CDR Monthly Recap - May 2025

We are back with another edition of the CDR Monthly Recap, a monthly round-up of some of the top news, developments, and market updates from the world of durable carbon removal.

After a record-breaking April, which saw nearly 11 million tonnes of CDR contracted, May continued the momentum with over 3.48 million tonnes purchased, which included a 1.75M tonnes extension deal between Microsoft and Stockholm Exergi, and the largest-ever biochar carbon removal agreement for 1.24M tonnes between Microsoft and Exomad Green.

Other notable deals included participation from JP Morgan Chase, Capgemini, CO280, Charm Industrial, and Climeworks, among others.

New projects, partnerships, and large funding opportunities, as well as announcements, continue to drive momentum for the industry ahead, alongside various events in the field. Read on to learn more below!

We recently launched the alpha version of nbs.cdr.fyi, the first public record tracking forward contracts and commitments for forest-based carbon credits! We invite the broader climate community to contribute deals, celebrate progress, and advance transparency in the carbon market. Learn more about the platform in the blog post here.

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Deals and Partnerships

[Image source: Stockholm Exergi]

Deals

Microsoft and Stockholm Exergi extended their existing BECCS relationship by 1.75 million tonnes to a total of 5.08 million tonnes, making it one of the largest durable CDR deals ever recorded.

Exomad Green signed an offtake agreement with Microsoft for 1.24 million tonnes of CDR, making it the largest biochar carbon removal deal to date. Deliveries will be tracked with Carbonfuture's MRV+ and certified by Puro.earth.

JPMorgan Chase signed an offtake agreement with CO280 for 450,000 tonnes of carbon removal using BECCS. CO280 retrofits existing pulp and paper mills to capture biogenic CO₂ from boiler stack emissions for permanent geological storage.

Mitsui O.S.K. Lines became the first Japanese shipping company to retire technology-based CDR credits, having purchased 2,000 tonnes of biochar carbon removal from Exomad Green through NextGen CDR.

Capgemini signed two long-term offtake agreements with Charm Industrial and Climeworks for 29,500 tonnes of CDR. Charm Industrial will remove 16,500 tonnes of CO₂ via Biomass Geologic Sequestration of CO₂, while Climeworks will remove 13,000 tonnes through Direct Air Capture under the agreements.

Partnerships

Occidental and investment company XRG agreed to evaluate a joint venture to develop a facility in the South Texas DAC hub that can capture 500,000 tonnes of CO₂ a year, with XRG considering a $500 million investment.

Project developer Residual Carbon partnered with Isometric to work with industrial and agricultural partners to turn waste biomass into high-quality CDR projects that meet Isometric’s standards for scientific integrity and transparency.

Vietnam-based biochar company HUSK signed a carbon credit funding agreement with climate protection organization atmosfair to sequester 20,000 tonnes of CO₂ over seven years through biochar production.

Enfinium selected Isometric’s registry for its Parc Adfer carbon capture project, which is expected to generate over 100,000 tonnes of BECCS credits by 2030. The partnership is the first of its kind for a waste-to-energy carbon capture and storage project in the UK.

NYK partnered with Climeworks to remove CO₂ until 2028 using a portfolio of solutions, including biochar, BECCS, and enhanced weathering. This makes NYK Climeworks’ first portfolio client from Japan.

Belgium-based student non-profit engineering project Innoptus Solar Team partnered with Sirona Technologies to offset all of the team’s flight emissions through CDR using Sirona’s Direct Air Capture (DAC) technology.

Educational travel company Road Scholar partnered with Klimate to procure a portfolio of high-quality removal credits on behalf of Road Scholar.

AspiraDAC and Great Carbon Valley signed an MoU to explore a joint project for carbon removal and geological storage in Kenya, targeting 5,000 tonnes of CO₂ through DAC annually, with potential for future scale.

What is the market sentiment for durable CDR
Explore findings from the 2025 CDR Market Survey with Sylvera, in which we present the market sentiment and expectations for durable CDR solutions for 2025 and beyond.

Projects

[Image source: Svante]

Canadian company Svante launched a commercial-scale gigafactory in Burnaby to manufacture its carbon capture and removal filter modules, which can collectively capture up to 10 million tonnes of CO₂ a year.

