<div>
  <ul>
    <li>
      <p>
        ecoLocked, a German-based developer of building materials using carbon dioxide (CO2), raised EUR 1.8 million (USD 1.76 million) in seed funding led by Counteract. New investors SFO, Better Ventures, and others also participated in the round.
      </p>
    </li>
    <li>
      <p>
        The company will use the funds to carry out its initial pilot projects and to accelerate ecoLocked&rsquo;s market launch of its CO2-reduced formulations for biochar-based precast concrete solutions by the first half of 2023. A part of the funds will also be invested in R&amp;D activities and building an internal technology platform.
      </p>
    </li>
    <li>
      <p>
        Founded in 2021, ecoLocked develops sustainable building materials, such as concrete. ecoLocked produces construction materials with minimum CO2-intensive ingredients, such as cement and biochar admixes (ecoLocked materials) derived from organic waste and CO2, which are then integrated using existing production processes to develop net zero concrete. ecoLocked permanently stores sequestrated carbon in its building materials. The company has plans to certify its construction materials across major European markets.&nbsp;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://ecolocked.com/initial-funding/">
      Press release
    </a>
  </p>
</div>


Carbon Capture, Utilization & Storage (CCUS)

ecoLocked raises EUR 1.8 million in seed funding

ANALYST_QUICK_TAKE

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 
 <p>CO280 Solutions, a CO2 removal project developer from Canada, and Aker Carbon Capture, a subsidiary of Aker Solutions from Norway, have formed an agreement with technology giant Microsoft. This agreement aims to upscale the capture and sequestration of biogenic CO2 at pulp and paper mills located in the US and Canada.</p>

<p>Through this partnership, biogenic carbon capture projects will be developed, involving the ones currently in CO280's pipeline as well as potential new projects. The collaboration will extensively make use of CO280's expertise to develop an efficient process for determining the feasibility of carbon capture at pulp and paper mills. It will also utilize facilities provided by Aker Carbon Capture, such as the modularized Just Catch series. </p>

<p> The partnership will also put to use Microsoft's robust digital capabilities, cloud computing platforms and solutions for the standardization of lifecycle assessment (LCA) along with measurement, verification, and reporting (MRV) systems specifically designed for carbon capture projects. </p>

<p>Moreover, a digital tool will be developed by the companies, which will facilitate the comparison of CO280 Solutions's upcoming projects against the high-quality carbon removal criteria set by Microsoft.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> This partnership was announced following a <a href="https:<br>
//sp-edge.com/updates/27899"> similar collaboration </a> between CO280 Solutions and Aker Carbon Capture in March 2024 to develop carbon dioxide removal (CDR) projects in the pulp and paper industry in the US and Canada.&nbsp;</p>

CO280 and Aker Carbon Capture work with Microsoft on carbon removal at pulp and paper mills

<div>
 
 <p>Swiss company Climeworks has introduced a service, Climeworks Solutions, that offers carbon removal portfolios in addition to its primary direct air capture (DAC) carbon removal service. This new service combines engineered and natural techniques such as reforestation, biochar, bioenergy with carbon capture, and enhanced weathering. The company also provides third-party verification and in-depth due diligence for these carbon removal portfolios.</p>
 <p>Climeworks states that this expansion was motivated by an increase in customer demand and a need to scale up the carbon removal industry. Alongside this new service, Climeworks announced a 12-year agreement with its first customer, Swiss luxury watchmaker Breitling, which will include the use of Climeworks' DAC technology and enhanced weathering.</p>
 
</div>

Climeworks launches Climeworks Solutions; expands offerings beyond DAC-based carbon removal

<div>
 
 <p>Storegga Geotechnologies, a UK firm offering carbon capture and storage (CCS) solutions, has announced that Tim Stedman will be its new CEO, starting from May 1, 2024.</p>
 <p>Nick Cooper, current CEO, will transition into an executive chair role. Alan Booth, the previous executive chair, will continue as a non-executive director on the board.&nbsp;</p>
 <p>Prior to this appointment, Stedman served as CEO for Agilyx Corporation, a prominent company in recycling technologies promoting a circular economy. He has also held significant roles at Trinseo, formulating the company's M&amp;A strategy and managing its plastic and feedstock ventures, as well as its global supply chain. Stedman has over 20 years of experience in various leadership roles at ExxonMobil.</p>
 
</div>

Storegga appoints Tim Stedman as new CEO

<div>
 
 <p>Infinium, a company that develops low-carbon electrofuels (eFuels), has entered into an agreement with a subsidiary of midstream energy corporation Kinetik Holdings. Through this agreement, Infinium will purchase carbon dioxide (CO2) captured from Kinetik's processing system, which will be used for the production of eFuels.</p>
 <p>As part of this long-term agreement, Kinetik's subsidiary will deliver the captured CO2 from one of its amine gas processing facilities located in West Texas to Infinium. This CO2 will be utilized in Infinium's second eFuels project, named "Project Roadrunner." The project aims to produce Infinium's eSAF, an electrofuel that uses waste CO2 and green hydrogen. The ultimate goal of this project is to reduce greenhouse gas (GHG) emissions from the aviation industry.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Infinium previously secured a <a href="https:<br>
//sp-edge.com/updates/24567"> USD 75 million </a> investment from Breakthrough Energy Catalyst to fund Project Roadrunner in November 2023. In addition, American Airlines signed on as the first off-take partner for eSAF produced at Project Roadrunner. In <a href="https:<br>
//sp-edge.com/updates/27869"> March 2024 </a> , Infinium also unveiled the world's first commercial-scale eFuels facility, Project Pathfinder, in Corpus Christi, Texas, and has more than a dozen other projects under development globally in the US, EU, Japan, and Australia.&nbsp;</p>

