Eion, an Oakland, CA-based carbon removal company, raised $3M in Series A extension funding.
Backers included Growmark, AgFunder, Ridgeline, Trailhead Capital, Overture Partners, Mercator Partners, Exelon Foundation, and others.
The company intends to use the funds to build on growing commercial traction, deliver against new contracts, and further invest in R&D.
Led by CEO Anastasia Pavlovic, Eion is a carbon removal company responsibly scaling enhanced rock weathering (ERW) on agricultural lands. It holds an industry-first patent for directly measuring the carbon removed by mineral weathering in soils using immobile trace elements. It fits into routine farming practices to improve scale without compromising safety and rigor. That includes using olivine, a naturally abundant mineral that balances soil pH while efficiently absorbing carbon dioxide, and relying on routine soil samples and standard equipment to measure carbon removal and monitor soil conditions.
By working with the agricultural system, Eion is on track to deliver 10 million tons of permanent carbon removal annually starting in 2030 while creating stable jobs in rural communities.
FinSMEs
24/09/2024