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Inside Climeworks’ big experiment to wrest carbon from the air

In the spring of 2021, the world’s leading authority on energy published a “roadmap” for preventing the most catastrophic climate change scenarios. One of its conclusions was particularly daunting. Getting energy-related emissions down to net zero by 2050, the International Energy Agency said, would require “huge leaps in innovation.”
Existing technologies would be mostly sufficient to carry us down the carbon curve over the next decade. But after that, nearly half of the remaining work would have to come from solutions that, for all intents and purposes, did not exist yet. Some would only require retooling existing industries, like developing electric long-haul trucks and carbon-free steel. But others would have to be built from almost nothing and brought to market in record time.
What will it take to rapidly develop new solutions, especially those that involve costly physical infrastructure and which have essentially no commercial value today?
That’s the challenge facing Climeworks, the Swiss company developing machines to wrest carbon dioxide molecules directly from the air. In September 2021, a few months after the IEA’s landmark report came out, Climeworks switched on its first commercial-scale “direct air capture” facility, a feat of engineering it dubbed “Orca,” in Iceland.
The technology behind Orca is one of the top candidates to clean up the carbon already blanketing the Earth. It could also be used to balance out any stubborn, residual sources of greenhouse gases in the future, such as from agriculture or air travel, providing the “net” in net-zero. If we manage to scale up technologies like Orca to the point where we remove more carbon than we release, we could even begin cooling the planet.
As the largest carbon removal plant operating in the world, Orca is either trivial or one of the most important climate projects built in the last decade, depending on how you look at it. It was designed to capture approximately 4,000 metric tons of carbon from the air per year, which, as one climate scientist, David Ho, put it, is the equivalent of rolling back the clock on just 3 seconds of global emissions. But the learnings gleaned from Orca could surpass any quantitative assessment of its impact. How well do these “direct air capture” machines work in the real world? How much does it really cost to run them? And can they get better?
The company — and its funders — are betting they can. Climeworks has made major deals with banks, insurers, and other companies trying to go green to eventually remove carbon from the atmosphere on their behalf. Last year, the company raised $650 million in equity that will “unlock the next phase of its growth,” scaling the technology “up to multi-million-ton capacity … as carbon removal becomes a trillion-dollar market.” And just last month, the U.S. Department of Energy selected Climeworks, along with another carbon removal company, Heirloom, to receive up to $600 million to build a direct air capture “hub” in Louisiana, with the goal of removing one million tons of carbon annually.
Two years after powering up Orca, Climeworks has yet to reveal how effective the technology has proven to be. But in extensive interviews, top executives painted a picture of innovation in progress.
Chief marketing officer Julie Gosalvez told me that Orca is small and climatically insignificant on purpose. The goal is not to make a dent in climate change — yet — but to maximize learning at minimal cost. “You want to learn when you're small, right?” Gosalvez said. “It’s really de-risking the technology. It’s not like Tesla doing EVs when we have been building cars for 70 years and the margin of learning and risk is much smaller. It’s completely new.”
From the ground, Orca looks sort of like a warehouse or a server farm with a massive air conditioning system out back. The plant consists of eight shipping container-sized boxes arranged in a U-shape around a central building, each one equipped with an array of fans. When the plant is running, which is more or less all the time, the fans suck air into the containers where it makes contact with a porous filter known as a “sorbent” which attracts CO2 molecules.

When the filters become totally saturated with CO2, the vents on the containers snap shut, and the containers are heated to more than 212 degrees Fahrenheit. This releases the CO2, which is then delivered through a pipe to a secondary process called “liquefaction,” where it is compressed into a liquid. Finally, the liquid CO2 is piped into basalt rock formations underground, where it slowly mineralizes into stone. The process requires a little bit of electricity and a lot of heat, all of which comes from a carbon-free source — a geothermal power plant nearby.
A day at Orca begins with the morning huddle. The total number on the team is often in flux, but it typically has a staff of about 15 people, Climeworks’ head of operations Benjamin Keusch told me. Ten work in a virtual control room 1,600 miles away in Zurich, taking turns monitoring the plant on a laptop and managing its operations remotely. The remainder work on site, taking orders from the control room, repairing equipment, and helping to run tests.
During the huddle, the team discusses any maintenance that needs to be done. If there’s an issue, the control room will shut down part of the plant while the on-site workers investigate. So far, they’ve dealt with snow piling up around the plant that had to be shoveled, broken and corroded equipment that had to be replaced, and sediment build-up that had to be removed.

