ESG Today reports that the agreement implies capturing and storing 112.000 tons of CO2 emissions and Frontier also announced new members joining the coalition, such as H&M Group and Autodesk, which brought the total commitments to 1 billion USD.
As far as Charm Industrial goes, the startup was starting its operations back in 2021 and it captures carbon emissions from the atmosphere, while also gathering agriculture waste from harvests and also forest residue. The team then converts the biomass into bio-oil, which is stored in regulated underground wells and then solidifies.
Charm Industrial CEO and co-founder Peter Reinhardt said that "an offtake, especially one of this size, lets us move meaningfully faster than we’d otherwise be able to, accelerating essentially all aspects of our technology and operations."
Nan Ransohoff, Head of Climate at Strip and Head of Frontier, said that "in just three years, Charm Industrial has gone from concept to permanently removing thousands of tons of CO₂. They’ve charted a feasible path to high-volume, low-cost carbon removal, and set the bar for executing with speed and rigor."