Capital markets technology and exchange company Nasdaq announced today the acquisition of carbon removal marketplace Puro.earth from European energy company Fortum. Fortum will retain a minority stake in Puro.earth, and will partner with Nasdaq on the continued development of the company.
Founded in 2019, Puro.earth is the world’s first B2B marketplace, standard and registry focused solely on carbon removal. The platform platform brings together suppliers of carbon net-negative technologies and companies looking to reduce or counter their carbon footprints, through the issue of verified CO2 Removal Certificates (CORCs), a carbon offset based on carbon removed from the atmosphere for the long term.
Bjørn Sibbern, Executive Vice President and President of European Markets at Nasdaq, said:
“The addition of Puro.earth to our growing suite of innovative ESG products and services extends our strategy into an increasingly important area for our 4,000+ corporate clients worldwide. The partnership with Puro.earth will provide our global network of corporate clients access to a unique marketplace for carbon removal and will allow Puro.earth to scale its platform through the Nasdaq network and technology platform. We look forward to working together with the Puro.earth and Fortum teams to create a global, transparent and authenticated market for carbon removal.”
Demand for carbon offset projects that counteract the release of greenhouse gases, and related credits, is expected to increase significantly over the next several years, as companies and businesses increasingly launch net zero ambitions, and turn to offsets as a bridge to their own absolute emissions reduction efforts, or to balance difficult to avoid emissions. According to Nasdaq, the acquisition will enable the Puro.earth carbon removal marketplace to scale, helping to meet the emerging demand.
Antti Vihavainen, CEO of Puro.earth, said:
“This investment and strategic partnership with Nasdaq will enable us to realize our mission to support the transformation of the world’s economy to reward carbon negative emissions and help our customers reach their ambitious net-zero goals. So far we have seen the carbon removal industry take small steps, and with Nasdaq involved we have the potential to make much bigger strides.”