Isometric has secured $25 million to develop a registry and science platform that is aimed at promoting carbon removal
Last year, several big names in technology, including Stripe, Shopify, Meta, and Alphabet, agreed to invest $1 billion in startups specializing in carbon removal technology. This technology involves removing carbon dioxide from the atmosphere and storing it in various reservoirs or durable products. Today, a new startup called Isometric is launching with $25 million in funding, making it one of the largest seed rounds for a climate-focused startup this year. Isometric aims to bring structure to the emerging carbon removal industry.
Lower Carbon Capital and Plural have partnered with notable investors, including Niklas Zennström, David Helgason, Ross Mason, and Ilkka Paananen, in this funding round to support Isometric. The company plans to use this investment to expand its team of scientists and technologists and advance its product offerings. Isometric’s primary focus will be developing a carbon removal registry that will issue top-tier, long-term carbon removal credits, which they claim to be a first in the industry.
To promote transparency and accountability within the carbon removal industry, Isometric has introduced a new “science platform.” This platform allows carbon removal companies to publish and share their data with interested parties while allowing Isometric to conduct a more thorough vetting of these companies. Some of the initial startups on the platform include Charm Industrial, Eion, Planetary, and Brilliant Planet – all of which specialize in different methods of carbon removal, such as bio-oil sequestration, rock weathering, ocean alkalinity enhancement, and microalgae burial.
Recently, Charm made a significant carbon removal sale to several big companies, such as JPMorgan, Stripe, Shopify, Meta, Alphabet, and McKinsey, totaling $50 million. On the other hand, Isometric has been reviewing Charm’s historically delivered tons independently and posting them on its new science platform.
Eamon Jubbawy is a seasoned entrepreneur in the London tech scene, having founded multiple startups in various industries, including climate work and enterprise. Among his successful ventures are Onfido, a company specializing in identity verification, which has received significant financial backing from several investors, and Sequence. This financial operations platform has also garnered support from notable names such as Andreessen Horowitz. His other extraordinary venture is Safi, a recycling startup previously known as TrueCircle.
According to him, Isometrics is filling a gap in the market. While companies often turn to carbon offsetting to show their environmental commitment, this approach has flaws. Critics argue that this method fails to address the underlying causes of pollution and carbon emissions. Additionally, many of the projects need to be regulated and may prove to be worthless or even harmful.
During an interview, he discussed his observations on carbon markets and their ineffectiveness. He noticed a shift in mindset towards the need for more drastic change.
Many in the industry seek alternatives and complements to offsetting, and carbon removal has emerged as a critical area to watch. Stripe and its Frontier Initiative co-investors and Apple and Microsoft have tried to incorporate disposal into their ESG strategies.
With the relatively recent emergence of carbon removal and the lessons learned from the pitfalls of widespread carbon offsetting, there is an opportunity to bring structure and order to the accounting of removal credits and thoroughly vet removal companies’ claims.
According to Jubbawy, the existing carbon registries need to catch up in carbon offsetting, and a new approach is needed for carbon removal. He believes building a new platform focused on reduction is the best option to address these issues.
It’s important to note that carbon removal still has some significant uncertainties. Much of the technology employed by removal companies is untested at a large scale.
Certain unknowns must be considered when it comes to the feasibility of some aspects of this process. For example, if a model relies on years of underground storage, one must consider whether the final product will remain reliable and safe.
In contrast, the advancements and strategies aimed at quantifying metrics by Jubbawy and Isometric could greatly benefit the industry by enhancing transparency for potential clients and researchers. This development could help distinguish successful approaches from those less effective.