The air is more humid and sulfurous at the site in Iceland than in Switzerland, where Climeworks had built an earlier, smaller-scale model, so the team is also learning how to optimize the technology for different weather. Within all this troubleshooting, there’s additional trade-offs to explore and lessons to learn. If a part keeps breaking, does it make more sense to plan to replace it periodically, or to redesign it? How do supply chain constraints play into that calculus?
The company is also performing tests regularly, said Keusch. For example, the team has tested new component designs at Orca that it now plans to incorporate into Climeworks’ next project from the start. (Last year, the company began construction on “Mammoth,” a new plant that will be nine times larger than Orca, on a neighboring site.) At a summit that Climeworks hosted in June, co-founder Jan Wurzbacher said the company believes that over the next decade, it will be able to make its direct air capture system twice as small and cut its energy consumption in half.
“In innovation lingo, the jargon is we haven’t converged on a dominant design,” Gregory Nemet, a professor at the University of Wisconsin who studies technological development, told me. For example, in the wind industry, turbines with three blades, upwind design, and a horizontal axis, are now standard. “There were lots of other experiments before that convergence happened in the late 1980s,” he said. “So that’s kind of where we are with direct air capture. There’s lots of different ways that are being tried right now, even within a company like Climeworks."
Although Climeworks was willing to tell me about the goings-on at Orca over the last two years, the company declined to share how much carbon it has captured or how much energy, on average, the process has used.
Gosalvez told me that the plant’s performance has improved month after month, and that more detailed information was shared with investors. But she was hesitant to make the data public, concerned that it could be misinterpreted, because tests and maintenance at Orca require the plant to shut down regularly.
“Expectations are not in line with the stage of the technology development we are at. People expect this to be turnkey,” she said. “What does success look like? Is it the absolute numbers, or the learnings and ability to scale?”
Danny Cullenward, a climate economist and consultant who has studied the integrity of various carbon removal methods, did not find the company’s reluctance to share data especially concerning. “For these earliest demonstration facilities, you might expect people to hit roadblocks or to have to shut the plant down for a couple of weeks, or do all sorts of things that are going to make it hard to transparently report the efficiency of your process, the number of tons you’re getting at different times,” he told me.
But he acknowledged that there was an inherent tension to the stance, because ultimately, Climeworks’ business model — and the technology’s effectiveness as a climate solution — depend entirely on the ability to make precise, transparent, carbon accounting claims.
Nemet was also of two minds about it. Carbon removal needs to go from almost nothing today to something like a billion tons of carbon removed per year in just three decades, he said. That’s a pace on the upper end of what’s been observed historically with other technologies, like solar panels. So it’s important to understand whether Climeworks’ tech has any chance of meeting the moment. Especially since the company faces competition from a number of others developing direct air capture technologies, like Heirloom and Occidental Petroleum, that may be able to do it cheaper, or faster.
However, Nemet was also sympathetic to the position the company was in. “It’s relatively incremental how these technologies develop,” he said. “I have heard this criticism that this is not a real technology because we haven’t built it at scale, so we shouldn’t depend on it. Or that one of these plants not doing the removal that it said it would do shows that it doesn’t work and that we therefore shouldn’t plan on having it available. To me, that’s a pretty high bar to cross with a climate mitigation technology that could be really useful.”
More data on Orca is coming. Climeworks recently announced that it will work with the company Puro.Earth to certify every ton of CO2 that it removes from the atmosphere and stores underground, in order to sell carbon credits based on this service. The credits will be listed on a public registry.
But even if Orca eventually runs at full capacity, Climeworks will never be able to sell 4,000 carbon credits per year from the plant. Gosalvez clarified that 4,000 tons is the amount of carbon the plant is designed to suck up annually, but the more important number is the amount of “net” carbon removal it can produce. “That might be the first bit of education you need to get out there,” she said, “because it really invites everyone to look at what are the key drivers to be paid attention to.”
She walked me through a chart that illustrated the various ways in which some of Orca’s potential to remove carbon can be lost. First, there’s the question of availability — how often does the plant have to shut down due to maintenance or power shortages? Climeworks aims to limit those losses to 10%. Next, there’s the recovery stage, where the CO2 is separated from the sorbent, purified, and liquified. Gosalvez said it’s basically impossible to do this without losing some CO2. At best, the company hopes to limit that to 5%.
