NEWS PROVIDED BY Vaulted
May 01, 2024, 09:00 ET
Vaulted will remove 152,480 tons of CO₂ between 2024 and 2027 on behalf of Frontier buyers. Of those, 18,321 tons are expected to be delivered in 2024.
Vaulted’s approach offers 10,000+ year permanence, near-term scalability, local co-benefits and has a line of sight to under $100 cost per ton.
HOUSTON, May 1, 2024 /PRNewswire/ — Frontier has facilitated offtake agreements with Vaulted Deep, a carbon removal company that injects carbon-rich organic waste deep underground for permanent storage. Vaulted spun out of–and uses core tech from– Advantek Waste Management Services, a 10-year old industrial waste management company. Frontier buyers will pay $58.3 million to permanently remove 152,480 tons of CO₂ between 2024 and 2027, with options to purchase more tons from future projects at lower prices. Frontier buyers were Vaulted’s first customers in September 2023 through a small prepurchase of 1,666 tons—all of which have already been delivered and verified. This offtake agreement enables Vaulted to commission three new wells that are sited to optimize feedstock availability, transportation, and well capacity. As one of the first carbon removal spin-outs from a waste management company, Vaulted is an example of growing interest from large industrials to apply their expertise and assets to carbon removal.
Vaulted’s method of removing CO2 via underground injection of waste biomass.
Vaulted’s approach starts with plants that naturally draw down CO₂ from the atmosphere via photosynthesis. Much of that ends up as carbon-rich waste in the form of biosolids, manure, food or agricultural waste that is incinerated, landfilled, or spread on land. As that waste burns or decomposes, the once-captured CO₂ is released back into the atmosphere. Vaulted prevents that from happening by turning that waste into a carbon-rich slurry and then injecting it into deep disposal wells for permanent geologic storage. The volume of carbon removed is measured by weighing the carbon in the biomass and subtracting emissions generated at every stage in the process, including transportation and energy usage.
Vaulted’s approach is compelling for a few reasons: The potential for scale is large, thanks to abundance of waste and flexible storage options. Waste biomass has the potential to deliver >300Mt of carbon removal annually in the US alone and a potential for 5Gt of capacity globally in theory1. It can be injected underground using Class V injection wells or their equivalents, widely used to safely dispose of byproducts generated by industrial and agricultural activities. These wells can be built in a large variety of locations, making storage functionally unlimited for this approach.
The cost is relatively low today, and there’s a believable path to well under $100 per ton. This is due to 3 factors: 1) the CO₂ capture process happens naturally via photosynthesis at no cost, and wastes are aggregated by existing industrial infrastructure, 2) slurry injection technology can be done with minimal feedstock processing before injection, virtually eliminating processing costs, and 3) facility capex is inexpensive and uses commercially available equipment and construction services. A big driver of cost today is transportation—Vaulted transports biomass waste from waste partner sites, like landfills or waste water treatment facilities, to the injection wells. In the future, they will work with waste partners to co-locate injection wells directly on their sites, eliminating transportation costs.
The assets and expertise inherited from Advantek mean they’re poised to execute safely and quickly. As a spinoff from an established waste disposal company, Vaulted benefits from existing, permitted well infrastructure as well as a team with longstanding operational experience and expertise in deep well waste injection technology. They’re set up to deliver CDR quickly and safely using mature, proven injection technology, and without a lengthy research and development period. Since launching late last year, Vaulted has already delivered several thousand tons, including 1,666 tons to Frontier buyers, as part of a small-volume prepurchase. As part of this offtake, Vaulted plans to deliver 18,321 tons to Frontier this year.
It offers health and environmental co-benefits due to a safer way to dispose of waste: Vaulted’s feedstock is sludgy waste like biosolids, manure, food and ag waste, and papermill sludge. These wastes are typically incinerated or spread on land for disposal, which can create a number of problems for nearby communities, including soil, water and air pollution, and foul odor. Diverting organic biomass waste to permanent sequestration has the potential to reduce environmental and human health harms in surrounding communities.
Frontier has facilitated purchases on behalf of Frontier Founding Members Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability, as well as Autodesk, H&M Group, JPMorgan Chase, and Workday. Also, Aledade, Skyscanner, Canva, SKIMS, Wise, and Zendesk have purchased via Watershed’s partnership with Frontier.
Biomass-based approaches to carbon removal are promising but require thoughtful biomass sourcing to have the intended climate impact. To help inform prospective customers of companies like Vaulted doing Biomass Carbon Removal and Storage, we’re sharing Frontier’s Biomass Sourcing Principles.
Julia Reichelstein, CEO at Vaulted Deep: “Vaulted’s technology, developed by Advantek, has been primed to address carbon removal for decades, even before there was a market. Technologies like ours that can scale quickly without compromising durability or quality will lead the way. Our proven CDR is what makes possible Frontier’s largest offtake to date.”
Hannah Bebbington, Strategy Lead at Frontier: “Vaulted went from inception to delivering thousands of tons in just four months and is now among the first carbon removal companies to sign a multi-million dollar offtake agreement. This shows what’s possible when the expertise of traditional industry players is repurposed for carbon removal.”
1 Based on estimates in Snyder et al (2022)
About Frontier
Frontier is an advance market commitment to buy an initial $1B of permanent carbon removal between 2022 and 2030. It was founded by Stripe, Alphabet, Shopify, Meta, McKinsey Sustainability, and tens of thousands of businesses using Stripe Climate. Frontier’s goal is to accelerate the development of carbon removal technologies by guaranteeing future demand for them. In practice, its team of technical and commercial experts facilitates purchases from high-potential carbon removal companies on behalf of buyers. More information at frontierclimate.com.
About Vaulted Deep
Vaulted Deep is a biomass carbon removal and storage (BiCRS) carbon removal company dedicated to the geologic sequestration of organic wastes. Vaulted Deep’s mission is to utilize the proven and patented geologic slurry injection technology for permanent carbon dioxide removal (CDR) through the sequestration of organic wastes, thereby accelerating the earth’s natural process and contributing significantly to the global fight against climate change. Vaulted Deep is backed by Advantek Waste Management Services and Lowercarbon Capital, Earthshot Ventures, and others. To learn more, go to www.vaulteddeep.com.
SOURCE Vaulted