Nellie Announces Major Carbon Removal Offtake Agreement with Zurich Insurance Group

CARDIFF, Wales - Jan. 30, 2025 - PRLog -- Nellie Technologies today announced an agreement with Zurich Insurance Group (Zurich) to purchase carbon dioxide removal certificates (CORCs) verified under the Puro Earth Standard. This multi-year, multi-tonnage transaction will cover CO2 removals from Nellie's UK operations for at least the next five years and demonstrates that a smart approach to engineered carbon dioxide removal systems can be commercialized and deliver meaningful environmental impact at scale.

Nellie's Founder and CEO, Stephen Milburn, said: "This transformative agreement not only validates our vision to scale our systems but provides essential funding to expand our operations. Over the next years, we will transition from pilot operations to full-scale carbon dioxide removal deployment, helping deliver societal and economic co-benefits inherent to our business model."

Stephen Milburn added: "Our alignment with Zurich's climate ambitions is crystal clear. Removing CO2 should only happen after an organisation has exhausted all efforts to prevent emissions.  This balanced strategy of reducing emissions as much as possible and removing the rest that will ultimately help fix the climate, and we are proud to be part of this effort."

Chris Minter, Sustainable Supply Chain Lead at Zurich Insurance said: "At Zurich Insurance, we recognize the urgency to scale carbon removal capacity to achieve net-zero emissions. We are backing a range of innovative carbon removal solutions, and we are delighted to finalize this multi-year contract after thorough due diligence. This agreement marks a another step forward in our sustainability journey and reinforces our dedication to combating climate change."

Since its founding in 2022, Nellie has dedicated three years to designing, developing, and deploying proprietary bioengineered CO2 removal systems. The company's unique carbon removal system produces biomass that is converted into biochar, utilized within the UK agricultural sector. Nellie's operational system boundary ensures near-total control over the removal and sequestration process, distinguishing the company in the market.

Over the next five years, Nellie Technologies will transfer an increasing number of CORCs to Zurich annually, enabling the Group to remove its residual emissions and progress towards achieving net-zero operational emissions. This purchase agreement supports Nellie's capital requirements as the company scales its operations, expand its existing pilot site and enhance the capacity to effectively remove CO2 from the atmosphere.

About Nellie

Nellie builds technologies to fix the climate.  The company does this by growing microalgal biomass at speed and at scale in their proprietary photobioreactors (PBR) using patented growth systems. The biomass is processed into biochar and biofertiliser, permanently sequestering carbon and generating carbon dioxide removal certificates (CORCs) for sale in voluntary and compliance markets. This sale marks a significant milestone for Nellie, demonstrating the viability of our technology and its growing impact on the carbon removal market and their market strategy.

Find our more at https://www.nellie.tech/