Stockholm Exergi has sold so-called permanent minus emissions for over 500 million kronor, the energy company announces in a press release. Among the buyer Frontiers' member companies are tech giants such as Alphabet and Meta.
Also, Stripe, Shopify, JP Morgan Chase, H&M, and McKinsey Sustainability are among the companies.
The agreement means that the companies can "offset" their own emissions through Stockholm Exergi's carbon capture.
The technology is called bio-CCS and involves separating biogenic carbon dioxide from combustion of biofuels from the flue gases to then be pumped into the ground. This reduces the concentration of carbon dioxide in the atmosphere, thereby creating permanent minus emissions, according to the company.
Stockholm Exergi is expected to make an investment decision for its bio-CCS facility later this year.
Previously, Stockholm Exergi has signed a similar agreement with Microsoft worth several billion.
