Led · Series B · Feb 2025

Terra produces a low-carbon cement alternative derived from abundant silicate rock that can replace up to 50% of Portland cement in standard concrete mixes. The product reportedly lowers carbon emissions by up to 70% and nitrogen oxide emissions by as much as 90% per ton of cement replaced, and is compatible with existing production processes. Terra is Golden, Colo.-based and has moved beyond lab scale to commercial deployment, breaking ground on a Cleburne, Texas plant in December that is expected to be the first U.S. commercial-scale facility of its kind. Its recent financing round, now $147 million in Series B funding after All Aboard’s $22 million coinvestment, is intended to help construct that plant. The company’s market positioning emphasizes ease of integration with current concrete production and significant emissions reductions versus conventional Portland cement.

Led · Series C · Jan 2025

BeZero Carbon is a London-headquartered ratings agency for the voluntary carbon market that provides independent, project-level assessments of carbon credits' efficacy in achieving CO2 avoidance or removal. It uses a comprehensive analytical framework to evaluate carbon projects across various risk factors, assigning ratings on a seven-point scale from AAA+ to A; the article also references an 8-point rating scale where each incremental notch commands an average 40% price premium. BeZero's ratings and data are available on over 40 platforms and cover more than 480 carbon credit projects, with customers in over 30 countries and more than 100 corporate subscribers, including UBS, Sumitomo, Emirates NDB, Equinor, Woodside Energy, and ERM. The company has raised $32M in a Series C, bringing total funding to over $104M. Proceeds will be used to expand ratings coverage into compliance carbon markets such as Article 6 and CORSIA and to continue investing in automation. BeZero positions independent, risk-based, project-level ratings as a quality measure for carbon markets and to influence capital and demand toward higher‑rated credits. BeZero Carbon provides carbon credit scoring, risk assessments and analysis, anchored by a freely available methodology that lets investors probe the quality of specific offsets before transacting. The company also sells pay-for-access enriched offset assessments, insights and risk tools and publishes software API plug-ins for third-party carbon credit exchanges. Since launching two years ago, BeZero has signed clients including Equinor, Glencore and Watershed and is pursuing strategic collaborations with Hitachi, EDF and ICE to create standardised trading products. Headquartered in London, the company intends to expand coverage into continental Europe and Asia. The $50 million fundraise will be used to continue investing in its ratings, risk and analytics tools and to support geographic expansion, including planned new offices in New York and Singapore. Company leadership describes the opportunity as a chance to embed carbon trading into economic models to accelerate the net-zero transition. BeZero produces carbon ratings and analytics intended to make ecosystem assets measurable, tradable and investable by creating a new risk language for carbon markets. The company publishes headline letter ratings and summaries freely on its website while operating a subscription platform with full ratings assessments and analytics. BeZero reports more than 230 ratings data points covering over 50% of credits outstanding, and says dozens of major enterprises are trialing or hosting its ratings via API. The team has grown from 45 to 95 people and includes more than 50 research and ratings analysts; the firm is investing heavily in data science, remote sensing, ground-truthing and multidisciplinary research. Future plans emphasize product delivery, adoption-first go-to-market, partnerships with marketplaces and exchanges, continued methodological transparency, and ongoing collaboration with industry and academia to build confidence in the VCM.

Led · Series A · May 2024

Founded in late 2022 and headquartered in Singapore, Rize operates a rice supply-chain platform that provides agronomic support, technology tools, and market access to smallholder farmers. The company works with nearly 17,000 farmers across more than 50,000 hectares in Indonesia and Vietnam and has expanded operations more than tenfold over the past two years. Rize has exported 1,500 metric tonnes of low-emission rice to buyers in Europe, Canada, Australia, and Singapore and is pursuing further regional expansion. It is building a carbon business around sustainable rice cultivation; its projects have an A.pre ex-ante rating from BeZero Carbon and are undergoing Gold Standard certification, with the potential to generate over one million carbon credits in the next five years. Rize promotes the Alternate Wetting and Drying irrigation method to cut methane emissions, reduce water use, and increase farmer incomes while maintaining yields.

Participated · Equity · Feb 2024

Velocys develops Fischer–Tropsch reactor technology and engineering services to produce drop-in sustainable aviation fuel from diverse feedstocks including municipal solid waste, woody biomass, and CO2 with green hydrogen. Its reactors and processes produce fuels that are chemically identical to conventional fuels and can be used in existing engines without modification. The company has invested in a 52,500 sq ft reactor facility in Plain City, Ohio, initially capable of producing 12 reactors per year, with plans to ramp capacity as SAF demand grows. Velocys says the new capital will speed delivery of its technology to customer projects, enhance technology leadership, scale production, and expand team expertise. The business highlights regulatory tailwinds in the EU and growing SAF use—more than 490,000 flights in 2023 were partially powered by SAF—supporting projected demand growth. Management continues to be led by CEO Henrik Wareborn as the company pursues commercial project deliveries.

Led · Series A · Nov 2023

Carbo Culture develops industrial-scale biochar production technology that converts waste biomass into durable, high-quality biochar using patented reactors and its Carbolysis™ process. The process generates renewable syngas for electricity and heat while avoiding bio-oil and yielding higher carbon sequestration per unit of biochar. The company’s biochar is suitable for agricultural and construction applications and generates significant carbon credits. Carbo Culture started Europe’s largest biochar plant earlier this year and intends to commercialize and deploy proven solutions by 2025. It closed an $18 million Series A to accelerate commercialization and scale-up and plans to develop commercial-scale projects capable of removing up to 20kt CO2 annually, to be financed through project capital. The company aims to lead the industrial-scale segment of biochar and expand its decarbonization impact across more markets. Carbo Culture has scaled an industrial "ultra-rapid conversion" process that turns woody residues into functional biocarbons at extremely high temperature, locking carbon into a charcoal-like material the company says will persist for 1,000 years. The process also generates renewable heat that can be used for heating or power generation, and the leftover biocarbon can be used in biomaterials, environmental engineering, gasifiers, or to improve soil health. The startup’s primary products are carbon removal credits and the biocarbon itself. It is operating a shipping-container pilot plant in California’s Central Valley that processes over 200 lbs of biomass per hour and says it has scaled production capacity eightfold while testing with private labs, customers, and universities. Carbo Culture licensed the underlying technology from the University of Hawaii, and says the approach has been independently verified by Puro.earth. The company reports current costs above $600 per ton of CO2 removed and aims to reduce costs to $400 by the end of next year and $200 by 2024; the new funding is intended to grow the team, advance product development, and build a scaled facility in Europe. Carbo Culture builds a transportable thermochemical reactor that turns food-production waste into biochar, a carbon-negative supplement for soil and an aid in water purification. The company says every ton of biochar it sells removes over three tons of CO2 from the atmosphere. Carbo Culture will use the seed funds to further develop a demonstration reactor in California that can handle up to six tons of food waste per day, hire additional talent, and prepare the product for commercial trials. The founders, CEO Pia Henrietta Kekäläinen and Christopher Carstens, started the company after participating in Singularity University’s Global Solutions program. The startup emphasizes generating new data and transparency on source and product information to lead the market. The market for biochar was expected to exceed $2.6 billion by 2021.