Finally, the company also takes into account “gray emissions,” or the carbon footprint associated with the business, like the materials, the construction, and the eventual decommissioning of the plant and restoration of the site to its former state. If one of Climeworks’ plants ever uses energy from fossil fuels (which the company has said it does not plan to do) it would incorporate any emissions from that energy. Climeworks aims to limit gray emissions to 15%.
In the end, Orca’s net annual carbon removal capacity — the amount Climeworks can sell to customers — is really closer to 3,000 tons. Gosalvez hopes other carbon removal companies adopt the same approach. “Ultimately what counts is your net impact on the planet and the atmosphere,” she said.
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Despite being a first-of-its-kind demonstration plant — and an active research site — Orca is also a commercial project. In fact, Gosalvez told me that Orca’s entire estimated capacity for carbon removal, over the 12 years that the plant is expected to run, sold out shortly after it began operating. The company is now selling carbon removal services from its yet-to-be-built Mammoth plant.
In January, Climeworks announced that Orca had officially fulfilled orders from Microsoft, Stripe, and Shopify. Those companies have collectively asked Climeworks to remove more than 16,000 tons of carbon, according to the deal-tracking site cdr.fyi, but it’s unclear what portion of that was delivered. The achievement was verified by a third party, but the total amount removed was not made public.
Climeworks has also not disclosed how much it has charged companies per ton of carbon, a metric that will eventually be an important indicator of whether the technology can scale to a climate-relevant level. But it has provided rough estimates of how much it expects each ton of carbon removal to cost as the technology scales — expectations which seem to have shifted after two years of operating Orca.
In 2021, Climeworks co-founder Jan Wurzbacher said the company aimed to get the cost down to $200 to $300 per ton removed by the end of the decade, with steeper declines in subsequent years. But at the summit in June, he presented a new cost curve chart showing that the price was currently more than $1,000, and that by the end of the decade, it would fall to somewhere between $400 to $700. The range was so large because the cost of labor, energy, and storing the CO2 varied widely by location, he said. The company aims to get the price down to $100 to $300 per ton by 2050, when the technology has significantly matured.
Critics of carbon removal technologies often point to the vast sums flowing into direct air capture tech like Orca, which are unlikely to make a meaningful difference in climate change for decades to come. During a time when worsening disasters make action feel increasingly urgent, many are skeptical of the value of investing limited funds and political energy into these future solutions. Carbon removal won’t make much of a difference if the world doesn’t deploy the tools already available to reduce emissions as rapidly as possible — and there’s certainly not enough money or effort going into that yet.
But we’ll never have the option to fully halt climate change, let alone begin reversing it, if we don’t develop solutions like Orca. In September, the International Energy Agency released an update to its seminal net-zero report. The new analysis said that in the last two years, the world had, in fact, made significant progress on innovation. Now, some 65% of emission reductions after 2030 could be accounted for with technologies that had reached market uptake. It even included a line about the launch of Orca, noting that Climeworks’ direct air capture technology had moved from the prototype to the demonstration stage.
But it cautioned that DAC needs “to be scaled up dramatically to play the role envisaged,” in the net zero scenario. Climeworks’ experience with Orca offers a glimpse of how much work is yet to be done.
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Ford reveals a promising tidbit about its upcoming electric pickup.
When the Ford Fathom debuts in 2027, much of the attention will focus on its size and its price. As it should: The all-electric mid-size truck is promised to start under $30,000, and the success or failure of that car at that price will tell us a lot about the future of Ford, as well as mainstream America’s true appetite for EVs.
While we wait for our first real look at the truck and the full list of its specifications, Ford just revealed a promising tidbit. The automaker has been working in the background to make it simpler and cheaper for Fathom drivers to use bidirectional charging: the ability for power to flow both ways so that EV drivers can use the energy stored in the vehicle battery to power secondary loads, to back up a home power supply during a blackout, or even to feed back onto the power grid.
Specifically, Ford announced on Tuesday that the Fathom will be the first EV from a U.S. automaker with a starting price below $30,000 that does not need a separate wall-mounted inverter — the piece needed to transform the DC power stored in the car’s battery to the AC power used in the house. Instead, engineers built one into the truck’s “e-box” module that houses much of its electronics. That on-board unit is good enough to supply more than 10 kW of AC power to a home, Ford says.
