NetZeroCompany Launches with $5.5 Million Seed Funding from Oilinvest and VARO Energy

Stockholm, 24 June 2024.

NetZeroCompany announces the completion of a $5.5 million seed round from major players in the energy sector. The funding will be deployed to support the global development and expansion of a high quality, traceable, and asset- backed Carbon Removal Token (CRT).  The development of these CRTs shall address the vital call to effectively register and trade the removal of at least 3 billion tonnes of atmospheric carbon dioxide by the year 2030.  The NetZeroCompany Carbon Removal Tokens, based on blockchain technology, shall introduce much sought after levels of access, openness, and traceability to the voluntary verified carbon credits market.

Built on the Ethereum blockchain, NetZeroCompany CRT provides verifiable proof of environmental impact of various nature-based projects, enhancing both credibility and accountability, with each Carbon Removal Token representing one tonne of sequestered carbon dioxide with full traceability. These certified carbon removal projects ensure the integrity and protection of carbon removals, backed by a comprehensive replacement plan. The NetZeroCompany CRT promises to democratize Climate Action by enabling anyone from anywhere to purchase voluntary carbon credits, providing efficient and effective solutions for combating climate change accessible on a global scale.

Headquartered in The Hague, Oilinvest (Netherlands) B.V. is providing a significant contribution of $4 million to the seed fund. As a vital player in the European downstream oil industry, through its renowned Tamoil and HEM brands, Oilinvest is witnessing a great shift to broader investments in renewable energy projects such as biofuels, expanding solar and wind capacity, green hydrogen refuelling stations, and green hydrogen production.

VARO Energy, headquartered in Zug, Switzerland, also contributed to this new venture through its carbon-specialized affiliate, SilviCarbon. VARO Energy operates in various sectors, including biofuels, green hydrogen, biomethane & bio-LNG, nature-based carbon removals, and e-mobility. SilviCarbon is globally recognized for its long-term carbon market solutions through nature-based Carbon Dioxide Removals (CDRs), connecting reforestation projects with carbon market participants to address climate change.

The NetZeroCompany was founded in 2022 by carbon market lawyer and expert Dr Peter Ebsen, Swedish entrepreneurs Anders Forsberg and Robin Stenman, tech founder Robin Bäcklund, and forest equity veteran Carl Johan Krigström. Håkan Nordkvist, who has spent more than ten years as Head of Sustainability Innovation at IKEA and serves as an advisor for the University of Cambridge accelerators, The Canopy, and The Core Climate Fund, has been tasked with leading NetZeroCompany as its CEO.  Håkan Nordkvist comments: “Reaching net zero will require reducing emissions but will also see the hardest-to-abate sectors needing high-quality, nature-based carbon removals that are risk-free and easy to use. Our mission is to improve access to carbon removals by leveraging blockchain technology to digitize carbon removal credits. With increasing emissions and rising temperatures fuelling environmental degradation, the need for effective carbon removal solutions has never been more urgent.”

Ahmed Elkerrami, CEO of Oilinvest, states: “Carbon sequestration is a critical component in achieving net-zero carbon emissions during the Energy Transition.  NZC offers a trustworthy platform for trading carbon credits, providing companies with security and transparency to engage in carbon credit transactions, whether buying or selling.  We are pleased to invest in this pioneering venture.”

Lord Vaizey of Didcot, Advisor to NetZeroCompany, comments: “We need to reevaluate how to mitigate the effects of global warming, and carbon credit systems are a practical solution that can be utilized by companies of all sizes with otherwise hard-to-abate operations. We have a collective responsibility to act, and the work that NetZeroCompany does is an important step in the right direction.”

The $5.5 million seed funding from Oilinvest and VARO Energy marks a significant step for The NetZero Company in revolutionizing carbon removal solutions. This collaboration underscores the commitment of major energy players to innovative technologies and global sustainability goals.

With the introduction of the Carbon Removal Token (CRT), NetZeroCompany aims to provide accessible, transparent, and traceable carbon credits, addressing the urgent call for effective carbon removals.

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