Climeworks, a Swiss direct air capture (DAC) startup, has entered into a nine-year carbon dioxide removal (CDR) agreement with JPMorgan Chase. This CDR agreement will supply 25,000 tons of CO2, valued above USD 20 million.

JPMorgan Chase has also signed a CDR deal with Charm Industrial , a carbon sequestration startup that converts waste biomass, including corn stalks, leaves, and other agricultural waste into bio-oil. The agreement will remove up to 28,500 tons of CO2 over five years.

Analyst QuickTake: JPMorgan Chase supported Climeworks as a sole placement agent on the company’s CHF 600 million (USD 650 million) private equity round in April 2022. Following this, Climeworks also announced the ground-breaking of its second commercial DAC and storage plant, Mammoth , in June 2022. Most recently in March 2023, the company started the CO2 collector container production for the plant, which is stated to progress well.