Funded by Nasdaq, Puro.earth Obtains $12.8 Million to Expand Carbon Offset Framework Infrastructure

Puro.earth, a platform connecting suppliers of carbon net-negative technologies with companies aiming to reduce carbon footprints, has announced a successful Series B funding round of €11 million (USD$12.8 million). The financing round was led by Nasdaq, with Fortum's Innovation & Venturing unit also participating.

In 2021, Nasdaq acquired a majority stake in Puro.earth from clean energy company Fortum. The latest round of funding will help strengthen systems for carbon dioxide removal (CDR) deployment and enhance customer offerings for durable engineered removals.

Jan-Willem Bode, President of Puro.earth, stated that the funds will be used to strengthen Puro.earth's carbon removal supplier certification infrastructure. This infrastructure is crucial for ensuring the integrity of the certificates issued by Puro.earth.

Puro.earth's platform issues Carbon Removal Certificates (CORCs) to suppliers that remove CO2 from the atmosphere for at least 100 years. These CORCs can be purchased by companies to offset their carbon emissions. The company aims to advance open integration of digital monitoring, reporting, and verification (dMRV) tools.

Puro.earth has issued over 1 million CO2 removal certificates this year, more than any other engineered carbon dioxide removal (CDR) standard and registry to-date. The company's goals include making CDR a credible and investable solution in both carbon and financial markets.

The shared vision between Puro.earth and Nasdaq is to accelerate the development of high-integrity carbon markets. Nasdaq's technological infrastructure advancements for carbon markets will be utilized in conjunction with Puro.earth's efforts. Puro.earth will also facilitate offtake agreements to support the deployment of CDR.

Carbon removal is transitioning from innovation to infrastructure, according to Jan-Willem Bode. The initiatives include enabling more frequent issuance of high-integrity CORCs. With the new funding, Puro.earth is poised to play a significant role in the development of the carbon removal industry.

Fortum retained a minority stake in the company and will partner with Nasdaq on the continued development of Puro.earth. The exact details of Fortum's participation in the financing round were not disclosed.

Despite the search results not containing information about the company that acquired a majority stake in Puro.earth in 2021, this development marks a significant step forward for Puro.earth and the carbon removal industry as a whole.

Funded by Nasdaq, Puro.earth Obtains $12.8 Million to Expand Carbon Offset Framework Infrastructure