Stripe to Purchase Carbon Removal from CarbonBuilt
Purchase agreement will accelerate adoption of CarbonBuilt’s technology that injects CO2 into concrete, storing it for good
LOS ANGELES, (MAY 26, 2021)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 CO2 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.”
Based on a capital-light technology that recently won the 2021 NRG COSIA Carbon XPRIZE, CarbonBuilt’s ReversaTM process includes innovations to both the concrete mix design and the curing process. The Reversa formulation significantly reduces consumption of cement while enabling the increased and more flexible use of low-cost and low-carbon waste materials. During the curing process, dilute CO2 is directly embedded into and permanently sequestered within the concrete, with no requirement for carbon capture or purification. Together, these changes result in a 10-20 percent reduction in raw material costs and a 50-80 percent reduction in emissions, approximately 1/3 of which comes from absorption of CO2 into the concrete.
A single concrete block produced using the Reversa platform is able to permanently store about ¾ of a pound of CO2. In addition, the Reversa platform’s unique ability to handle dilute CO2 can enable meaningful cost reductions for modular direct air capture solutions. Combined with CarbonBuilt’s best-in-class CO2 utilization economics and scalability, Reversa accelerates humanity’s path towards economically-viable, gigatonne-scale carbon removal while delivering even larger emissions reductions.
CarbonBuilt’s ReversaTM process, winner of the 2021 NRG COSIA Carbon XPRIZE directly embeds CO2 from industrial sources into a proprietary low-carbon concrete formulation. This reduces overall CO2 emissions by more than 50 percent while delivering products that meet industry specifications and are more profitable than traditional concrete. CarbonBuilt was spun out of UCLA’s Institute for Carbon Management in 2020. More information is available at www.carbonbuilt.com.