Google has entered into a partnership with Holocene, a direct air capture (DAC) startup, through a $10 million deal that sets a new benchmark with a price of $100 per ton for DAC technology.
This agreement aims to capture and store 100,000 tons of carbon dioxide (CO2) by the early 2030s.
This deal is part of Google’s broader strategy to reduce its carbon footprint using advanced carbon removal technologies.
Holocene’s DAC approach integrates solid and liquid systems, which could help bring down the high costs typically associated with this technology.
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Direct air capture works by extracting CO2 from the atmosphere, storing it underground or reusing it. While promising, DAC has faced challenges related to high costs and scalability.
Holocene’s method uses amino acids and organic compounds to capture CO2, which is then concentrated and converted into a pure form suitable for storage. This technique benefits from using low-temperature heat from carbon-free or waste sources and employs standard industrial equipment, potentially lowering costs.
The agreement with Google provides Holocene with upfront funding and a commitment to purchase carbon removal credits from Holocene’s future facilities.
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Additionally, the project qualifies for the U.S. government’s 45Q tax credit, which adds $180 per ton to Google’s payments and further supports the project’s financial viability.
This partnership fits into Google’s broader environmental strategy, which includes a commitment to cease purchasing carbon credits by 2030 and focus on reducing its own emissions while supporting carbon removal projects.
Google is also involved in Frontier Climate, an initiative aiming to secure nearly $1 billion for permanent carbon removal by 2030, and the Symbiosis Coalition, which promotes high-quality nature restoration projects.
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Holocene’s goal of capturing and storing 100,000 tons of CO2 marks a significant step forward, though it remains a small fraction of the global carbon removal required.
This partnership aims to build confidence in the technology and encourage further investment by demonstrating that lower-cost DAC can be achieved at a smaller scale.
Google’s support for Holocene underscores the importance of financial backing in advancing carbon removal technologies and contributes to the wider goal of achieving net-zero emissions.
