Vaulted will remove 152,480 tons of CO? between 2024 and 2027 on behalf of Frontier buyers. Of those, 18,321 tons are expected to be delivered in 2024.
Vaulted's approach offers 10,000+ year permanence, near-term scalability, local co-benefits and has a line of sight to under $100 cost per ton.
HOUSTON, May 1, 2024 /PRNewswire/ -- Frontier has facilitated offtake agreements with Vaulted Deep, a carbon removal company that injects carbon-rich organic waste deep underground for permanent storage. Vaulted spun out of?and uses core tech from? Advantek Waste Management Services, a 10-year old industrial waste management company. Frontier buyers will pay $58.3 million to permanently remove 152,480 tons of CO? between 2024 and 2027, with options to purchase more tons from future projects at lower prices. Frontier buyers were Vaulted's first customers in September 2023 through a small prepurchase of 1,666 tons?all of which have already been delivered and verified. This offtake agreement enables Vaulted to commission three new wells that are sited to optimize feedstock availability, transportation, and well capacity. As one of the first carbon removal spin-outs from a waste management company, Vaulted is an example of growing interest from large industrials to apply their expertise and assets to carbon removal.
Vaulted's approach starts with plants that naturally draw down CO? from the atmosphere via photosynthesis. Much of that ends up as carbon-rich waste in the form of biosolids, manure, food or agricultural waste that is incinerated, landfilled, or spread on land. As that waste burns or decomposes, the once-captured CO? is released back into the atmosphere. Vaulted prevents that from happening by turning that waste into a carbon-rich slurry and then injecting it into deep disposal wells for permanent geologic storage. The volume of carbon removed is measured by weighing the carbon in the biomass and subtracting emissions generated at every stage in the process, including transportation and energy usage.
Vaulted's approach is compelling for a few reasons:
Frontier has facilitated purchases on behalf of Frontier Founding Members Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability, as well as Autodesk, H&M Group, JPMorgan Chase, and Workday. Also, Aledade, Skyscanner, Canva, SKIMS, Wise, and Zendesk have purchased via Watershed's partnership with Frontier.
Biomass-based approaches to carbon removal are promising but require thoughtful biomass sourcing to have the intended climate impact. To help inform prospective customers of companies like Vaulted doing Biomass Carbon Removal and Storage, we're sharing Frontier's Biomass Sourcing Principles.
Julia Reichelstein, CEO at Vaulted Deep: "Vaulted's technology, developed by Advantek, has been primed to address carbon removal for decades, even before there was a market. Technologies like ours that can scale quickly without compromising durability or quality will lead the way. Our proven CDR is what makes possible Frontier's largest offtake to date."
Hannah Bebbington, Strategy Lead at Frontier: "Vaulted went from inception to delivering thousands of tons in just four months and is now among the first carbon removal companies to sign a multi-million dollar offtake agreement. This shows what's possible when the expertise of traditional industry players is repurposed for carbon removal."
1 Based on estimates in Snyder et al (2022)
About Frontier
Frontier is an advance market commitment to buy an initial $1B of permanent carbon removal between 2022 and 2030. It was founded by Stripe, Alphabet, Shopify, Meta, McKinsey Sustainability, and tens of thousands of businesses using Stripe Climate. Frontier's goal is to accelerate the development of carbon removal technologies by guaranteeing future demand for them. In practice, its team of technical and commercial experts facilitates purchases from high-potential carbon removal companies on behalf of buyers. More information at frontierclimate.com.
About Vaulted Deep
Vaulted Deep is a biomass carbon removal and storage (BiCRS) carbon removal company dedicated to the geologic sequestration of organic wastes. Vaulted Deep's mission is to utilize the proven and patented geologic slurry injection technology for permanent carbon dioxide removal (CDR) through the sequestration of organic wastes, thereby accelerating the earth's natural process and contributing significantly to the global fight against climate change. Vaulted Deep is backed by Advantek Waste Management Services and Lowercarbon Capital, Earthshot Ventures, and others. To learn more, go to www.vaulteddeep.com.
SOURCE Vaulted
These press releases may also interest you
|