Primary Outlet: Frontier Climate (Source Article)

Contact: media@frontierclimate.com

Additional Outlets: Bloomberg, CNBC

Notes: this is an emerging story, and will be updated throughout the day as news emerges

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Today marks a significant milestone in Holocene’s journey, as we announce our first-ever carbon removal purchase agreement.

Holocene is proud to have secured a purchase agreement via Frontier Climate, an advance market commitment to buy at least $1B of permanent carbon removal between 2022 and 2030. This cycle’s purchases were spearheaded by Stripe, Shopify, and H&M Group — broader members of the coalition include Alphabet, Meta, McKinsey, and thousands more businesses using Stripe.

Holocene secured this purchase agreement through Frontier’s “Fall 2023” purchasing cycle and was part of a broader group of high-potential carbon removal firms included in the carbon removal purchases facilitated by Frontier, totaling $7M.

Additional companies receiving purchase agreements include Airhive, Alkali Earth, Banyu Carbon, Carbon Atlantis, CarbonBlue, CarbonRun, EDAC Labs, Mati, Planetary Technologies, Spiritus Technologies, and Vaulted.

To deliver on this purchase agreement, Holocene will be selling carbon removal services from its planned Pilot project that is slated to be constructed in Tennessee in 2025.

HERE ARE 3 REASONS WHY THIS MATTERS FOR HOLOCENE:

#1: Frontier’s diligence process is extensive

Frontier had >130 applications for purchase this cycle and ran months of diligence on Holocene’s technology, team, and ability to execute our vision. This diligence included technical reviews on selected applications from Frontier’s global network of experts.

While Holocene has been through numerous detailed diligence processes for its awards to date (Breakthrough Energy Fellows, Department of Energy, XPRIZE) this process was unique in its engagement level and focus on the execution of a specific, planned commercial project to deliver permanent carbon removal and sequestration.

While the commercial benefit is tremendous, the “vote of confidence” that this purchase brings is even more so.

#2: This is a milestone toward larger offtake agreements

As shared, Frontier Climate is an advanced market commitment committed to spending an initial $1B on permanent carbon removal between 2022 and 2030.

To reach $1B, the size of purchase agreements facilitated by Frontier must increase well beyond $7M. Frontier does this via longer-term, offtake agreements — the first of which they announced with Charm Industrial in May of 2023 — totaling $53M commitment for one carbon removal company alone over a 7-year period delivering 112,00 tonnes.

The purchase agreement that Holocene is announcing today serves as a milestone on a longer journey to larger purchase agreements, of the variety that Frontier Climate has shown the ability to deliver.

This proof point of larger and long-term commitments for Holocene and its peers’ solutions is a major proof point for the carbon removal space, its importance, and the broader corporate and climate community’s interest in CDR as a solution.

#3: Holocene will begin broader CDR sales activities, moving forward

While this is our first purchase agreement, we do not intend it to be our last.

On the back of this news, Holocene has begun taking interest for carbon removal purchase agreements with other entities. This marks a new phase of our growth and company development, and we are excited to help additional firms outside of those within Frontier Climate deliver on their climate ambitions.

If you are interested in our offering or seeking carbon removal services yourself, please click “Remove CO2” in the top right corner of our home page to get in touch!

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This is only the beginning for Holocene, and we encourage anyone interested in our journey or company to follow along on LinkedIn, Twitter, or by entering your email in our website footer to “Stay up to date”.

For additional information about Frontier or this story, please see Frontier’s announcement blog (link here: https://frontierclimate.com/writing/fall-2023-purchases) or follow media coverage of this event.

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About Holocene

Holocene is a direct air capture (“DAC”) technology developer and carbon removal service provider building the future of the DAC industry via a highly scalable & affordable, low-temperature, aqueous carbon removal system. Holocene is headquartered in Knoxville, Tennessee, USA — and its co-founders are Anca Timofte, Keeton Ross, and Tobias Rüesch.

For more information about Holocene, visit www.theholocene.co.

About Frontier

Frontier is an advance market commitment to buy an initial $1B of permanent carbon removal between 2022 and 2030. It’s funded by Stripe, Alphabet, Shopify, Meta, McKinsey, and tens of thousands of businesses using Stripe Climate. Frontier’s goal is to accelerate the development of carbon removal technologies by guaranteeing future demand for them. In practice, its team of technical and commercial experts facilitates purchases from high-potential carbon removal companies on behalf of buyers. 

More information at frontierclimate.com.