Infinium partners with Kinetik for CO2 reuse in eFuels production

<div>

 <p>Climeworks, a Swiss direct air capture (DAC) startup, has raised CHF 2.2 million (USD 2.4 million) in funding from Enova, a state-owned company under the Norwegian Ministry of Climate and Environment.</p>
 <p>The funding will be utilised for a feasibility study to develop a DAC+S plant in Norway with a multi-kiloton capacity by 2030.</p>
 <p>The company's Norse Pine project, which has been selected as one of nine winning projects, aims to eliminate 1.7 million tons of CO2 every year. This is roughly half the amount of CO2 emitted by Norway's passenger cars.</p>

</div> <p><b>Analyst QuickTake:<br>
</b> Norway would be the second Scandinavian location for Climeworks, expanding its DAC+S exploration globally after neighbor Iceland. In September 2023, the company announced plans to build a facility in <a href="https:<br>
//climeworks.com/press-release/climeworks-and-great-carbon-valley-chart-path-to-large-scale-dac"> Kenya </a> , plans to expand in Canada with <a href="https:<br>
//sp-edge.com/updates/24271"> Deep Sky </a> , a carbon removal project developer, and receive federal funding for a <a href="https:<br>
//sp-edge.com/updates/27655"> new HQ </a> in Texas, US.</p>

Climeworks raises USD 2.4 million in governmental funding

<div>

 <p>Charm Industrial, a startup specializing in carbon removal and sequestration, and Klimate.co, a Danish firm that oversees carbon removal portfolios, have bolstered their partnership by signing an offtake agreement worth USD 1.1 million for carbon removal credits. </p>
 <p>In this agreement, Charm Industrial commits to providing approximately 1,900 tons of carbon dioxide removal (CDR) credits to the customers of Klimate.co.</p>

</div> <p><b>Analyst QuickTake</b> :<br>
 The collaboration between Charm Industrial and Klimate.co began in 2021, focusing on delivering permanent carbon removal credits. As of April 2024, Charm Industrial delivered over 6,200 tons of CO2 removal, independently and with major clients such as Microsoft, Stripe, and Shopify. In <a href="https:<br>
//sp-edge.com/updates/19145"> June 2023 </a> , the company also secured USD 100 million in a Series B funding round led by General Catalyst.&nbsp;</p>

Charm Industrial extends partnership with Klimate.co to scale carbon removal initiatives

<div>
 <p>Deep Sky, a Canadian company specializing in carbon removal, has collaborated with Skytree, a Dutch firm that creates decentralized direct air capture (DAC) systems. They plan to implement a carbon removal unit at Deep Sky Labs in Canada.</p>
 <p>As part of this partnership, the Skytree Stratus, a system designed to remove CO2 from the atmosphere, will be used at Deep Sky Labs. They will also consider the possibility of expanding to a Skytree Stratus DAC hub during the evaluation phase at Deep Sky Labs.&nbsp;</p>
 <p>There will be thorough monitoring of the air processing unit's performance, with data collection on aspects such as carbon capture efficiency, energy usage, and temperature.&nbsp;</p>
 <p>The installation process is set to occur in 2024 and will take advantage of the area's renewable hydroelectric power.</p>
 
</div> <p><b>Analyst QuickTake</b> :<br>
 Deep Sky entered similar DAC pilots with <a href="https:<br>
//sp-edge.com/updates/28047"> Avnos </a> , a hybrid DAC company, in March; with <a href="https:<br>
//sp-edge.com/updates/26419"> NEG8 Carbon </a> , an Irish DAC startup; and with <a href="https:<br>
//sp-edge.com/updates/25642"> Greenlyte Carbon Technologies </a> , a German DAC startup, in February at its Deep Sky Labs.</p>

Deep Sky and Skytree partner to deploy carbon removal technology in Canada

<div>
 
 <p>Colorado-based CO2 capture company, ION Clean Energy, has secured USD 45 million in a venture funding round. The round was led by Chevron New Energies and also included support from Carbon Direct Capital. ION Clean Energy specializes in post-combustion point source capture technology.</p>
 <p>The funding is intended to drive the company’s growth and aid in the commercial deployment of ION's ICE-31 liquid amine carbon capture technology.</p>
 <p>ION Clean Energy also announced a change in its leadership. The former CEO of Arbor Renewables, and founder and CEO of G2X Energy, Timothy Vail, has been appointed as the new CEO of the company.</p>
 
</div>

ION Clean Energy raises USD 45 million in venture funding and appoints new CEO

<div>
 
 <p>Deep Sky and Avnos have collaborated to introduce HDAC technology in Canada. Avnos, a hybrid direct air capture company, will construct and install an HDAC air handling unit at Deep Sky Labs in Quebec, with the ability to eliminate 450 tons of CO2 annually. This marks the first ever Avnos project outside of the US. Deep Sky will manage the AHU at its innovation center, with installation due in Québec in 2025.</p>
 
</div>

Deep Sky partners with Avnos for HDAC deployment in Canada

<div>
 
 <p>Swiss startup Climeworks and the LEGO Group's family-owned holding, KIRKBI, have signed a carbon removal agreement for the next nine years, worth upwards of USD $2.8 million.</p>

</div> <p><b>Analyst QuickTake</b> :<br>
 The LEGO Group’s carbon removal agreement with Climeworks was announced on the heels of a similar carbon removal agreement with <a href="https:<br>
//sp-edge.com/updates/27472"> SWISS </a> , Switzerland’s national airline, and Lufthansa Group, an international airline, to purchase carbon credits in the same month.</p>

All Updates