BALTIMORE, Sept. 14, 2023 /PRNewswire/ — Electrochemistry innovator EDAC Labs has been selected by Frontier as one of 12 companies out of 132 applicants for its latest round of carbon removal purchases.
Frontier is an advance market commitment to buy an initial $1B of carbon removal by 2030, founded by Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability. This is Frontier’s third round of carbon removal purchases, valued at $7M. EDAC Labs’ prepurchase agreements are with Stripe and Shopify for a total of $500,000.
EDAC Labs’ proposed project takes advantage of its low-cost acid and base manufacturing technology to achieve carbon-negative mining. The acid is used to start the recovery of valuable metals from mine tailings, and the base is used to capture CO2 from air. The acid and base streams are then combined to extract metals that can be sold for applications such as batteries, and to create solid carbonates, which permanently store CO2.
The Frontier selection follows EDAC Labs’ August 14, 2023 announcement of $3M in seed funding, led by the Grantham Foundation for the Protection of the Environment, an early-stage investor in climate-related innovations. In July, EDAC Labs was selected for the prestigious Third Derivative First Gigaton Captured Cohort 2, which included seven groundbreaking climate tech startups focused on carbon dioxide removal.
Quote from James Lavin, Founder and CEO, EDAC Labs
“To be recognized by Frontier is an important validation of our technology and value proposition. The Frontier team takes a rigorous approach and works with many climate leaders to identify practical solutions to carbon removal. We are delighted to be included.”
About EDAC Labs
EDAC Labs uses the electrochemical production of acid and base to decarbonize the world through conventional direct air capture, enabling carbon-negative mining, and by providing technology for other applications such as direct ocean capture, ocean alkalinity enhancement, and enhanced weathering. Learn more at www.edaclabs.com.
SOURCE EDAC Labs