Eion, a pioneering startup specializing in carbon dioxide removal through enhanced rock weathering (ERW), has made significant strides by securing a contract to deliver 8,000 tons of permanent CO2 removal to tech giant Microsoft. This milestone is complemented by the recent closure of a $3 million Series A extension, a funding round that includes contributions from notable investors such as agricultural distributor Growmark, AgFunder, and various venture capital entities. The infusion of capital will enable Eion to deploy its innovative approach to carbon removal on farmland throughout the Mid-Atlantic region later this year.
At the heart of Eion’s strategy is the use of olivine, a naturally occurring mineral that the company has optimized for rapid weathering. Unlike traditional agricultural practices that utilize ag lime (pulverized limestone) to counter soil acidity, Eion offers a 1:1 alternative with crushed olivine. This mineral, sourced from Norway through its partner and investor Sibelco, not only raises soil pH and enhances overall soil health but also absorbs CO2 from the atmosphere. The dissolved olivine eventually makes its way into rivers and oceans, contributing to long-term carbon sequestration.
The delivery of the contracted 8,000 tons of CO2 removal will occur over five years, with verification conducted through Eion’s patented direct measurement methodology. This approach involves analyzing soil samples for trace elements like magnesium and nickel before and after olivine application, enabling precise calculations of carbon dioxide removal. Eion anticipates that the credits generated from this contract will start yielding revenue in 2025. The company aims to scale its operations significantly, targeting an ambitious goal of 10 million tons of permanent carbon removal annually by 2030.
Eion’s CEO, Anastasia Pavlovic, emphasizes the unique advantages of the enhanced rock weathering method, particularly its high permanence and scalability potential, coupled with lower project ramp-up complexity. This positions Eion favorably compared to other carbon removal technologies, such as direct air capture, which require extensive facility construction and longer timelines to become operational. As corporations increasingly scrutinize their carbon credit purchases, Eion’s robust documentation and ISO-compliant methodology are gaining traction, making it an attractive option for companies seeking reliable carbon offsets.
The interest from farmers in Eion’s olivine application is notably strong, especially in regions where conventional ag lime prices are elevated. By participating in Eion’s rock weathering initiative, farmers can access a lower-cost product that not only addresses soil acidity but also provides financial benefits. In some cases, the savings can exceed 50% of their total ag lime budget, translating to significant cost reductions of $50 per ton or more.
Looking ahead, Eion plans to expand its reach by securing additional commercial contracts and exploring opportunities to license its patented measurement technology to other players in the enhanced rock weathering sector. This diversification could further bolster Eion’s business model and solidify its position in the evolving carbon removal landscape.
The partnership with Microsoft and the successful funding round mark a pivotal moment for Eion as it seeks to make a meaningful impact on climate change through innovative agricultural practices. With a growing recognition of the importance of sustainable farming and carbon sequestration, Eion’s approach could play a crucial role in meeting global climate goals while providing tangible benefits to farmers and corporations alike.