Exterra Secures Frontier Carbon Removal Prepurchase Agreement
To read Frontier’s announcement, click here.
MONTREAL, Sept. 18, 2024 /CNW/ – Exterra Carbon Solutions (Exterra) is proud to announce that it has secured a prepurchase agreement via Frontier as part of its 2024 cycle. Frontier buyers have committed to purchase more than 1,000 tons of carbon removal from Exterra. Additionally, they will acquire further tonnage from a broader group of high-potential carbon removal firms, bringing the total purchases to USD $4.5 million.
Exterra is pioneering the world’s first project to valorize historic mine tailings through the dual process of carbon dioxide removal and critical minerals extraction, utilizing commercially available technologies. Carbon removal credit deliveries are slated to begin in the first half of 2025.
“This prepurchase agreement with Frontier buyers marks a significant milestone for Exterra in our mission to become a global leader in carbon removal by supporting the rapid deployment of permanent carbon storage using mine tailings,” said Olivier Dufresne, CEO of Exterra Carbon Solutions. “Frontier’s rigorous diligence process is a strong vote of confidence in our innovative solution. Their endorsement sends a clear signal to researchers, entrepreneurs, and investors that the market for our technology is rapidly expanding. We will leverage this funding to expand our pilot plant in Val-des-Sources and start delivering carbon removal credits in 2025, as we scale up to full commercial operations.”
Founded by Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability, Frontier is an advance market commitment to buy an initial USD $1 billion of permanent carbon removal by 2030. This aligns with its mission to support the rapid development of carbon removal technologies by guaranteeing future demand for them. Frontier facilitates prepurchases to accelerate the development of early-stage suppliers scaling breakthrough CDR technologies. Over 160 applications were received as part of the 2024 cycle with nine companies selected, bringing Frontier’s portfolio to a total of 41 suppliers.
Exterra Carbon Solutions has developed an innovative solution that transforms mine tailings into large-scale, permanent and safe carbon storage materials. Its technology produces high-purity and fast-acting minerals that bind with CO2 and can be used in various carbon removal applications. Additionally, its proprietary process allows for the rehabilitation of mineral waste sites and the extraction of critical and strategic minerals, such as nickel, while generating world-class carbon credits.
About Exterra Carbon Solutions
Exterra Carbon Solutions is a leading carbon storage company based in Quebec, Canada. The firm specializes in accelerated carbon mineralization using mineral residues and offers turnkey solutions to industrial emitters or direct capture companies for the safe, permanent, and verifiable storage of their CO2. For more information, visit www.exterracarbon.com.
About Frontier
Frontier is an advance market commitment to buy an initial USD $1B of permanent carbon removal between 2022 and 2030. It was founded by Stripe, Alphabet, Shopify, Meta, McKinsey Sustainability, and tens of thousands of businesses using Stripe Climate. Frontier’s goal is to accelerate the development of carbon removal technologies by guaranteeing future demand for them. In practice, its team of technical and commercial experts facilitates purchases from high-potential carbon removal companies on behalf of buyers. More information at frontierclimate.com.