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The Next 150 and Shell Environmental Products ink carbon credit deal

The Next 150 and Shell Environmental Products ink carbon credit deal
Situated in Irapuato, Guanajuato, Mexico, the General Biochar Systems (GBS) plant was inaugurated in May 2023 and is strategically designed to refine AgriWaste streams from crops like corn, wheat, and sorghum (photo courtesy The Next 150).

Switzerland-headed The Next 150 has announced that it has entered into a five-year agreement to supply Shell Environmental Products with carbon removal credits, generated from biochar at its large-scale commercial facility in Mexico.

Biochar production is a technological approach in which the carbon is captured from the atmosphere by biomass through photosynthesis and is then thermochemically processed into stable carbon that can be stored long-term in soil or incorporated into construction materials

Biochar and CDR credits

A subsidiary of The Next 150, General Biochar Systems (GBS) is a fully integrated production company that generates high-quality Carbon Dioxide Removal (CDR) credits.

Situated in Irapuato, Guanajuato, Mexico, the GBS plant was inaugurated in May 2023 and is strategically designed to refine AgriWaste streams from crops like corn, wheat, and sorghum.

Established in partnership with the Irrigation District 011, which has over 23,000 farmer members and over 100,000 ha under irrigation, GBS can process up to 60,000 tonnes of biomass per annum to produce 18,000 tonnes of biochar and 30,000 tonnes of carbon dioxide equivalents (CO2eq) carbon credits.

The deal for up to 22,500 CO2 removal credits is amongst the first purchases of carbon removal credits from Mexico’s largest biochar project.

Shell Environmental Products’ support marks a significant step forward in our strategy to scale the biochar pathway of carbon removal across Latin America. Large volumes as well as long-term offtake agreements from global companies are key to unlocking growth capital and project finance in the global south, said Patrick Atanasije Pineda, Managing Partner at The Next 150.

Third-party audit and certification

The carbon removal project is undergoing a third-party audit and certification with Puro.Earth, a NASDAQ majority-owned leading platform for engineered carbon removal.

If approved, and subject to ongoing due diligence on the project, Shell Environmental Products will offtake the credits.

The Next 150’s journey from inception in early 2023 to building a fully operational biochar production venture through its subsidiary, GBS, illustrates its rapid progress and commitment to delivering high-quality carbon removal solutions.

With the biochar production venture now in the certification phase with Puro.Earth, the first batch of credits is expected to be issued by Q3 2024.

The Next 150 plans to expand its biochar production capacity, with at least two additional plants expected to come online in 2024 and 2025.

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