Climeworks announced that its real-world tests using Svante’s structured adsorbent material showed a significant performance leap for its DAC technology, doubling CO₂ capture capacity while reducing energy use by 50%.

Releaf Earth launched Nigeria’s first industrial biochar facility, aiming to remove 40,000 - 60,000 tonnes of CO₂ by 2030. The plant converts palm kernel shells into biochar, improving soil health.

MioTech’s Nian’da biochar facility became the first Chinese supplier to issue CO₂ Removal Certificates under the Puro Standard. The facility enables long-term carbon sequestration through the production of biochar.

Carbfix obtained Europe’s first permit for onshore geological CO₂ storage, enabling large-scale storage in Iceland’s basalt formations of up to 106,000 tonnes per year and 3.2 million tonnes over 30 years.

Skytree’s Stratus DAC technology was selected for a Power-to-X pilot with interdisciplinary research center Forschungszentrum Jülich, which will leverage the technology to transform sunlight into e-fuels, enabling scalable, transportable clean energy solutions.

Cool Effect added Clairity Technology’s Project Juniper to its carbon removal portfolio. This marks the nonprofit's first direct air capture initiative, highlighting its commitment to supporting scalable, high-integrity carbon removal solutions.

Carbonity, Canada’s first and largest industrial-scale biochar plant, commenced operations with a 10,000-tonne annual capacity, aiming to triple production by the end of 2026. The project is a joint venture between Airex Energy, Groupe Rémabec, and SUEZ.

Exomad Green and Carbonfuture released "The Power of Biochar" - a documentary on biochar production in the Bolivian Amazon, highlighting biomass waste being transformed into high-quality biochar for carbon removal, soil restoration, and community support.

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Financing

[Image source: Exterra Carbon Solutions]

Canadian startup Exterra raised $14 million to scale its technology that transforms mining waste into sustainable materials. The company is developing the world’s largest asbestos mitigation facility, processing over 300,000 tonnes of mine tailings annually.

Japanese agri-tech company TOWING secured 1.94 billion Yen in Series B funding from existing investors Beyond Next Ventures, Mitsubishi UFJ Capital, Kyoto Capital Partners, Toho Gas Co., along with a number of new investors.

Indian enhanced weathering company Alt Carbon closed a seed funding round of $12 million, led by Lachy Groom with participation from existing investors like Shastra VC and other angel investors.

Paris-based company Riverse secured €5 million in seed funding to expand its high-integrity carbon credit platform. The investment round saw the participation of Alven, Racine², Speedinvest, and Kfund.

Mati Carbon announced a new debt financing agreement with J.P. Morgan to expand its enhanced weathering-based carbon removal solutions globally. The debt facility is designed to supportaimed at supporting scale-up without equity dilution.

Canadian bank Scotiabank launched the new edition of its Climate Action Research Fund to support innovative carbon solutions, including CDR, and will award organizations CA$1 million over a 10-year period.

Carbon180 launched Making Waves, a funding opportunity supporting innovation in ocean-based carbon removal with an emphasis on community engagement and local expertise. The winners will receive grant funding of $100,000.

Terraset, in collaboration with 4 Corners Carbon Coalition and Giving Green, made its first grant to fund a biochar project. The pilot in New York’s Hudson Valley aims to develop a model for community-led carbon removal.

CUR8 launched a first-of-its-kind financing product, turning long-term carbon removal offtakes into upfront capital. This solution enables project developers to scale faster, boosts buyer flexibility, and attracts institutional investment into the CDR market.

Terraset introduced a philanthropic revolving fund that reinvests proceeds from carbon credit sales to corporate buyers and also into pre-purchases, creating a self-sustaining engine to scale the CDR sector.

Pricing Mismatch in Durable CDR
Explore insights from the Durable CDR Pricing Survey, conducted in partnership with OPIS, to help market participants better understand pricing expectations for durable CDR credits.

Research and Reports

[Image source: CarbonPlan]

CarbonPlan launched CDRXIV, an open-access platform for sharing the latest carbon removal research. It aims to accelerate transparent, interdisciplinary knowledge exchange across the CDR ecosystem.

Absolute Climate launched its direct air capture and storage methodology for public feedback. The methodology enables project developers to tailor measurement, reporting, and verification (MRV) approaches while ensuring transparency across all carbon removal methods.