Bidirectional charging isn’t new to American EVs or to Ford. The F-150 Lightning EV got this feature when it debuted five years ago. The trouble is that this game-changing technology doesn’t come cheap: The Lightning — now discontinued, soon to be revived as an extended-range EV — was an expensive ride starting above $50,000. The electrical hardware needed to connect the truck to one’s home power supply added thousands of dollars on top of the truck’s price.
The same was true for other EV makers. Two years ago, when I interviewed EV pickup drivers after Hurricane Helene hit North Carolina, I found F-150 Lightning and Tesla Cybertruck owners alike who hadn’t forked over more money for the extra tech needed to hook directly into the home. They got themselves through the blackout the Macgyver way, plugging the refrigerator and other critical appliances right into the power outlets in the back of the truck.
Ford’s Fathom, though, comes closer to giving the best of bidirectional charging to the masses. In addition to installing an on-board inverter, Ford says it will make the Ford Home Power Station and Home Backup Panel — the hardware that drivers will need to connect to the house — cost at least 60% less than the brand’s first-generation tech. The Detroit giant also says it’s working with a consortium of utilities, including American Electric Power, BC Hydro, Consumers Energy, Exelon, and Pacific Gas and Electric Co., to iron out how Fathom owners across the country will connect to their homes and the grid.
As Ford notes in its release: “There are more than 3,000 utilities across the U.S. and Canada with largely unique interconnection processes. Interconnection processes were primarily written for rooftop solar and stationary battery storage, which are fixed assets. Bidirectional EVs bring new considerations since they are vehicles first, not stationary equipment.”
Indeed, cooperation between car companies and utilities is suddenly a pressing matter as more EVs hit the roads, and the grid. Rivian and other electric car makers are trying to make their vehicles play nice with the power grid as a way for their customers to save money and reduce grid strain by having EVs charge when demand is low and electricity is cheap. And at some point, electric cars will become a major cog in virtual power plants — the ability of the power grid to pull energy from sources like EVs, backup batteries, and homeowner solar in times of need.
That day is finally approaching. Although bidirectional charging is a striking bonus feature for EVs, something so much more interesting and sophisticated than what a fossil fuel car can accomplish, the tech has flown fairly under the radar in the U.S. One could blame not only the lagging pace of EV adoption here, but also the fact that Tesla, far and away the market leader, has been slow to get on board. Just this month, it finally said that Model Y and Model 3 vehicles, the two best-selling electric cars in America, would get bidirectional capability.
The Ford Fathom, then, may do more than revitalize the lagging fortunes of Ford, which lost billions upon billions in its first forays into electrification and started up a skunkworks team to design the new truck in a totally different way. Their creation might also show Americans the EV’s enormous role in the home, and the grid, of tomorrow.
Current conditions: Tropical Storm Olana is headed for Hawaii with yet more flooding and powerful winds as the state continues to recover from previous storms • Tropical Cyclone Arnab is strengthening into a “severe” storm as it approaches the northern coast of India’s Andhra Pradesh state near the port city of Visakhapatnam • In-fa has become a typhoon, en route by the end of this week to the Northern Mariana Islands, the U.S. territory that took the brunt of this month’s Super Typhoon Champi.
Call it Anthropic’s magnum Opus 5.5. The Claude maker filed its public paperwork Monday ahead of its planned stock market debut. Aside from the basic details of how the company makes money and what risks its technology may pose to humanity itself, Anthropic mentions the word “energy” at least 14 times in the section of the document outlining the risks to its business. “Climate” and “climate change” are mentioned just four times. The overarching concern, per my colleague Matthew Zeitlin’s rundown of the S-1 filing, is that the company “might not get enough power for data centers running its large language models,” and that “the pace of the energy infrastructure build-out “is generally behind the need.
Brazil’s national oil company, meanwhile, had a brutal day of trading on the stock market following left-wing Brazilian President Luiz Inácio Lula da Silva’s surprise surge to reelection in Sunday’s runoff. Shares of Petrobras plunged 14% on the New York Stock Exchange by the time trading ended Monday evening. While conservative candidate Flávio Bolsonaro had promised more privatization and fewer environmental regulations, Lula has ramped up drilling, particularly offshore, as he seeks to capitalize on South America’s oil boom.

