Stockholm-based carbon removal company Net Zero Company today announced the completion of a $5.5 million seed round.
Founded in 2022, Net Zero Company is led by CEO Håkan Nordkvist, who was previously head of sustainability innovation at the IKEA Group for over 10 years and is also an advisor to Cambridge University accelerators The Canopy and The Core Climate Fund. Sir Ed Vaizey of Didcot also serves as an advisor to Net Zero Company.
The introduction of the Carbon Removal Token (CRT) by Net Zero Company responds to predictions that at least 3 billion tonnes of carbon removal will be required by 2030. By leveraging blockchain technology, the CRT enables accessibility, transparency and traceability in the market for verified carbon credits.
Key features of Carbon Removal Tokens include:
Security: Certified carbon removal projects backed by comprehensive replacement plans ensure the integrity and protection of carbon removals. Transparency: Developed on the Ethereum blockchain, CRTs provide verifiable evidence of environmental impact, enhancing credibility and accountability. Traceability: Each CRT represents one tonne of carbon dioxide sequestered from various nature-based projects, with full traceability through blockchain technology. Accessibility: Through CRTs, anyone, anywhere can purchase carbon removals, making climate action accessible.
The Net Zero Company has partnered with Microsoft and Metaco/Ripple to further its mission to revolutionize carbon removal solutions.
Håkan Nordkvist, CEO of Net Zero Company, said:
“There are no shortcuts to reaching net zero. Reducing emissions is important, but we also need to innovate new solutions. That’s why we’re focused on offering high-quality, naturally-based carbon removal that is risk-free and easy to use.”
Our mission is to leverage blockchain technology to digitize carbon removal credits and democratize access to carbon removal.
With rising emissions and rising temperatures accelerating environmental degradation, the need for effective carbon removal solutions has never been more urgent.”
Lead investors in the seed round include Oilinvest, VARO Energy and SilviCarbon.
The funding will support global expansion and the launch of a new range of products, including Carbon Removal Token, a real-world asset-backed token.
Main image: Håkan Nordkvist, CEO of Net Zero Company.
