Stripe to Purchase Carbon Removal from CarbonBuilt
May 26, 2021 13:00 ET
| Source:
CarbonBuilt
CarbonBuilt
injects CO
into concrete, storing it for good
LOS ANGELES, May 26, 2021 (GLOBE NEWSWIRE) -- CarbonBuilt announced it has entered into a Carbon Removal Purchase Agreement with Stripe, in which Stripe will pay CarbonBuilt $250,000 to sequester nearly 1,000 metric tons of CO
2 from CarbonBuilt’s first commercial project. The agreement is part of Stripe’s Negative Carbon Emissions Project which is catalyzing the removal and sequestration of carbon dioxide from the atmosphere.
“We are honored to have been selected by Stripe Climate and its expert panel of advisors through this competitive process,” said Rahul Shendure, CEO of CarbonBuilt. “This purchase agreement will accelerate the development of our first commercial project by offsetting the inherently higher costs for a first commercial plant with a more attractive return on investment for our capital providers.”