Japan’s Sumitomo Corporation announced today an investment in CO2 removal startup Inherit Carbon Solutions, and a partnership with the company aimed at enabling the removal of millions of tons of CO2 from the atmosphere over the next decade.
Founded in 2021, Oslo, Norway-based Inherit captures and permanently stores CO2 released from production of renewable natural gas (RNG), which is produced from organic waste, such as agricultural, industrial, and household wastes. Unlike with other carbon removal solutions, CO2 captured from RNG production doesn’t have to be separated from other materials as It is created during the production of RNG, which does not contribute to climate change and is used as a fuel in the Nordics and elsewhere. After capturing carbon from biogas plants, Inherit liquifies the CO2 and transports it for permanent geological storage.
According to Sumitomo, the new partnership brings together its global network and creditworthiness with Inherit’s expertise in carbon dioxide removal (CDR), with the collaboration seeking to secure storage providers in Europe, North America and Asia, and focusing on creating CDR credits to support the development of the carbon capture, utilization and storage (CCUS) value-chain.
Sumitomo said that it views CCUS as a key tool for achieving carbon neutrality in its business activities, and that it is “actively involved in business development across Europe, the USA and Asia, focusing on CO2 separation and capture, transport and storage, and utilization.”
Ko Akiyama, Head of Energy Innovation Initiative (Europe) at Sumitomo Corporation Europe Limited, said:
“We are thrilled to embark on a collaboration with Inherit, a pioneer dedicated to transforming biomass-derived CO2 emissions in the Biogas industry into CDR. Mike and Kaja, the founders of Inherit, have assembled an incredible team that has made significant progress towards advancing Inherit’s exciting vision. We are delighted to join forces as partners in the pursuit of creating a carbon-neutral society together.”
The investment was made as part of a seed financing round for Inherit, with Sumitomo as the lead investor, with participation from new investors Farvatn, Momentum, and Arkwright X alongside existing investors Equinor Ventures and Stratel Ventures.
Mike Carpenter, CEO and co-founder of Inherit, said:
“We are delighted to have Sumitomo Corporation as a strategic partner and investor. This collaboration not only validates our mission to address climate change but also provides the resources and expertise needed to scale our efforts and make a real impact on carbon removal.”