December 20, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Eion offers farmers a scientifically backed, permanent, cost-effective, scaleable, and nature-based solution for carbon removal – the use of pulverized minerals to absorb carbon from ambient air.

Called CarbonLock™, Eion’s technology is what the company calls a “shovel-ready climate-smart solution for U.S. agriculture and its farmers” – a business model that has proven compelling for investors as evidenced by its recent announcement of the close of a Series A exceeding $12 million co-led by AgFunder and Ridgeline.

This round also saw participation from a wide range of strategic climate, agtech, finance, and impact investors including Carbon Removal Partners, Mercator Partners, Orion, Overturn, SLVC, and Trailhead Capital, along with upstream mineral supplier Sibelco.

“As a material solutions company, environmental responsibility and long-term resource management are central to Sibelco’s day-to-day business,” said Ian Sedgman, chief strategy & business development officer, Sibelco – an upstream partner of Eion.

“Our investment in Eion aligns well with our ambitious global sustainability and biodiversity targets. We are excited to support Eion and its talented team as they continue to expand low-cost enhanced rock weathering to more farmers across the U.S. and enable additional permanent carbon removal at scale.”

In addition to offering a permanent carbon removal solution, CarbonLock™ seamlessly integrates into current farming practices by being able to be applied using existing agricultural lime spreading equipment at a prescribed agronomic rate for maximum carbon capture.

The carbon absorption rate is 1:1, meaning for every ton of pulverized rock applied, 1 ton of CO2 is removed. Eion measures this captured carbon through its patented mineral fingerprinting technology, verifying and monitoring the application of rock and its weathering rate to determine the total amount of carbon removed.

These claims of weathering rates and carbon removal have all been verified by the company through extensive field trials complemented by mechanistic lab and greenhouse studies with partner universities and government agencies.

For farmers, the benefits extend beyond capturing carbon. Comparable in cost to agricultural lime, current data suggests that CarbonLock™ may increase yields as well as nitrogen utilization and efficiency, and the fingerprinting process is done through simple soil sampling. Additionally, once applied and weathered, farmers will receive audited proof of the permanent carbon removal achieved by CarbonLock™, which can be used to generate high-quality, verifiable carbon credits that add value and revenue to their operation.

“Public corporations and governments will increasingly seek permanent, scalable carbon removal to meet their ESG goals and mandates,” said Brandon Harris, principal, Ridgeline. “Eion’s rare combination of strong agricultural co-benefits for farmers and high capacity for verifiable carbon removal positions the company to be a leader in carbon markets going forward.”

Since its founding in 2020, Eion has worked to create an upstream supply chain that provides immediate access to mineral resources representing millions of tons of annual CO2 removal.  It also has established commercial relationships with distribution partners across the South, Mid-South, and Midwest regions of the U.S. providing access to millions of acres under management.

With the capital from this round, the company stated that it will continue to build out these networks, expand availability of its patented nature-based soil amendment, and to attract high-impact talent to build out its financial, commercial, and science teams. 

“Eion’s technology enables permanent carbon removal on agricultural soils, but our vision is so much broader,” said Adam Wolf, founder and CEO, Eion. “Eion seeks to leverage carbon removal as a tool to diversify agriculture and sustain land productivity, improve margins for farmers, support the bedrock American businesses in our supply chain, and boost rural vitality.”

“It takes a broad tent to face challenges of this magnitude,” continued Wolf. “We’re grateful to be engaged with a coalition of investors and partners who recognize the potential and opportunity for our carbon removal technology to leverage American capabilities to decarbonize our economy while bringing new opportunities to rural areas.”

Cam Smith, CEO at AGRIgate, an agricultural channel partner of Eion’s added, “CarbonLock’s unique market fit as an ag lime replacement means participation isn’t disruptive to current fertility practices.”

“The product allows many farmers who are already being good environmental stewards to capitalize on the opportunity to permanently remove carbon in a sustainable way with rock solid assurance. Eion’s simple apply, remove, and calculate approach is one of a kind. AGRIgate is excited to partner and scale this amazing technology with Eion.” 

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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