(Information sent by the signatory company)
Calgary, April 1
The pioneering carbon removal and renewable energy company has chosen to partner with the environmental leader to set the pace for the deployment of BECCS technology.
Drax Group, a pioneer in carbon removal and renewable energy, has formed an innovative partnership with environmental leader Karbon-X (OTC PINK:KARX), marking a significant advance in the deployment of Bioenergy technology with Carbon Capture and Storage (BECCS) in the United States. This collaboration underscores the growing demand for premium carbon removal solutions. Under this new agreement, Karbon-X will acquire carbon dioxide removal (CDR) credits from Drax, corresponding to the permanent storage of 25,000 metric tons of carbon dioxide, at a price of $350 per metric ton. The contract runs for five years, starting in 2030, and is tied to Drax’s upcoming BECCS initiatives in the United States. Laurie Fitzmaurice, President of Carbon Removal at Drax, expressed excitement about partnering with entities like Karbon-X , who recognize the critical need to immediately invest in superior carbon removal. With the CDR market rapidly evolving, supply shortages are expected as entities around the world approach their carbon reduction milestones. “We are delighted to work with organizations like Karbon-X, who understand the importance of investing in high-quality carbon removal today. The CDR market, already maturing at a rapid pace, is expected to experience a supply shortage over the next decade as companies and countries approach their deadlines for carbon reduction goals,” said Laurie Fitzmaurice, President of Carbon Removals at Drax. This partnership is a continuation of Drax’s commitment to leading carbon removal efforts, following agreements with other significant players and the establishment of a business unit dedicated to spearheading global carbon removal, with the goal of removing at least 6 million tons of CO2 from the atmosphere per year. BECCS technology, celebrated for its ability to produce renewable energy from sustainable biomass while permanently capturing and storing CO2, is increasingly sought after for its verifiable impact, especially when compared to nature-based disposal methods.Fitzmaurice highlighted the importance of this agreement with Karbon-X to promote the implementation of BECCS in the United States, responding to the growing demand for decarbonization solutions. Karbon-X plans to resell credits purchased in the voluntary carbon market, helping companies and individuals achieve their emissions reduction goals by choosing high-caliber projects such as Drax’s BECCS.Chad Clovis, CEO of Karbon- X, hailed the partnership with Drax as a monumental step in addressing climate change and fostering a sustainable future. “We are delighted to be working with Drax on their carbon removal program. This partnership represents a significant step forward in our collective mission to combat climate change and build a more sustainable future,” said Chad Clovis, CEO of Karbon-X. As the global community increasingly turns to engineered carbon removal solutions to meet climate commitments, the distinct and measurable benefits of BECCS have positioned it as a cornerstone of high-integrity CDR efforts. More can be found Learn about Drax’s role in supporting organizations’ sustainability ambitions through world-class carbon removal services by visiting their website.About DraxDrax Group is committed to fostering a cost-effective, zero-carbon energy future . Announced in 2019, Drax’s ambition to become carbon negative by 2030 by leveraging BECCS technology. The company’s diverse team of 3,000 employees focus on generating electricity, selling electricity to businesses and producing and supplying compressed wood pellets. More information on the Drax website, www.drax.com.About Karbon-XKarbon-X is at the forefront of environmental action, offering an easy-to-use platform for individuals to participate in meaningful carbon offset projects. Committed to transparency and convenience, Karbon-X supports initiatives that significantly reduce greenhouse gas emissions, allowing users to contribute to the mitigation of global climate change. Specializing in delivering offsets to consumers and businesses, Karbon-X works to democratize access to carbon offsets around the world. For more information, consult https://www.karbon-x.com.
