Alt Carbon's approach involves using a proprietary mix called Hari Maati and relies on existing mining waste, avoiding emissions from dedicated rock processing. The company employs advanced measurement techniques and machine learning models to track carbon removal, adhering to methodologies set by carbon removal registries. With labs in Darjeeling and Bengaluru, Alt Carbon plans to expand its research capabilities and deploy sensors for better data collection. The startup has secured significant financial commitments and partnerships, including a $1 billion advanced market commitment led by major corporations and a strategic partnership with NextGen. It recently signed an offtake agreement with Japan’s MOL Group to deliver its first carbon credits.
Key takeaways:
- Alt Carbon has raised $12 million in a seed round to scale its carbon dioxide removal work using enhanced rock weathering on farmlands in South Asia.
- The startup uses waste basalt rock dust from the Rajmahal Traps to remove carbon dioxide and improve soil fertility, aiming to remove 5 million tons of carbon by 2030.
- Alt Carbon's carbon credits are estimated at $270 per metric ton, significantly cheaper than direct air capture credits, with plans to reduce costs further in the next 36 to 48 months.
- The startup has secured strategic partnerships and agreements, including a $1 billion advanced market commitment led by major companies and an offtake agreement with Japan's MOL Group for carbon removal credits.