Global Agreement Worth $31 Million for Ocean Carbon Removal Signed Between Planetary Signs and Entities Such as Google, Stripe, and H&M.

In a significant stride towards combating climate change, Canada-based company Planetary has announced expansions to its Ocean Alkalinity Enhancement (OAE) methods through a series of agreements with leading global companies.

The new partnerships include tech giants like Stripe, Google, Shopify, as well as sustainability-focused firms such as McKinsey Sustainability, Autodesk, H&M Group, and Workday. Additionally, Frontier's partnership with Watershed will bring on board companies like Aledade, Canva, Match Group, Samsara, SKIMS, Skyscanner, Wise, and Zendesk.

Planetary's innovative approach to OAE involves dissolving alkaline minerals and releasing them in the ocean, followed by the use of sensors and validated computational models to measure the effects of the added alkalinity. This process addresses the challenges of measuring carbon removal in the ocean.

The expansions will primarily focus on Planetary's Tufts Cove, Nova Scotia pilot project, which recently made headlines for delivering the world's first verified OAE tons. Hannah Bebbington, Head of Deployment at Frontier, praises Planetary's rigorous measurement, reporting, and verification (MRV) approach and thoughtful community engagement at the Tufts Cove site.

Planetary's OAE process works by adding a pure antacid to seawater, neutralising CO2 and carbonic acid in the water. This process allows the CO2 removed from the water to open up space for more CO2 from the air to be absorbed into the ocean.

Frontier highlights the potential for Planetary's OAE process to scale to billions of tons of carbon removal annually, with a price range of $50 - $160 per ton. The company plans to deliver 115,000 tons of carbon removals between 2026 and 2030.

The OAE process not only removes carbon from the atmosphere and stores it in the ocean for thousands of years but also addresses acidification and improves conditions for local marine ecosystems. This makes it a promising solution for both climate change mitigation and marine conservation.

The next phase of operations at the Tufts Cove project is set to start carbon removal deliveries in 2026. Hannah Bebbington believes that Planetary is the right project and team to pave the way forward for the promising pathway of ocean alkalinity enhancement.

It's worth noting that while there is no publicly available information about the participation of companies other than the direct buyers in the Frontier-Watershed partnership concerning the acquisitions of Planetary's OAE technology, Frontier has facilitated carbon removal oftake agreements worth more than $31 million with Planetary.

This development marks a significant step forward in the global fight against climate change, demonstrating the potential for innovative, scalable, and sustainable solutions to combat rising CO2 levels and protect our oceans.

Global Agreement Worth $31 Million for Ocean Carbon Removal Signed Between Planetary Signs and Entities Such as Google, Stripe, and H&M.