Charm Industrial, a carbon removal and sequestration startup, has raised USD 100 million in a Series B funding round led by General Catalyst. The round was also supported by Lowercarbon Capital, Exor Ventures, Kinnevik, Thrive Capital, and Elad Gil.

The proceeds raised will be utilized to expand the company’s operations in the Americas. In addition, the funds will also support carbon removal deliveries. The funding round was announced on the heels of the delivery of 6,200 tons of carbon removal, alongside new deals with Frontier and JPMorgan Chase to permanently remove an additional 140,000 tons of CO2 via bio-oil sequestration.

Founded in 2018, Charm Industrial converts waste biomass, including corn stalks, leaves, and other agricultural waste into bio-oil by using pyrolyzers. Charm’s pyrolyzers heat up agricultural waste at high temperatures to produce bio-oil and biochar, which is then injected underground for permanent CO2 storage. The company deployed its advanced pilot processes in 2021 and 2022 and ramped up in 2023. Charm Industrial charges USD 600 per ton of CO2 removed. In May 2023, Frontier signed an offtake agreement with Charm Industrial for USD 53 million to remove 112,000 tons of CO2 starting from 2024 up until 2030.