AirMiners Launches Fund to Close the Financing Gap for Carbon Removal Startups

SAN FRANCISCO--(BUSINESS WIRE)--In a move that is the next step in the evolution of AirMiners to unlock the massive potential of carbon removal, AirMiners today announces the launch of its pilot Kiloton Fund, a test facility for its Megaton Fund.

A broad and committed cohort of investors, determined to demonstrate the value proposition, has contributed a total of $250,000 for buying carbon credits from startups at a discount, establishing the early success of the pilot Kiloton Fund. This approach provides immediate revenue for the startups, fueling their operations. Simultaneously, it creates a compelling opportunity for investors when the credits are sold at full price later.

'We believe the Kiloton Fund demonstrates how funds are the catalysts we need to advance the pace of carbon removal,' said AirMiners CEO Tito Jankowski. 'In two years, our carbon removal startup accelerator graduated 95 startups that have raised $90M of venture and grant funding. Our deep experience in this sector revealed a funding gap. This insight led us to pilot the Kiloton Fund to close that funding gap for carbon removal startups.'

>> Additional Reading: AirMiners Awarded $100,000 in Phase I of Department of Energy DAC EPIC Prize

The response to this initiative from industry insiders has been positive. Bill Gross, founder of Idealab and carbon removal startup Carbon Capture, commented: 'The Kiloton Fund is a game-changer. It aligns startups and investor interests towards gigaton scale carbon removal. It's a win-win situation – startups secure vital early-stage revenue, and investors can participate in the growth of the next trillion-dollar industry.'

Carbon purchaser and head of Sustainability at Shopify, Stacy Kauk, also commented on the potential impact of the fund. 'By working to bridge the funding gap, the Kiloton Fund experiment has great potential to accelerate the commercialization of carbon removal technologies, while also bearing significant implications for their development and advancement,' she said.

Startups interested in this opportunity to sell carbon removal credits are encouraged to visit https://airminers.org/kiloton to sign up to receive updates about the application process.

Buyers who want to purchase carbon credits from this catalytic fund can email tons@airminers.org to arrange a conversation.

ABOUT AIRMINERS

AirMiners is the place for entrepreneurs, engineers, scientists, and designers working to mine carbon from the air. To learn more visit http://airminers.org, or follow on Twitter @airminers or LinkedIn.