Stripe-backed Eion digs up $12M Series A to help farms capture carbon with green rock dust
What is agriculture? These are some of the most dangerous carbon emissions that contribute to planet warming. People need to eat. Right now, about a third the amount of greenhouse gases created by human activity is generated by food production. It is possible to reduce greenhouse gas emissions by eating less meat, but it becomes impossible to cut.
Enhanced rock weathering is a term that refers to minerals that naturally absorb carbon dioxide in the atmosphere. These minerals are crushed and spread onto soils to speed up the process. Some of these minerals can also be beneficial to farmers and ranchers who have struggled to reduce carbon emissions from their operations.
There are several startups that are trying to capture this market, but one company is the most promising. EionTechCrunch exclusively learned that, today announced a $12 million Series B. AgFunder and Ridgeline led the round, with participation by Carbon Removal Partners and Mercator Partners, Orion and Overture, Trailhead Capital, Trailhead Capital, Trailhead Capital, Trailhead Capital, and mineral supplier Sibelco with whom the company has an offtake agreement.
TechCrunch’s CEO Adam Wolf, Eion founder, stated that “we need a hockey stick growth path to address the gigaton challenge we have in front us.” He said that enhanced rock weathering offers this potential.
Eion is one the companies that Climate program at Stripe It bought carbon credits last year and has been using the money to launch its operations. The startup will be able to finalize its method, expand operations, and build a crusher to crush rock to make its soil amendment CarbonLock.
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