Carbon-removal Startup Terradot Acquires Competitor Eion
Today, carbon-removal startup Terradot announced its acquisition of competitor Eion. The move, driven by major investors such as sovereign wealth funds, aims to consolidate the market and enable companies to handle large contracts effectively. According to Eion CEO Anastasia Pavlovic Hans, who spoke to The Wall Street Journal, Eion’s size made it challenging to meet the demands of the market.
Enhanced Rock Weathering (EWR)
Both Terradot and Eion specialize in spreading pulverized rocks on farm fields to absorb carbon dioxide from the atmosphere, a process known as enhanced rock weathering (EWR). This innovative approach accelerates a natural process and has the potential to be a cost-effective method for carbon removal. However, EWR operations require large-scale and widely distributed operations. Despite its promise, a pricing gap exists between what EWR companies aim to charge and what buyers are willing to pay, as indicated by a survey conducted by CDR.fyi.
Operational Focus
Terradot, based in California, concentrates its operations in Brazil, utilizing basalt as its mineral of choice for EWR. On the other hand, Eion operates in the United States and employs olivine for its carbon removal processes. Terradot’s impressive list of investors includes Gigascale Capital, Google, Kleiner Perkins, and Microsoft, while Eion has garnered support from investors such as AgFunder, Mercator Partners, and Overture.
