Charm Industrial’s (Charm) $53M deal with Frontier to voluntarily sequester bio-oil underground is an example of early market leadership for alternative subsurface deployment methods in the negative carbon emissions market. SCS was instrumental in developing the pilot programs, initial testing, and regulatory approvals allowing Charm to scale up its processes and deliver on this commitment.
This deal will remove 112,000 tons of carbon dioxide by 2030. Charm’s method involves converting excess organic material, like corn stover, into bio-oil and putting that oil into abandoned oil wells.
Carbon capture has been a focus for Frontier for some time now. Prior to this announcement, they partnered with early-stage startups to remove 9,000 tons of carbon. This landmark deal is a continuation of Frontier’s efforts to spark growth and bring attention to the industry and is one of the largest legally binding agreements to date. SCS is thrilled for Charm and Frontier and this huge step forward. See the recent CNBC news article below for more information on this deal and its carbon offset impact.