By Ben Geman, Axios
Boldface names in climate VC are staking Graphyte, a young startup that says it unlocked a comparatively cheap carbon removal method using biomass.
Why it matters: Backers say the tech has a clear pathway to commercial scale, and it provides a durable and readily monitored form of removal.
Driving the news: Graphyte this morning will announce close of a $30 million Series A deal co-led by Prelude Ventures and Carbon Direct Capital.
The Bill Gates-led Breakthrough Energy Ventures and Overture are two existing investors also taking part.
How it works: Graphyte takes materials like timber and farming residues that would otherwise release carbon via burning or decomposition.
They dry it out to prevent degradation, compress it into blocks wrapped in protective barriers, and store them underground with sensors.
What they're saying: Prelude managing director Matt Eggers said Graphyte's tech is "incredibly scaleable," and sees a clear path to getting costs well under $100 per ton of CO2.
It doesn't rest on "technology miracles," said Eggers, who tells Axios its first facility is close to $100 already. "It's getting toward a really breakthrough cost."
"This can go anywhere and it can use almost any sort of biomass and in fact, it can use mixed sources of biomass, [there's] nothing that really has to be done other than dry it," he said.
Read more on Axios.com.
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