Net Zero Company, a Stockholm-based carbon removal startup, has completed a $5.5 million Seed funding round. The company, founded in 2022, aims to revolutionize carbon removal through its innovative Carbon Removal Token (CRT).
Key Details of the Funding Round
- Total Funding: $5.5 million.
- Lead Investors: Oilinvest, VARO Energy, and SilviCarbon.
Company Overview
Net Zero Company was founded by Håkan Nordkvist, a former Head of Sustainability Innovation at IKEA Group and advisor for the University of Cambridge accelerators The Canopy and The Core Climate Fund. The company also benefits from the advisory expertise of Lord Ed Vaizey of Didcot.
Net Zero Company’s Carbon Removal Token (CRT)
The Carbon Removal Token is designed to address the growing need for carbon removals, projected to reach at least 3 billion tonnes by 2030. The CRT leverages blockchain technology to offer accessibility, transparency, and traceability in the carbon credit market.
Key Features of the CRT:
- Security: Each token is backed by certified carbon removal projects with a comprehensive replacement plan, ensuring the integrity and protection of carbon removals.
- Transparency: Built on the Ethereum blockchain, the CRT provides verifiable proof of environmental impact, enhancing credibility and accountability.
- Traceability: Each CRT represents a tonne of sequestered carbon dioxide from diverse nature-based projects, with full traceability through blockchain technology.
- Accessibility: The CRT allows anyone, anywhere, to purchase carbon removals, democratizing access to climate action.
Strategic Partnerships
Net Zero Company has formed strategic partnerships with Microsoft and Metaco/Ripple to support its mission of transforming carbon removal solutions.
CEO’s Vision
Håkan Nordkvist, CEO of Net Zero Company, emphasized the urgency and innovation required to address climate change:
“There are no shortcuts to reach net zero; reducing emissions is crucial, but we must also innovate with new solutions. That’s why we’re committed to providing high-quality, nature-based carbon removals that are risk-free and easy to use. Our mission is to democratize access to carbon removals by leveraging blockchain technology to digitize carbon removal credits. With escalating emissions and rising temperatures fueling environmental degradation, the need for effective carbon removal solutions has never been more urgent.”
Use of Funds
The seed funding will be utilized to:
- Support Global Expansion: Extend Net Zero Company’s reach and impact across different markets.
- Launch New Product Suite: Introduce the Carbon Removal Token and other asset-backed products to the market.
What we think
Net Zero Company’s innovative approach, combining blockchain technology with high-quality, nature-based carbon removal projects, positions it to make a significant impact in the fight against climate change. The recent funding and strategic partnerships highlight the potential of the Carbon Removal Token to transform the carbon credit market, making it more transparent, traceable, and accessible to a broader audience.
