This week sees capital markets tech platform Ledgy partner with startup SeaO₂ to help advance its oceanic carbon capture tech. And it might be the smallest funding amount we've ever covered. Here's why it matters:
One-third of all global carbon emissions are bound up in our seas and oceans. Additionally, the ocean's carbon concentration is more than 150 times higher than in the air, making oceanic carbon capture technology a potent weapon in the fight against climate change.
Founded in 2021 and headquartered in Amsterdam, SeaO₂ focuses on ocean-based carbon dioxide (CO₂) removal technology.
Its mission is to protect our planet from getting warmer and warmer by reducing the CO₂ concentration in the ocean and indirectly in the air. The company aims to remove 1 Gigaton of carbon by 2035.
SeaO₂'s prototype, situated in the North Sea, uses electrodes to lower the pH level of water flowing through SeaO₂'s membrane.
The treated water then releases gaseous CO₂. Once decarbonised, the water is returned to the surface to mix with air and return to its natural pH level.
The captured carbon is then permanently stored underground.
An investment in advancing oceanic carbon capture
Ledgy is making a public and financial stance against corporate greenwashing, as highlighted in a recent media investigation revealing how some rainforest offset credits from the leading certifier do not offer the environmental benefits they claim.
(To learn about carbon credits done right, check out Xilva's marketplace for forest investments).
Will we see more investments in tech as an alternative to purchasing carbon credits?
Ledgy supports over 2,500 customers in over 40 countries, including many of Europe's most innovative growth-stage companies, such as Getir, Pleo, Monese and wefox.
The company has invested an initial €21,750 to pre-purchase six tons of carbon captured from SeaO₂'s first prototype, launching from the REDstack renewable energy plant at the Afsluitdijk dam in the Netherlands this month.
The initial prototype can extract one ton of carbon per year, and SeaO₂ is on track to launch its second 'pilot plant' – which will extract 250 tons of carbon per year – by the end of 2023.
According to Ben Brandt, Ledgy co-founder and Chief Product Officer:
"Our commitment to SeaO₂ represents a price per ton of €3,375, which is a pretty high price by market standards. But by validating SeaO₂'s commercial model and investing in the R&D behind SeaO₂'s next pilot plant, we're confident that the investment will mean SeaO₂ can offer competitive pricing in the future.
Essentially, we're one of the Tesla Roadster customers paving the way for the development of the Model 3."
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