Enhanced rock weathering start-up Eion celebrates Microsoft deal
Enhanced rock weathering (ERW) is a carbon dioxide removal process that speeds up the natural weathering of rocks by spreading finely crushed rock on the ground.
ERW is estimated to have the potential to remove about 2-4 billion tonnes of CO2 annually by 2050, contributing significantly to climate change mitigation efforts.
However, it is still in the research and development phase, with various projects and companies exploring its feasibility and effectiveness in different environments.
But this nascent industry has received a boost with the news that US-based carbon removal company Eion has won a contract to deliver 8,000 tonnes of permanent CO2 removal to Microsoft.
With a group of large farmers in the Mid-Atlantic, Eion says it will soon deploy olivine – a naturally occurring and abundant mineral the company has optimised to weather quickly – on farmland after the fall harvest.
Every tonne of carbon removed as part of the purchase will be verified through Eion’s patented direct measurement approach, in accordance with third-party standards and verifiers, and will be delivered over the course of five years.
Eion also announced it has closed $3 million in Series A extension funding from agricultural distributor Growmark, and investors sich as AgFunder, Ridgeline, Trailhead Capital, Overture Partners, Mercator Partners, Exelon Foundation.
The additional capital will be used to build on growing commercial traction, deliver against new contracts, and further invest in R&D. Through its partnership with Growmark, Eion has the network to access millions of acres across the US and is beginning to work with farmers in the Midwest to deploy rock weathering at a greater scale.
Validation of ERW?
Collectively, Eion believes, the deal with Microsoft and capital infusion further validates the opportunity for ERW to become a meaningful climate solution and builds on recent company tailwinds.
In November 2023, Eion became the first enhanced weathering solution to deliver CO2 removal to Stripe, which it called a significant vote of confidence in its scientifically rigorous approach.
Also in November, Eion announced it secured guaranteed access to 500,000 tonnes of olivine annually from leading mineral solutions provider Sibelco – a ‘critical’ supply linchpin to meeting its ambitious goal of removing 10 million tons of CO2 each year starting in 2030.
Recently, Eion was also a semi-finalist in the U.S. Department of Energy’s Carbon Dioxide Removal Purchase Pilot Prize – a first-of-its-kind federal initiative to catalyse market growth for CO2 removal technologies.
“A diverse coalition of stakeholders—from corporate offtakers, to companies looking to deploy climate solutions in their own supply chains, to federal agencies—are increasingly investing in the promise of enhanced weathering,” said Anastasia Pavlovic, CEO of Eion. “We’re excited to work with Microsoft to continue demonstrating the true potential of the category and add to ERW’s rapidly growing track record.”
Eion says it is accelerating the Earth’s process of naturally mineralising rocks to balance atmospheric carbon levels, which would otherwise take thousands of years into a timeline of several years. Olivine – legally approved for agricultural use for decades – is ideal for ERW, it adds, because it absorbs a high rate of carbon, and its composition includes various trace elements that enable Eion to accurately measure CO2 removal.
What’s in it for Microsoft?
“Eion’s verification methodology, continuous monitoring of environmental conditions, and established history of successfully delivering carbon removal makes them stand apart in ERW,” said Brian Marrs, senior director, energy markets at Microsoft.
“We look forward to supporting this important component within the ecosystem of proven climate solutions.”
“Understanding the opportunity we have to help make agriculture more sustainable drives us to support research and fund innovation through companies like Eion,” added Wade Mittelstadt, Growmark’s executive vice president and chief operating officer.
