Eion

Eion is a carbon removal company employing enhanced rock weathering (ERW) techniques to remove CO2 from the atmosphere and enrich agricultural soil simultaneously. Eion uses olivine, a silicate mineral with a high CO2 absorption rate, applied on farmlands as crushed stones and weathered naturally due to soil moisture and acidity. The company’s ERW technology, “CarbonLock,” can be integrated into existing agricultural practices to replace the use of ag lime. The company aims to remove 10 million tons of CO2 per annum by 2030.

Eion's patented measurement method uses soil sampling and lab testing to validate the carbon removal of the ERW process. The company uses a mineral fingerprinting approach that traces the application of rock, weathering rate, and micronutrients remaining in the soil to measure the captured CO2. When the carbon dioxide removal (CDR) quantification is completed, the farmers will receive audited proof of permanent CDR to generate carbon credits.

Key customers and partnerships

Eion has a long-term supplier partnership with Sibelco to source the olivine mineral from the latter’s mines in Norway.

In December 2021, Eion signed a Carbon Removal Purchase Agreement with Stripe to deliver carbon credits from its ERW process. In November 2023, the company partially completed a CO2 removal purchase delivery amounting to ~50 tons of CO2 to Stripe and obtained an additional USD 1 million for another carbon removal re-purchase.

Funding and financials

The company’s most recent funding round was in December 2022, when it raised USD 12 million in a Series A round co-led by AgFunder and Ridgeline. Eion planned to use this funding to expand distribution partnerships to make its CarbonLock product widely available in the US. In addition, the company also expected to grow its financial, commercial, and science teams.