CarbonCapture Inc. to Supply Microsoft Carbon Removal Credits Based on Direct Air Capture Technology

Rhea-AI Summary

CarbonCapture Inc. has entered an agreement with Microsoft Corp. (MSFT) to provide engineered carbon removal credits. This partnership supports Microsoft's aim to become carbon negative by 2030 and to eliminate its historic CO₂ emissions by 2050. CarbonCapture is developing Project Bison in Wyoming, which aims to capture and store 5 million tons of CO₂ annually by 2030, utilizing Class VI injection wells. This project marks a significant step in the scalability of direct air capture technology. The collaboration with Microsoft is seen as a catalyst for growth in the direct air capture industry.

Positive

• Agreement to provide carbon removal credits to Microsoft supports its carbon negative goal.
• Project Bison aims to capture 5 million tons of CO₂ annually, enhancing CarbonCapture's market presence.
• Collaboration with a leading company like Microsoft validates CarbonCapture's technology and potential.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- CarbonCapture Inc. (CarbonCapture), a U.S. climate tech company that develops direct air capture (DAC) systems based on a groundbreaking modular open systems architecture, today announced an agreement with Microsoft Corp. (Nasdaq: MSFT) (Microsoft) to provide engineered carbon removal credits.

“We’re thrilled to help Microsoft move toward its commitment to be carbon negative by 2030 and to remove all of its historic CO₂ emissions by 2050,” said Adrian Corless, CEO and CTO, CarbonCapture, Inc. “Validation of CarbonCapture’s scalable approach to DAC from a forward-thinking company like Microsoft is an important signal to the entire market, demonstrating the value of high-quality carbon removal credits.”

CarbonCapture designs and manufactures modular DAC systems that can be deployed in large arrays. Currently, the company is developing Project Bison, a large DAC facility in Wyoming, that will follow a phased rollout plan to capture and store five million tons of atmospheric CO₂ per year by 2030. This project is expected to be the first commercial-scale project to utilize Class VI injection wells to permanently store CO₂ captured from ambient air using DAC technology and the first massively scalable DAC project in the United States.

“Purchasing DAC carbon removal credits is an important part of Microsoft’s pursuit of permanent, durable carbon removal,” said Phillip Goodman, director, Carbon Removal Portfolio, Microsoft. “This agreement with CarbonCapture helps us move toward our carbon negative goal, while also helping to catalyze the growth of the direct air capture industry as a whole.”

In addition to dramatically reducing current emissions, the global community needs to collectively remove 6-10 billion tons of carbon dioxide per year by 2050 in order to remain on a path to limiting global warming to 1.5°C. As DAC facilities begin to come online over the next several years, corporations like Microsoft are playing a critical role in helping to scale capacity by committing to advanced purchase agreements.

About CarbonCapture Inc.

CarbonCapture develops and deploys direct air capture (DAC) machines that can be connected in large arrays to remove massive amounts of CO₂ from the atmosphere. With a groundbreaking modular open systems architecture, the company’s technology platform allows for plug-and-play upgrades, mass production, unlimited scalability, and rapid technology iterations. CarbonCapture’s systems capture atmospheric CO₂ for either permanent removal or for utilization in low-carbon synthetic fuels, concrete, and other industrial products.

For more information, please visit carboncapture.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230322005154/en/

Media contact: media@carboncapture.com

Source: CarbonCapture Inc.

FAQ

What is the recent agreement between Microsoft (MSFT) and CarbonCapture?

Microsoft (MSFT) has partnered with CarbonCapture to acquire engineered carbon removal credits, supporting its goal of carbon negativity.

What is Project Bison in relation to CarbonCapture and Microsoft?

Project Bison is a large DAC facility in Wyoming, being developed by CarbonCapture to capture 5 million tons of CO₂ annually by 2030.

How does CarbonCapture's technology support Microsoft's sustainability goals?

CarbonCapture's direct air capture technology helps Microsoft achieve its commitment to be carbon negative by 2030 and remove its historic emissions by 2050.

What are the implications of the agreement for the direct air capture industry?

The agreement is expected to catalyze growth in the direct air capture industry by demonstrating the demand for carbon removal credits.

What are engineered carbon removal credits?

Engineered carbon removal credits are certifications that represent the removal of carbon dioxide from the atmosphere, aimed at offsetting emissions.