Carbon removal player lands $100M Series B round
Charm Industrial, a carbon removal startup that counts corporate giants among its customers, has closed a $100 million Series B round.
Why it matters: It's a big expansion of Charm's resources. Prior fundraising totaled $25 million, a representative tells Axios.
Driving the news: General Catalyst led the round. Lowercarbon Capital, Exor, Kinnevik, Thrive Capital and Elad Gil also took part.
Catch up fast: The announcement follows deals for Charm's services that are large for the nascent market.
- In May, the consortium Frontier — which includes Meta, Alphabet, Stripe and other heavyweights — announced $53 million worth of contracts.
- Last month also brought a purchase commitment from JPMorgan Chase.
How it works: Charm uses waste biomass from farming and forest management and heats it to extremely high temperatures in equipment called pyrolyzers to create "bio-oil" that's permanently injected underground.
- It has delivered 6,200 tons of CO2 removal so far.
- The combined deals with Frontier and JPMorgan are for roughly 25 times that amount.
What's next: The funding will help Charm move toward what it hopes will eventually be huge operations.
- "Continued acceleration requires ramping up our operations in Colorado and the broader corn belt, and expanding our lone pyrolyzer into a continent-wide fleet of tens of thousands," Charm says.