Growth Capital to Accelerate Graphyte’s Low-Cost Carbon Dioxide Removal Solution
Pine Bluff, Arkansas; July 30, 2024 – Graphyte, a leader in the durable carbon removal industry, today announced the successful closing of a $30 million Series A funding round. The financing will be used to accelerate Graphyte’s innovative carbon dioxide removal technology and scale up its carbon removal operations.
The Series A financing round was co-led by Prelude Ventures and Carbon Direct Capital, with significant participation from existing investors Breakthrough Energy Ventures (BEV) and Overture.
Graphyte’s Carbon Casting technology sequesters carbon-containing biomass waste underground, avoiding the energy intensity of other engineered carbon removal solutions, which allows the company to offer low-cost removals to carbon credit buyers and ultimately help to address climate change. The company has already commenced operations of its Loblolly project in Arkansas which will reach a capacity of 50,000 metric tons of carbon dioxide removed per year (tCO2/year) in early 2025. The Series A proceeds will accelerate deployment of Graphyte’s technology, enabling the launch of an additional four carbon removal facilities over the course of 2025 and 2026 on its path towards removing 5+ million tCO2/year by 2030.
“Graphyte aims to be the largest durable carbon dioxide removal supplier in the world,” said Barclay Rogers, CEO of Graphyte. “We are thrilled to work with an amazing set of leading climate investors to start bringing durable carbon removals to scale using our proprietary Carbon Casting process.”
"Carbon removal must scale as quickly as possible to make a climate impact and buyers are ready for solutions with high permanence and strong MRV," said Matt Eggers, managing director at Prelude Ventures. "Graphyte's solution is among the most promising for rapidly deploying durable carbon removal at massive scale."
“Getting to 50,000 tonnes of annualized removal capacity so quickly speaks to both the scalability and cost competitiveness of Graphyte’s carbon removal technology,” said Mayank Kapoor, Principal at Carbon Direct Capital.
“As global CO2 emissions continue to rise, it is now undeniable that carbon removal is vital in mitigating the worst impacts of climate change and we need more rapidly scalable, affordable solutions,” said Carmichael Roberts, Breakthrough Energy Ventures. “Through its Carbon Casting process, Graphyte combines the low cost of nature-based approaches with the lasting impact of engineered removal. With this recent momentum, Graphyte is on track to become one of the largest carbon removal companies in the world, and we are delighted to continue supporting the company's journey.”