Funding will go towards scaling biochar
operations to meet commercial demand in combating threats including
"forever chemicals", soil remediation and stormwater
vulnerabilities
NEW
YORK, Dec. 21, 2023 /PRNewswire/ -- Nexus
Development Capital, a provider of catalytic capital for
sustainable infrastructure project developers, today announced a
$5M investment in biochar producer
Standard Biocarbon. The funding will enable Standard Biocarbon to
scale operations at its facility in Enfield, Maine to meet the growing demand for
carbon capture and biochar. The company will commence production of
its high-quality biochar in Q1 2024 and is estimated to produce
16,000 cubic yards of biochar and capture 3,000 tons of carbon a
year.
Standard Biocarbon was founded by veteran sustainability
entrepreneurs Fred Horton and
Tom Horton in 2020 to develop a
scalable commercial biochar manufacturing capacity in North America. Biochar, a charcoal-like
material, is produced by heating organic matter to an extremely
high temperature in a low-oxygen environment. The biochar can then
store carbon for up to thousands of years. By putting biochar back
into the earth, the carbon is permanently removed, making biochar
one of the most immediate commercially scalable pathways for carbon
removal. In addition to the multiple established agricultural
applications, biochar can be used in hazardous waste remediation,
stormwater management and in low-carbon cement, pavement and
polymers.
Recently, biochar has emerged as a leading carbon removal (CDR)
solution, limited only by the pace of scaled production and the
growth of biochar adoption. According to new research by the
International Biochar Institute, biochar has the potential to
capture up to 3 billion metric tons of CO2 annually, reducing
global emissions by up to 6 percent. Standard Biocarbon's plant
utilizes state-of-the-art technology to efficiently produce biochar
of consistently high quality and to create the highest value CDR.
This negative emission technology (NET) has high value applications
with environmental benefits including:
- Remediating heavy metals and forever chemicals (PFAS) from
water and soils
- Reduction of methane emissions via new animal feed
additive
- Feedstock to produce graphite or graphene for battery
electrodes and composites
- Improving soil productivity, water and nutrient retention
- Alternative concrete and pavement
- Reducing urban tree mortality
- Improving water filtration capabilities
- Emerging uses of renewable materials in technology where
nonrenewable metals have historically been used
"Biochar is one of the most cost-effective and commercially
ready approaches for removing CO2 from the atmosphere. Scaling
these types of carbon removal facilities is now one of our biggest
opportunities," said Joshua Kaufman,
CEO of Nexus Development Capital. "We see Standard Biocarbon as one
of the first to bring these in-demand carbon sequestration
solutions online to meet the huge appetite across multiple
sectors."
Nexus Development Capital's unique investment model focuses on
providing catalytic capital to accelerate early-stage project teams
that are often developing new FOAK low-carbon solutions. By filling
a much-needed investment market gap, Nexus Development Capital
enables developers to prove their business model, complete
development activities, grow their teams and commercialize their
technologies. The company's investment in Standard Biocarbon comes
on the heels of its recent investment in SWITCH Maritime, the
operator of the US's first hydrogen ferry.
"This investment by Nexus Development Capital has enabled
Standard Biocarbon to complete one of the most advanced and
efficient biochar plants in the world," said Fred Horton, CEO and co-founder of Standard
Biocarbon. "We're seeing incredible interest in a consistent supply
of our high-quality purpose-made biochar, which until now has been
nearly impossible to find."
About Nexus Development Capital
Nexus
Development Capital is dedicated to providing capital and expertise
to teams developing sustainable infrastructure projects. As a
market leader in funding energy transition and circular economy
assets, Nexus Development Capital's partnership model enables
developers to prove their business model, complete development
activities, grow their teams and commercialize their technologies.
Nexus Development Capital is a partner of Nexus PMG, an industry
leading low-carbon infrastructure development and services company.
To learn more, visit www.nexusdevcap.com/.
About Standard Biocarbon
Standard Biocarbon Corp,
based in Enfield, Maine is
creating a new model to scale biochar production using proven
advanced technology and a relentless focus on product quality and
consistency to expand markets. We are a first mover in a sector on
a trajectory to become a widely used commodity in a range of high
value uses. Our first biochar plant is scheduled to start
operations in Q1 2024 and will manufacture high carbon biochar from
sawmill residuals sourced onsite with full chain of custody. We are
working to catalyze a new green growth industry in our region,
leveraging a robust but evolving forest products sector to serve
growing demand for less CO2 in the air, better soil, cleaner water
and more resiliency to the impacts of severe weather. To learn
more, visit www.standardbiocarbon.com.
Media Contact
nexus.devcap@missionc2.com
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SOURCE Nexus Development Capital