CARBONBUILT has announced that it has entered into a purchase agreement with financial services and software company Stripe, which will accelerate the commercialisation of CarbonBuilt’s technology to decarbonise cement and store CO2 in concrete.
CarbonBuilt has developed technology that lowers the emissions associated with cement production as well as storing CO2 in concrete. CarbonBuilt and Stripe have entered into a Carbon Removal Purchase Agreement, where Stripe will pay CarbonBuilt US$250,000 to sequester 1,000 t of CO2. The agreement is part of Stripe’s programme which allows customers to use a fraction of their company’s revenue for carbon removal projects.
Rahul Shendure, CEO of CarbonBuilt, said: “We are honoured to have been selected by Stripe Climate and its expert panel of advisors through this competitive process. This purchase agreement will accelerate the development of our first commercial project by offsetting the inherently higher costs for a first commercial plant with a more attractive return on investment for our capital providers.”
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