Frontier Carbon Removal Fund Makes $7 Million in New Commitments
The Stripe-led group purchased services from 12 startups that remove carbon from the atmosphere using everything from rivers to machines.
Stripe Inc.’s $1 billion Frontier fund has written its third round of checks to startups attempting to suck carbon dioxide out of the atmosphere.
Frontier facilitated the purchase of $7 million of carbon removal services from 12 startups on behalf of Stripe — which initiated the fund — Shopify Inc. and Hennes & Mauritz AB (H&M). The startups use a variety of techniques to remove carbon from the air. Among them are CarbonRun, which changes the alkalinity of rivers to enhance their natural ability to remove CO2, and Banyu Carbon, which uses sunlight to pull CO2 from seawater. A number of companies remove carbon from the ambient air using machines, a process known as direct air capture.