Graphyte, a Pine Bluff, Arkansas-based leader in the durable carbon removal industry, closed a $30m Series A funding round.
The round was co-led by Prelude Ventures and Carbon Direct Capital, with participation from existing investors Breakthrough Energy Ventures (BEV) and Overture.
The company intends to use the funds to will accelerate deployment of its 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.
Led by Barclay Rogers, CEO, Graphyte has developed Carbon Casting technology that sequesters carbon-containing biomass waste underground, which allows the company to offer low-cost removals to carbon credit buyers and help to address climate change. Graphyte 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.
FinSMEs
31/07/2024