Eion, a permanent carbon removal technology company, announced the close of a Series A funding round exceeding $12 million. The round was co-led by AgFunder and Ridgeline, along with participation from a broad coalition of strategic climate, ag tech, financial and impact investors, as well as upstream mineral supplier Sibelco. New and returning investors also include Carbon Removal Partners, Mercator Partners, Orion, Overture, SLVC and Trailhead Capital.
This funding round will enable Eion to continue to build out its distribution partnerships and expand availability of its patented CarbonLock™, a nature-based soil amendment that removes atmospheric carbon dioxide, permanently and verifiably, through enhanced rock weathering on agricultural soils. The company will also use the funds to attract high-impact talent to build out its financial, commercial and science teams.
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“Eion’s technology enables permanent carbon removal on agricultural soils, but our vision is so much broader. Eion seeks to leverage carbon removal as a tool to diversify agriculture and sustain land productivity, improve margins for farmers, support the bedrock American businesses in our supply chain, and boost rural vitality,” said Adam Wolf, Founder and Chief Executive Officer (CEO) of Eion. “It takes a broad tent to face challenges of this magnitude. We’re grateful to be engaged with a coalition of investors and partners who recognize the potential and opportunity for our carbon removal technology to leverage American capabilities to decarbonize our economy while bringing new opportunities to rural areas.”
In addition to offering a permanent carbon removal solution, CarbonLock™ fits seamlessly into current farming practices. CarbonLock™ is processed to achieve a fast carbon absorption rate, allowing it to efficiently sequester carbon. CarbonLock™ can be applied using existing aglime spreading equipment at a prescribed agronomic rate to maximize carbon capture. The product removes about one ton of CO2 per ton of rock applied. Eion measures the carbon captured through its patented mineral fingerprinting approach, verifying and monitoring the application of rock, as well as the weathering rate, to determine the final amount of carbon removed. For farmers, this process simply entails collecting and sharing soil samples, a familiar part of almost any agronomic approach.
SOURCE: PR Newswire