon credits for permanent, immediate, and verifiable carbon storage. These would be delivered over ten years.