Carbon removal startup Charm Industrial announced Thursday that JPMorgan Chase has increased its carbon dioxide removal purchases with the company and will provide Charm with a $20 million debt facility to expand its Colorado facility.
As part of the agreement, JPMorgan purchased 61,500 tons of bio-oil carbon removals over a multi-year period, according to a press release. The bank previously purchased 28,500 tons of removals in 2023, bringing the total agreement to 90,000 metric tons of removals. The price per ton was not disclosed.
“I can’t stress enough how important it is to be at that juncture where you’re delivering and kind of hitting on the timelines that have been promised with some of these early contracts,” Charm Industrial CFO Tim Thomson told ESG Dive Thursday. “Showing proof of financeability is huge, and showing proof of financeability from the largest bank in the world [by market cap] is even bigger.”
