![]() ![]() Heirloom is funded by Bill Gates’ Breakthrough Energy Ventures, Carbon Direct Capital Management, Ahren Innovation Capital, Prelude Capital, Lowercarbon Capital, Microsoft’s Climate Innovation Fund and others. Heirloom has the only Direct Air Capture facility in North America permanently capturing CO2, and its customers are the world’s biggest buyers of carbon removal including Microsoft, Stripe, Klarna, Shopify and more. Our technology rapidly accelerates the natural processes that enable limestone to absorb CO2 from the air from a timespan of years to days. ![]() Heirloom builds low-cost Direct Air Capture technology that will permanently remove CO 2 at a billion-ton scale. By accelerating limestone’s natural ability to absorb CO2 from the air from years to days, Heirloom is quickly building a runway to low-cost CO2 removal at the gigaton-scale.Ĭombined with rapid decarbonization efforts, the suite of technologies that remove atmospheric CO2 are essential to limit global temperature rise to the Paris Agreement’s 1.5-degree Celsius target. The company’s technology uses the natural properties of limestone to capture CO2 pollution from the atmosphere and permanently store it in a range of ways, including in concrete. Heirloom is a world-leading provider of Direct Air Capture technology and operates the only Direct Air Capture facility in the United States that is permanently storing CO2. and will support Microsoft’s goal to be carbon-negative by 2030, as well as its ambition to remove all of the CO2 the company has ever emitted by 2050. The CO2 removal credits purchased as part of this agreement will be generated at Heirloom’s next two commercial deployments in the U.S. in global efforts to combat climate change. This deal not only advances our progress towards those goals but also cements the leading role of the U.S. Since its launch at the World Economic Forum in 2022, the First Movers Coalition has galvanized unprecedented public and private sector commitments. The deal between Heirloom and Microsoft also advances the U.S.’ climate leadership globally by uniting domestic buyers and sellers to advance net-zero commitments under the First Movers Coalition – an initiative launched by the Biden Administration to harness the purchasing power of private companies to create early markets for innovative clean technologies that enable both reductions and removals. "It is incredibly encouraging to see agreements of this magnitude because corporate buyers, like Microsoft, can unlock a significantly lower cost of capital for Direct Air Capture companies that are seeking to finance infrastructure projects, such as future carbon dioxide removal facilities," said Robert Keepers, Managing Director, J.P. Bankable agreements of this magnitude enable Heirloom to raise project finance for our rapid scale-up, fueling exponential growth like what we’ve seen in the renewable energy industry." Heirloom CEO Shashank Samala said, "Microsoft has been an incredible supporter of Heirloom, helping us scale one of the world’s most cost-effective Direct Air Capture solutions. This opens up a crucial funding mechanism for Heirloom to finance future Direct Air Capture facilities, similar to how other large-scale infrastructure projects have been financed for decades. As an investor in and customer of Heirloom, we believe that Heirloom’s technical approach and plan are designed for rapid iteration to help drive down the cost of large-scale Direct Air Capture at the urgent pace needed to meet the goals of the Paris Agreement."Īdditionally, the deal between Microsoft and Heirloom represents one of the first bankable carbon dioxide removal agreements. Microsoft Senior Director of Energy and Carbon Brian Marrs said "Microsoft’s agreement with Heirloom is another important step in helping build the market for high-quality carbon removal and supports our path to become carbon negative by 2030. Project Cypress, to be located in southwestern Louisiana, was one of just two hubs to qualify for the highest levels of funding. This deal follows Heirloom’s DAC Hub selection by the US Department of Energy for up to $600 million in matching funding. Microsoft's purchase unlocks key project financing mechanism to dramatically scale and reduce the cost of Heirloom’s Direct Air Capture facilitiesīRISBANE, Calif., September 07, 2023-( BUSINESS WIRE)-Microsoft has signed a long term contract to purchase up to 315,000 metric tons of CO2 removal over a multi-year period from Heirloom – a Direct Air Capture company that harnesses the natural properties of limestone to remove CO2 from the atmosphere – in one of the largest carbon dioxide removal deals to-date. ![]()
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