Shopify and Carbofex Partner on Five-Year Carbon Removal Purchase Agreement

TAMPERE, Finland - March 28, 2022 - PRLog -- Shopify, a leading provider of essential internet infrastructure for commerce, and Carbofex, an EBC-certified biochar producer with proprietary pyrolysis technology for CO2 removal, have signed a long-term purchase agreement for biochar-based CO2 removal. Under the agreement, Shopify will pay for the capture and storage of 500 tonnes of CO2 from the atmosphere each year for five years.

Construction of a scaled CO2 removal facility has started in spring 2022, adding a capacity of 15,000 tonnes of CO2 removal by summer 2023. This agreement demonstrates Shopify's commitment to combat climate change and support of the carbon removal industry.

"We have ambitious plans to 15-fold our current CO2 removal capacity in the next five years," says Sampo Tukiainen, CEO and founder of Carbofex. "For our growth plan, it is essential that our customers commit to long-term purchasing agreements, which is an important source of funding for our CO2 removal solutions."

Shopify is one of the world's largest corporate purchasers of long-term carbon removal, and its Sustainability Fund (https://www.shopify.com/about/environment/sustainability-...) contributes a minimum of $5 million annually to support tech-driven entrepreneurs. The goal of the Fund is to assist companies that are proving, scaling, and commercializing climate technologies for massive impact in the long term, which is exactly why Shopify selected to work with Carbofex.

"Shopify has been impressed by Carbofex's successful first commercial operation, as well as its aggressive approach to scaling, which differentiates it from other companies pursuing biochar-based CO2 removal," says Shopify's Head of Sustainability Stacy Kauk." That's why Shopify has committed to a new purchase, 12X the size of the previous commitment, to see how far Carbofex can take their technology."

The potential exists for biochar to deliver CO2 removal at massive scale, and this partnership is a foundational piece to getting there.

About Carbofex:

Carbofex has developed a CO2-removal process that permanently removes atmospheric CO2; converting unutilized biomass into valuable biochar with proprietary pyrolysis technology. The process removes CO2 from atmospheric circulation by using biochar as a carbon sink.

Carbofex has been fully operational for five years and to date Carbofex has sold 3,500 tonnes of CO2 removals. Carbofex was the first certified biochar producer in the world to trade CORC's (CO2 Removal Certificates), having created the biochar-based CO2 removal methodology together with Puro.Earth in 2019.

The Puro.Earth platform (now majority owned by NASDAQ) is being used by various biochar companies worldwide. Carbofex currently operates its commercial facility in Tampere (Finland), and is scaling and expanding its operations worldwide.