Invert and CarbonCure Sign the World’s Largest Purchase Agreement For Carbon Credits to Store CO₂ Through Carbon Mineralization
In a 10-year agreement, Invert and minority funder Ripple will provide USD $30 million of upfront capital in exchange for hundreds of thousands of high-quality carbon credits providing immediate, centuries-long carbon storage
Ottawa & Halifax, April 12, 2022 — In the wake of the United Nations’ Intergovernmental Panel on Climate Change (“IPCC”) detailing the essential need for carbon removal technologies to prevent the worst effects of climate change, Invert Inc. (“Invert”), Ripple Inc. (“Ripple"), and CarbonCure Technologies (“CarbonCure”) have signed a pioneering carbon credit purchase agreement for permanent CO₂ storage through carbon mineralization. The credit purchase will facilitate increased investment in innovative technology research and development, the rapid scaling of CarbonCure’s existing patented technologies across new sites and geographies, and significant reductions and removal of greenhouse gases from the atmosphere. The funding partnership represents the largest investment to-date in durable, verifiable carbon mineralization and storage, worth USD $30 million.
Grand Prize winner of the Carbon XPRIZE, CarbonCure offers a suite of technologies that reduce and remove carbon dioxide across the concrete manufacturing process. With hundreds of systems operating around the world, CarbonCure injects captured CO₂ into fresh concrete, where it is immediately mineralized and permanently locked away, never to return to the atmosphere. This mineralization reduces the amount of cement needed in each mix, lowering the concrete’s carbon footprint. It is an urgent task as concrete is the most used building material on Earth, and the production of its key ingredient—cement—generates about 7 percent of global CO₂ emissions each year.
Invert, a specialized emissions reduction and offsetting company, invests in carbon credit projects that produce high quality, meaningful carbon reduction and removal credits and is focused on making a wide portfolio of carbon reduction and removal projects available to individuals and businesses both big and small.
“This is an investment to catalyze positive change and remove significant amounts of greenhouse gases from the atmosphere,” said Mark Zekulin, Chairman, Invert. “We recognize that long-term removals are critical to achieving the world’s net-zero objectives, and Invert is focused on investing meaningfully to support developers and technologies in this space. Concrete offers massive global capacity and an immediate opportunity for permanent storage of captured carbon dioxide to meet the world’s climate goals. And CarbonCure is uniquely positioned to tap into that capacity with its rapid scale around the world and innovative portfolio of technologies operating now.”
“We applaud Invert’s leadership in the effort to remove carbon from the atmosphere and provide a sustainable, livable climate for future generations. CarbonCure is thrilled to partner with Invert and Ripple in this milestone agreement for our organizations and the carbon removal field,” said CarbonCure Technologies Founder and CEO Rob Niven. “This investment will accelerate CarbonCure’s active scaling and help us achieve our mission to reach 500 million metric tons of annual CO₂ reduction and removal by 2030—equivalent to removing 100 million cars from the road each year.”
Invert as a majority funder, and Ripple, a provider of enterprise crypto and blockchain solutions, as a minority funder, will provide up-front capital in exchange for hundreds of thousands of carbon credits for permanent, immediate and verifiable carbon storage, to be delivered over a ten-year period.
CarbonCure is the only carbon removal technology company with a methodology approved by Verra, the world’s most widely used voluntary greenhouse gas crediting program. CarbonCure measures and tracks the CO₂ from the point of capture to mineralization, allowing Invert and other carbon credit buyers to trace the precise deployment date and location of the CO₂ they paid to permanently store.
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Invert operates at the core of the carbon reduction ecosystem, from financing the removal of carbon from our atmosphere via high quality carbon offset projects to empowering businesses and individuals on their emissions reduction journeys.
Invert invests in carbon credit projects that produce high quality, meaningful carbon reduction and removal credits that we believe will help save our world. By selling these credits on to individuals or businesses, the Company generates revenue that can be reinvested towards further projects that reduce or remove CO2 from the atmosphere. We work directly with businesses to help them understand and reduce the carbon footprint of their operations and reduce the Scope 1, 2 and 3 emissions that they generate.
Invert is also creating a place where individuals can go to learn about what they can do themselves to address the pressing issue of climate change. The Company helps individuals understand their own impact on the world and gives them a chance to support projects that reduce greenhouse gas emissions. We want every individual to be carbon neutral, and we want them to get there in an engaging manner with rich content and community.
Invert is an ambitious group of experts, entrepreneurs, scientists and engineers who have come together with a common purpose: to give individuals and businesses the tools, information, and insight they need to make a meaningful impact on climate change. Please visit our website for more information: https://join.invert.world/
About CarbonCure Technologies
Architects, structural engineers, owners and developers are seeking proven ways to reduce the embodied carbon of their building projects. CarbonCure Technologies, a fast-growing carbon dioxide removal tech company, has developed easy-to-adopt solutions that enable concrete producers to use captured carbon to produce reliable, low carbon concrete mixes and achieve market differentiation. With more than 550 systems sold, over two million truckloads of CarbonCure mixes have supplied a broad spectrum of sustainable construction projects around the world. CarbonCure’s cutting-edge research and innovation have garnered global recognition and prestigious titles, most notably grand prize winner of the NRG COSIA Carbon XPRIZE, 2020 North American Cleantech Company of the Year and Cleantech 100 Hall of Fame Company. CarbonCure’s investors include Breakthrough Energy Ventures, Amazon, BDC Capital, Pangaea, Microsoft, 2150, Carbon Direct, GreenSoil Investments, Taronga Group and Mitsubishi Corporation. Learn more at carboncure.com.
Ripple is a crypto solutions company that transforms how the world moves, manages and tokenizes value. Ripple’s financial solutions are faster, more transparent, and more cost effective - solving inefficiencies that have long defined the status quo. Together with partners and the larger developer community, we identify use cases where crypto will inspire new business models and create opportunities for more people. With every solution, we’re realizing a more sustainable global economy and planet - increasing access to inclusive and scalable financial systems while leveraging carbon neutral technology and a green digital asset, XRP. This is how we deliver on our mission to build crypto solutions for a world without economic borders.
Forward Looking Statement
This news release includes forward-looking statements within the meaning of applicable securities laws, including statements about expected shareholder returns experienced by clients of Invert. By their nature, forward-looking statements require Invert to make assumptions and predictions and are subject to inherent risks and uncertainties and other factors (many of which are beyond Invert’s control) which give rise to the possibility that actual results or events could differ materially from Invert’s expectations expressed in or implied by such forward-looking statements. As a result, readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and Invert disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.