en.Wedoany.com Reported - JPMorganChase has expanded its partnership with Charm Industrial, signing a new carbon dioxide removal (CDR) agreement and a venture debt financing agreement.
Under the agreement, JPMorganChase will purchase 61,500 tons of carbon removal credits from Charm Industrial, to be delivered over multiple years. With this purchase, JPMorganChase's total carbon dioxide removal volume from Charm Industrial has reached 90,000 metric tons of CO2 equivalent, considered one of the largest bilateral offtake agreements in the bio-oil carbon removal sector.
The venture debt financing facility is $20 million, which will be used to support Charm Industrial's commercial expansion in Colorado. Peter Reinhardt, co-founder and CEO of Charm Industrial, stated that JPMorganChase's renewed investment and provision of growth capital validate the company's direction.
Charm Industrial's primary business involves permanent carbon removal through bio-oil injection and biochar, with feedstock sourced from forest residues generated by wildfire mitigation projects in Colorado. With this funding, the company will scale its pyrolysis and injection operations, including work related to its Fort Lupton facility. This partnership will also support the processing of non-marketable forest residues from wildfire mitigation projects, promote local rural economic development, and create jobs and workforce development opportunities for pyrolysis operators in Colorado.
Taylor Wright, Head of Operational Sustainability at JPMorganChase, noted that this additional purchase brings JPMorganChase's total procurement to 90,000 tons, reflecting the gradual maturation of the company's carbon removal portfolio and recognizing Charm Industrial's ability to deliver measurable, durable results in its projects.
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