EQT Corporation bills itself as “America’s only large-scale, vertically integrated natural gas producer.” Soon it will also be the largest gas company in the nation. On Monday, the company announced plans to acquire Range Resources Corporation in a deal to create a North American gas giant worth more than $50 billion. The all-stock transaction would also establish the biggest gas producer in the U.S. by output. Combined, EQT and Range pump out 9 billion cubic feet of natural gas equivalent per day. The next largest shale gas producer in the U.S. is Expand Energy, at 7.5 billion cubic feet per day. The merged company would also command a network of pipelines and other midstream infrastructure that tops 3,700 miles. “This transaction brings together two of the highest-quality, longest-duration asset bases in North America and creates a company uniquely positioned for the next era of natural gas,” EQT CEO Toby Z. Rice said in a statement. “We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come.”
The deal is a sign “U.S. gas consolidation is accelerating,” Salih Yilmaz, a senior oil analyst at the consultancy Bloomberg Intelligence, wrote in a post on X. “The bigger theme is consolidation: scale, concentration, and infrastructure control are becoming increasingly important in US gas, especially as LNG exports and power demand grow.”
U.S. orders for wind turbines vaulted to 2.8 gigawatts in the second quarter of this year — the highest since the end of 2023 — as developers scrambled to meet the deadlines to qualify for expiring tax credits, according to a new market analysis by the consultancy Wood Mackenzie. New Mexico saw the biggest surge as the SunZia megaproject, the largest wind farm ever built in the U.S., came online, raising the state to the top of the list of capacity additions. Despite the Trump administration’s efforts to kill or slow walk permits for wind projects, the industry is on track to add 39 gigawatts of new onshore wind farms by 2030. More than half the projects set to come online over the next two years are already under construction, meaning there’s little risk of disruption. Offshore wind, by contrast, tops out at 5 gigawatts, all of which is on course to be delivered in the next two years. “Policy is the variable with the greatest impact on wind installations,” Wood Mackenzie analyst Tyler Gifford said in a statement. “With tax credit expirations on the horizon, developers are prioritizing projects that can be operational by 2030, so the five-year onshore wind installation outlook remains stable.”
On the other side of the Atlantic, exports of wind turbines are booming. While Europe is still debating how to deal with the sudden rise of China’s wind companies, as I told you last week, the European Union's exports of wind turbines spiked by nearly 11% to $3.4 billion last year, Renewables Now reported.
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The climate movement, as virtually anyone involved will tell you, is broken. Even those who are part of it want to stop talking about “climate change,” according to the results of this year’s Heatmap Insiders Survey. Clean Air Task Force, one of the more pragmatic groups in the policy arena fighting for clean energy, is out with a new memo detailing the strategy it plans to use through the end of the decade. Dubbed CATF Forward, the plan is “designed to drive the global adoption of climate solutions, orienting around three clear impact priorities and rooted in the attributes that have made” the group “uniquely effective” since its launch 30 years ago. “The world’s increasingly complex climate and energy challenges require sober thinking and sharper focus,” Armond Cohen, CATF’s founder and executive director, said in a statement. “How do we protect climate in a world turned upside down?”
His answer:
All of that seems fairly straightforward. But the document is defined as much by what it omits as what it includes. Amid a growing debate over whether climate activists should keep targeting fossil fuel infrastructure, which my colleague Robinson Meyer aired out nicely on a recent episode of our podcast Shift Key, CATF isn’t pushing for boycotts of fossil fuels or, you know, committing crimes in the name of saving the planet.
India’s solar factories have boomed in recent years as the world’s most populous country turns to photovoltaics to meet surging domestic electricity demand and supply overseas buyers looking for alternatives to China. But the subcontinent has struggled to take on China’s dominance of the solar supply chain’s upstream elements. On Monday, Noida-based Jakson Solar announced plans to invest over $525 million into manufacturing solar cells, ingots, and wafers. The company plans to commission a 3-gigawatt cell factory by the end of next year, managing director Ivan Saha told Reuters on the sideline of a conference. The company then plans to stand up a 3-gigawatt ingot and wafer plant by the third quarter of 2028. That will all feed into Jakson’s existing 1.2-gigawatt module-making factory.
Indonesia and Malaysia have launched more than 100 cloud-seeding missions this year in an attempt to engineer rain to quench parched lands as El Niño worsens droughts. The worst wildfire season in decades has shrouded the region in devastating toxic smog. But the high cost of the effort, including using dry ice to break up warm air that traps smog on the ground, “have so far brought little in the way of lasting results,” Bloomberg reported. “Sometimes, there’s a lot of political pressure to do things that may not be really well-founded scientifically,” Steven Siems, a professor at Monash University in Melbourne and the co-chair of an expert team on weather modification at the World Meteorological Organization, told the newswire.
