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Mitsubishi Corporation announced that it established the NextGen Carbon Dioxide Removal (CDR) Facility, a joint venture with climate solutions provider and developer South Pole.
The company expects NextGen to advance carbon removal technologies and boost the market for high-quality carbon removal. Mitsubishi also announced that it would develop technology-based CDR through the joint venture.
NextGen began operations with the advance purchase of about 200,000 metric tons of CDR. The joint venture plans to buy more than 1 million CDRs by 2025.
The advance purchase will include CDRs from Summit Carbon Solutions’ $5.1 billion biomass carbon removal and storage project in the Midwestern U.S.; 1PointFive’s Direct Air Capture and Storage project in Texas; and Carbo Cultures high technology biochar project in Finland. NextGen’s long-term goal is to make CDRs available for corporate buyers at an average price of $200 per ton.
Philip Moss, the NextGen chairman and South Pole global director of tech carbon removals said the joint venture hopes to reach one million durably stored metric tons of carbon dioxide by 2025.
Mitsubishi operates business groups across multiple industries, including industrial materials, natural gas, chemical solutions, industrial infrastructure, mineral resources, food, automotive and mobility, power solutions, urban development, and consumer goods.
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