Tech giant companies such as Stripe, Alphabet, and Shopify are investing a total of $57.1 million in the carbon removal startup, Lithos. Lithos offers a carbon removal service that utilizes crushed volcanic rock to increase yields for farmers and capture carbon from the atmosphere. The startup, which spun out of academic research at Yale less than two years ago, is already working with over 80 farms in nine states. By spreading crushed rock on fields, Lithos speeds up the natural geological process of capturing CO2, ultimately helping to sequester it permanently in the ocean. This latest investment deal marks a significant commitment in the fight against climate change and showcases the potential of enhanced weathering as a scalable carbon removal solution.
Read more about the Latest Money News
Tech Giants Invest $57 Million in Carbon Removal Startup Lithos
Introduction
In a new groundbreaking development, three major tech giants, Stripe, Alphabet, and Shopify, have made a combined investment of $57 million in the carbon removal startup, Lithos. This investment is significant as it highlights the increasing commitment of major companies to combat climate change and find innovative solutions for carbon removal. Lithos, a startup that emerged from academic research at Yale less than two years ago, offers a unique carbon removal service that utilizes crushed volcanic rock to capture carbon dioxide (CO2) from the atmosphere. This article will delve into the background of the startup, the details of their carbon removal service, their partnership with Stripe, Alphabet, and Shopify, and their ambitious goal of capturing a billion tons of CO2.
Read more about the Latest Money News
Background of the Startup
Lithos, a startup born out of academic research at Yale, is relatively new but has already made significant strides in the field of carbon removal. Founded less than two years ago, Lithos offers a unique approach to carbon removal using crushed volcanic rock. The startup has quickly gained recognition and partners with more than 80 farms in nine states. Its innovative solution has also attracted the attention and investment of major tech giants, including Stripe, Alphabet, and Shopify. This rapid growth and recognition underline the immense potential of Lithos’s carbon removal service.
Lithos’s Carbon Removal Service
Lithos’s carbon removal service revolves around the use of crushed volcanic rock, also known as basalt. Basalt is widely available in large quantities as waste at quarries, making it a readily accessible resource. The startup utilizes the natural absorption capabilities of certain types of rocks to capture CO2 from the atmosphere. When rain falls on the crushed rock, a chemical reaction occurs, aiding in the capture of CO2. Over time, the captured carbon is transported through waterways and eventually reaches the ocean, where it is permanently sequestered. Lithos plays a crucial role in speeding up this geological process, allowing for a more rapid removal of carbon from the atmosphere.
Partnership with Stripe, Alphabet, and Shopify
The recent investment of $57 million in Lithos by Stripe, Alphabet, and Shopify signifies a significant milestone for the startup. These partnerships reflect the growing interest and commitment of major companies towards carbon removal and sustainability. It is also worth noting that this partnership is part of Frontier, a group of businesses led by Nan Ransohoff, Head of Climate at Stripe, who are collaborating to support and scale up carbon removal startups. Lithos’s commitment to removing 154,000 tons of CO2 over the next four years is the largest commitment to date by Frontier.
How Lithos Speeds Up the Geological Process
Lithos’s approach to carbon removal involves strategically spreading crushed rock in a specific manner on farmland. The startup employs its software to analyze the soil chemistry of each farm and develop a custom plan suited to its specific needs. By doing so, Lithos accelerates the natural geological process of carbon capture, enabling carbon removal to occur at a faster rate compared to traditional methods. This innovative approach has proven to be effective, with measurements showing a permanent removal of 175 metric tons of CO2 from the air on a Wisconsin farm just six months after the application of rock dust.
Custom Plans for Farms
One of the key strengths of Lithos’s carbon removal service is its ability to create custom plans tailored to each farm’s unique soil chemistry. This personalized approach ensures that the carbon removal process is optimized for maximum efficiency and effectiveness. By taking into account the specific characteristics of each farm, Lithos ensures that the crushed rock is applied in the most suitable manner, resulting in enhanced carbon capture and increased agricultural yield. This individualized approach sets Lithos apart from other carbon removal solutions, making it an attractive option for farmers looking to improve sustainability on their land.
Benefits for Farmers
Lithos’s carbon removal service not only benefits the environment by capturing CO2 but also provides tangible advantages for farmers. The application of crushed volcanic rock on farmland has been shown to increase crop yields. One farmer in Northern Wisconsin reported a 36% increase in yields on one of his fields after utilizing Lithos’s rock dust. This improvement in productivity is particularly valuable for farmers in the current economic climate, characterized by rising fuel and fertilizer costs. By incorporating carbon removal into their farming practices, farmers can contribute to sustainability efforts while also reaping financial benefits.
Use of Basalt Rocks
Basalt, the volcanic rock utilized by Lithos, is an abundant and easily accessible resource. It is readily available as waste at quarries, making it a sustainable choice for carbon removal. Additionally, farmers already use rock dust, albeit of a different type, to improve their soil. This familiarity with using rock dust for soil enhancement makes the integration of basalt into existing farming routines seamless. There is no need for new technological innovation or breakthroughs to scale up the use of basalt in carbon removal. The infrastructure and knowledge required for its application are already in place.
Lithos’s Goal: Capturing a Billion Tons of CO2
Lithos has set an ambitious goal of capturing a billion tons of CO2 this decade. This objective is made achievable through the strong demand from farmers and the ample availability of basalt as a resource. The recent investment from Stripe, Alphabet, and Shopify, as part of the Frontier initiative, will accelerate the company’s timeline and help it scale up its operations. To achieve the billion-ton target, Lithos recognizes the need to continuously improve efficiency and reduce operational costs. The partnership with Frontier enables the company to generate data, refine its processes, and achieve responsible and quantifiable levels of scale.
In conclusion, Lithos’s carbon removal service, driven by crushed volcanic rock, has attracted significant investment and attention from major tech giants. Its customized approach and ability to accelerate the geological process of carbon capture make it a compelling solution for both environmental and agricultural purposes. As Lithos continues to grow and expand its operations, it has positioned itself as a key player in the pursuit of sustainable carbon removal. With the support of its partners and their shared commitment to combating climate change, Lithos aims to make a significant impact by capturing a billion tons of CO2 in the coming years.
