Applied Carbon, a technology company specialised in biochar, has announced the closing of a $21.5 million Series A funding round. The investment was led by TO VC, with participation from several other investors. The funds will be used to deploy a fleet of biochar machines across Texas, Oklahoma, Arkansas, and Louisiana.
The company’s technology uses a mobile, in-field solution to convert agricultural crop waste into biochar. This process occurs in a single pass, where the resulting biochar product is deposited back onto the field. The biochar has several benefits, including increased soil health, improved agronomic productivity, reduced lime and fertilizer requirements, and durable carbon removal and storage.
According to multiple studies, converting crop waste into biochar has the potential to remove significant amounts of CO2 from the atmosphere annually. However, there is currently no commercially available technology to convert these wastes at a low cost. Applied Carbon’s patented in-field biochar production system is the first solution that can convert crop waste into biochar at a scale and cost that makes sense for broad-acre farming.
The company’s technology uses a high-tech trailer pulled behind a tractor to collect crop residue, process it into biochar through high-temperature pyrolysis, and quench it with water and nutrients as desired by the farmer. The final biochar product exits the machine and is spread directly onto the field, eliminating bulk material transport and reducing costs.
Applied Carbon’s technology has been recognized for its potential to make a significant impact on carbon removal. The company was named as a top-20 global finalist in the XPRIZE Carbon Removal competition and as a semifinalist in the Department of Energy’s CO2 Removal Purchase Pilot Prize.
The funding will be used to expand the company’s operations and deploy its technology across the selected regions. The company plans to use its precision automation and data monitoring system to provide best-in-class carbon removal monitoring, reporting, and verification (MRV).
