Omani carbon removal startup 44.01 has received its very first carbon removal purchase commitment from Stripe Climate, a platform that allows Stripe businesses to direct a fraction of their revenue to help scale emerging carbon removal technologies.

Stripe Climate allocates these contributions towards promising carbon removal projects by purchasing the permanent removal of carbon dioxide at a particular price per tonne.

44.01 is one of the four companies eligible for a total of $6 million in carbon removal purchases. “Stripe is providing $2 million up-front to help bring these technologies to market and will make purchase commitments worth an additional $4 million to help them achieve further scale if these companies reach a set of technical milestones”, a statement from Stripe said.

Stripe will be the first customer for 44.01 and the company’s technologies has a “high potential to scale,” the statement said.

Launched in July 2020, 44.01 turns carbon dioxide into rock, harnessing the natural power of mineralisation. Using clean energy, their technology injects carbon dioxide underground, speeding up its reaction with peridotite, an abundantly available rock, to scale permanent carbon dioxide storage. The company aims to mineralise one Gigatonne (one billion tonnes) of carbon dioxide by 2030.

Stripe Climate was launched in October 2020 and over 15,000 companies from 40 plus countries now purchase carbon removal via Stripe Climate. The firm has headquarters in San Francisco and Dublin with offices across the world.

(Writing by Sowmya Sundar; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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