In a recently published report, BeZero Carbon has estimated that the UK carbon credit market could generate £1 billion in tax revenue and 135,000 skilled jobs by 2035, out of which 30,000 could be in engineered CDR projects and 80,000 in nature-based projects.

Isometric certified the Open System Ex-Situ Mineralization (OSEM) Protocol, the first durable CDR standard in the mining industry. The protocol accelerates the weathering of mine tailings to durably store CO₂ for thousands of years.

Mangrove Systems released an API to streamline data integration for carbon removal projects. The tool enhances measurement, reporting, and verification (MRV) processes, improving transparency and efficiency for developers and partners.

Isometric certified the world’s first protocol for CDR through River Alkalinity Enhancement (RAE), following a 30-day public feedback period. The protocol outlines the requirements and procedures for carbon removal that occurs via rivers.

Cascade Climate unveiled the ERW Data Quarry, a platform for sharing enhanced rock weathering data to accelerate scientific progress and improve transparency in carbon removal methodologies.

Oceanid and Alaska’s Southeast Conference launched an RFP focused on turning Alaska into a marine carbon dioxide removal (mCDR) hub, exploring kelp biochar feedstock and carbon sequestration research.

ClimeFi and the World Ocean Council launched a new series of articles on marine-carbon removal technologies, the first of which explores the science, promise, and commercial momentum behind mCDR.

Isometric released a draft protocol for Direct Ocean Capture & Storage (DOCS) with Captura and CarbonBlue participating, outlining rigorous MRV standards to ensure high-integrity carbon removal through its Air-Sea Carbon Dioxide Uptake Module.

Ecosystem Marketplace released its State of the Voluntary Carbon Market 2025 report, highlighting the growing share of CDR to 5% of traded credits in 2024, despite being 381% more expensive than reduction credits.

Leaderboard Updates - May 2025

Over 3.48 million tonnes of CDR were purchased in May, after a record-breaking April, which saw nearly 11 million tonnes contracted.

Listed below are the May leaderboards for top suppliers and purchasers:

• Supplier Leaderboard

• Purchaser Leaderboard

Events Round-up - May 2025

[Image source: Carbon Unbound]

This year’s edition of Carbon Unbound East Coast was held in New York City. Over 400 business leaders, investors, buyers, and policy-makers convened to discuss the future of carbon removal. CDR.fyi co-founder Alexander Rink was pleased to contribute by presenting the state of the durable CDR market at the conference. Together with Tracy Johns of Meta and Michelle You of Supercritical, Alex also moderated a session on spurring demand for durable and nature-based solutions.

CDR.fyi co-hosted a webinar with Sylvera, diving into the findings from our 2025 CDR Market Survey Report. The panel discussion explored how market sentiment, pricing expectations, and standard-setting guidance are influencing buyer and supplier behavior in the voluntary carbon market.

Klimate hosted a webinar that explored the key pillars of a trustworthy and high-integrity carbon removal market, from the science behind carbon removal to what defines a high-quality project. The panel included experts from Charlie Parkin from Isometric and Lauren Brown from Klimate, along with Alexander Rink from CDR.fyi.

Carbon Gap and remove hosted webinar highlighting how funding for CDR projects works in the EU, with clear examples and a database to track funding opportunities.

• Check out the CDR Events Calendar to stay updated with upcoming CDR events!

CDR.fyi Updates and Research

• The Stats of CDR in SBTi

• In May, we released a blog post, revealing that only 0.6% of companies with Science Based Targets Initiative (SBTi)-aligned targets have purchased durable carbon dioxide removal (CDR) to date.
• The analysis also highlights that while purchases have increased, most buyers are outside hard-to-abate sectors.

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• We'd love to hear from you! Reach out to us anytime with suggestions or comments at team@cdr.fyi.

Disclosure

CDR.fyi is a public benefit corporation operating globally. The company has numerous contributors, some of whom have affiliations with companies in the industry, including Milkywire, Charm Industrial, CDRJobs, DVNE and ETH. Data and content published by CDR.fyi, including This Week in CDR, this Monthly Update, and our Quarterly Market Updates, are vetted and reviewed by CDR.fyi representatives with no conflict of interest.

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