TLDR:
- Cleantech startup Graphyte raised $30 million in a Series A funding round to accelerate carbon dioxide removal technology.
- The company’s Carbon Casting approach compresses biomass into dense carbon blocks for storage in monitored underground sites.
Susan Lahey’s article on ESG Today highlights Graphyte’s innovative carbon removal technology. Founded in 2023, the company utilizes a Carbon Casting process that dries and compresses biomass into dense carbon blocks, stored in underground sites. The $30 million Series A funding round will enable Graphyte to scale up operations and reach a capacity of 50,000 metric tons of carbon dioxide removed per year by early 2025 in Arkansas.
Graphyte’s goal is to remove more than 5 million tons of CO2 annually by 2030 with the launch of four carbon removal facilities. The financing round was co-led by Prelude Ventures and Carbon Direct Capital, with participation from investors like Breakthrough Energy Ventures. With an emphasis on scalability and cost competitiveness, Graphyte’s technology shows promise for achieving durable carbon removal at a massive scale, addressing crucial climate impact needs.
Barclay Rogers, CEO of Graphyte, expresses excitement about becoming a global leader in durable carbon removal. The investors are confident in Graphyte’s ability to rapidly deploy effective solutions for durable carbon removal. This article sheds light on the necessity of scaling carbon removal efforts to combat climate change, showcasing Graphyte as a promising contributor to this crucial mission.
