Puro.earth Announces €11 Million Series B Funding Round
Puro.earth, a prominent player in the carbon credit market, has secured a significant €11 million in a Series B financing round. This funding was spearheaded by Nasdaq, with additional contributions from Fortum Innovation & Venturing. This new investment is set to bolster the infrastructure that underpins Puro.earth's certification processes for its suppliers.
Purpose of the Funding
With this additional financial backing, Puro.earth aims to improve its operational capabilities, allowing for the more frequent issuance of carbon removal credits that meet high integrity standards. The funding will also enable the facilitation of off-take agreements while enhancing the integration of digital measurement, reporting, and verification (dMRV) tools across its platform.
Highlights of Recent Developments
The latest round of investment reflects a period marked by substantial growth and innovation at Puro.earth. Recently, the company has upgraded its leading biochar methodology and introduced a new API, which simplifies trading in carbon removals through various sales channels. Strategic partnerships with industry leaders to finance carbon removal projects further bolster its efforts, alongside enhancements in leadership aimed at driving significant advancements in carbon removal at scale.
Advancing Carbon Removal Markets Globally
Puro.earth's mission is clear: to scale high-integrity carbon removal markets on a global level. This initiative is crucial in establishing it as a benchmark standard and registry for scientifically validated CO2 Removal Certificates (CORCs). The collaboration between Nasdaq and Puro.earth leverages their extensive expertise in financial markets and climate efforts, empowering them to foster innovation and scale the carbon market.
Expert Insights on Carbon Removal Infrastructure
Jan-Willem Bode, President of Puro.earth, emphasized the transformative nature of their mission, stating, "Carbon removal is evolving from innovation to infrastructure. Our latest funding enables us to solidify systems for greater scale in carbon dioxide removal (CDR) implementation and enhances our offerings to cater to the increasing demand for durable engineered removals. Our methodology is rooted in scientific principles, market discipline, and clear transparency, addressing the needs of our ecosystem of buyers and suppliers effectively. Together with Nasdaq, we are strategically positioned to fulfill this need by merging financial and climate expertise to hasten carbon market growth."
Collaborative Vision for Carbon Markets
Fredrik Ekström, Head of Carbon Markets at Nasdaq and Chairman of the Board at Puro.earth, shared their unified goal, stating, "This investment will accelerate our collective vision of establishing trustworthy carbon markets. By enhancing the technological foundation of these markets, Puro.earth is committed to delivering the essential transparency and operational capacity that make carbon dioxide removal a credible and attractive solution for both carbon and financial markets."
Building Towards a Sustainable Future
Puro.earth initially developed the first dedicated standard for engineered carbon removal back in 2019 under Fortum's Innovation & Venturing unit. Since Nasdaq became the majority stakeholder in 2021, the company has successfully issued over 1 million CO2 Removal Certificates (CORCs), leading the industry in this regard.
About Puro.earth
Puro.earth stands out as the leading carbon-crediting platform focusing on durable carbon dioxide removal (CDR). The platform utilizes stringent methodologies to certify suppliers who successfully remove carbon dioxide from the atmosphere for secure storage lasting at least 100 years. Winning the trust of companies like Microsoft, Shopify, and Zurich Insurance, these Carbon Removal Certificates (CORCs) contribute to combating climate change by neutralizing unavoidable carbon emissions. With Nasdaq's majority stake, Puro.earth is propelling forward the carbon removal movement and creating new revenue opportunities, thereby intensifying efforts towards climate action.
About Nasdaq
Nasdaq (NDAQ) serves as a global technology entity catering to corporate clients, investment managers, and financial organizations navigating the expansive capital markets. Committed to delivering cutting-edge platforms, Nasdaq promotes improved liquidity, transparency, and integrity within the economic landscape. Their diverse portfolio includes data, analytics, and software to empower clients in realizing their business objectives confidently.
Contact Information
Puro.earth Media Contact: Cognito Media: puroearth@cognitomedia.com
Nasdaq Contact: Maarit Bystedt, +358 9 6166 7274, maarit.bystedt@nasdaq.com
Fortum Contact: Fortum Media Desk, +358 198 2843
Frequently Asked Questions
What did Puro.earth achieve with this funding?
Puro.earth successfully raised €11 million to enhance its infrastructure, enabling better carbon-crediting processes and meeting increased market demands.
Who are the key investors in this funding round?
The funding round was led by Nasdaq with additional participation from Fortum Innovation & Venturing.
How does Puro.earth contribute to carbon removal?
Puro.earth certifies suppliers who remove carbon dioxide for storage lasting over 100 years, aiding companies in achieving their environmental goals.
What innovations have recently been introduced by Puro.earth?
Recent innovations include improvements in biochar methodology, the introduction of an API for streamlined trading, and establishing partnerships to finance CDR projects.
How does the collaboration with Nasdaq enhance Puro.earth's mission?
By combining Nasdaq’s financial expertise with Puro.earth's carbon market insights, both organizations aim to foster innovation and develop reliable carbon market solutions.
