NextGen CDR, one of the world’s largest diversified long-term portfolio for certified carbon removals, has entered a multi-year offtake agreement with Neustark, a Swiss company specializing in the durable storage of CO2 in mineral waste streams such as demolished concrete. The company will purchase CDRs from mineralized CO2 in demolished concrete from 18 projects across Switzerland, Germany and other European countries.
Neustark’s process captures and mineralizes biogenic carbon dioxide (CO2), permanently storing it and removing it from the atmosphere as an add-on to normal recycling processes. “We turn the world’s largest waste stream – demolition concrete – and other mineral waste material into carbon sinks. Our solution is highly durable, and high-quality, and is making an impact already: we have removed more than 1500 tons of CO2 to date”, said Lisa Braune, Head of CDR at Neustark.
The startup joined forces with Holcim, the global building materials major, to expand carbon removals across concrete supply chains. The projects are certified under the Gold Standard to ensure credible third-party assessment and transparency related to performance.
NexGen CDR, one of the world’s largest diversified long-term carbon removal portfolios for corporates, is also relying on Neustark. The company has inked its first multi-year agreement with Swiss the startup, expanding its scope to include certified removals (CDRs) from the mineralization of biogenic CO2 in concrete. Under their agreement, NexGen will purchase CDRs from mineralized CO2 in demolished concrete from 18 projects across Switzerland, Germany and other European countries. With the global concrete industry generating over 900 million tons of concrete waste each year worldwide, large-scale adoption of this technology would help to significantly reduce the industry’s emissions footprint.
“We are delighted to expand our geographic footprint and support projects across a number of new countries across Europe in addition to our US commitments. Adding carbon removals from a high-emitting sector like concrete adds to the impact of this deal, complementing our existing transactions in Direct Air Capture & Storage, Biomass Carbon Removal and Storage, and durability Biochar, and continuing our efforts to deliver one million tons of CDR purchases by 2025.”
With more than 30 further plants under construction across Europe and a deep pipeline of additional sites under consideration, this project is poised to make significant contributions to carbon removal efforts.
Alongside this purchase, NextGen will continue to support the scaling of the carbon removal market by launching a new procurement round of CDR purchases on May 31st 2024. across a range of technologies with a target average price of $200/tonne.
Phillip Moss, Chairperson at NextGen CDR noted: “Since launching NextGen in 2022, the market for carbon removals has evolved rapidly. We want to use this RFP to explore new and innovative CDR technologies that can help us to continue catalyzing the industry, while we expand the portfolio for our buyers.”
(Press release/RAN)
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