It’s amazing what you can do with a repurposed car engine.
Venture capitalists love a system that fits inside a shipping container. But that kind of modularity has been hard to pull off in the low-carbon fuels industry, where producers have generally remained yoked to the prevailing wisdom of economies of scale as the key to profitability. That’s led to enormous, capital-intensive facilities packed with complex, custom-built machinery churning out fuels and chemicals like hydrogen, methane, and ammonia.
But Massachusetts-based startup Emvolon thinks it can upend this model with its compact, prefabricated chemical plants powered by the likes of repurposed car engines. Its modular systems convert methane captured from landfills and other sources into energy-dense liquid methanol on-site, making it easier to transport to customers. On Tuesday, the company announced $22 million in new funding — an undisclosed mix of Series A equity and non-dilutive federal and state grants — to build its first commercial-scale system at a landfill near Houston, in partnership with biogas company Montauk Renewables.
The approach aims to solve a persistent logistics problem. Economics dictate that commodity producers typically locate near a high-volume source of feedstock or a pipeline that can deliver it. But for captured methane — a potential feedstock for lower-carbon fuels, chemicals, and fertilizers — that’s often not an option. The potent greenhouse gas escapes from geographically dispersed landfills, farms, and wastewater treatment plants, many of which are too small to support a large gas-to-liquids facility and too far from existing pipelines. Trucking the gas to a centralized plant is generally prohibitively expensive, often leaving operators to either flare it or let it escape unabated.
“We are really kind of burning money, creating a lot of emissions when we could be capturing this and making high-value products,” Emmanuel Kasseris, Emvolon’s CEO, told me in an August conversation about the company’s technology, which it spun out of MIT.
“We really try to flip the script completely,” Kasseris said of the startup’s modular approach. Rather than one large facility, the company aims to produce “a few tons to maybe tens of tons per day” of methanol for the $40 billion global market. For comparison, conventional gas-to-liquid facilities can produce hundreds of times more product daily.
Emvolon’s technology is “engine agnostic,” running on repurposed engines from used cars and diesel generators as well as new builds modified for the startup’s purposes. The engines take in captured methane from landfills, farms, or gas-flaring sites. But instead of burning the fuel completely like a standard combustion engine, Emvolon limits the oxygen supply, triggering only partial combustion of the methane to produce a mixture of hydrogen and carbon monoxide known as syngas. The company then feeds that mixture into a conventional reactor, where a catalyst converts it into liquid methanol that can be shipped in standard tanker trucks.
The process requires relatively few modifications to standard internal combustion engines, Kasseris told me, thereby bringing the economics of mass production to small-scale chemical production. “You’re taking something that comes from an assembly line, you repurpose it — changing sensors, controls, simple things that require a lot of [intellectual property] but are not expensive — and you build the plant around it,” he explained. The goal is to offer customers a four-year payback period sans low-carbon fuel subsidies.
Emvolon is now attempting to push that logic a step further. For the second stage of the conversion process, the company is working to swap out its conventional reactor with another modified engine in order to “replace even more one-off process equipment” with mass-produced components. The Department of Energy’s Advanced Research Projects Agency–Energy awarded Emvolon a $2.3 million grant to develop this part of its system.
But the startup doesn’t need to have this additional piece of technology dialed in to start securing customers. In August, global commodities merchant Freepoint Commodities signed on as the startup’s primary buyer, securing priority rights to purchase at least $450 million worth of Emvolon’s biomethanol for use across maritime shipping, aviation, heavy transport, and specialty chemicals. The agreement also gives Freepoint priority rights to invest in or lend to future Emvolon projects, a provision Kasseris described as the anchor for the startup’s project financing platform.
The company’s first commercial projects are designed to produce up to 50,000 metric tons of biomethanol annually across multiple sites, with the Freepoint agreement structured to scale that output to 300,000 metric tons per year. Because each plant should cost only “a few million dollars,” Kasseris said, the company can spread out its risk rather than bet on “the half a billion dollar e-fuels plant” common to the alternative fuels industry. If one plant runs into trouble, the setback should be manageable, and the company can keep churning out and deploying its modular units elsewhere.
“This is great for scaling,” Kasseris told me. “It’s just very different. It’s just more boxes.”