OMAHA, Neb., May 23, 2023 /PRNewswire/ -- Navigator CO2 ("Navigator"), a leading carbon capture, utilization, and storage (CCUS) company, today announced the signing of an agreement with Puro.earth, the world's leading carbon crediting platform for engineered carbon removal, to validate and certify Navigator's carbon dioxide removal (CDR) credits. For Navigator, this strategic partnership builds upon the momentum created by their recent groundbreaking announcement and serves as a testament to Navigator's comprehensive growth strategy within the industry.
The framework pairs Puro's Geologically Stored Carbon Methodology endorsed by the International Carbon Reduction and Offset Alliance (ICROA), with Navigator's Heartland Greenway CCUS system, providing the first megaton scale access to stakeholders across the Carbon Dioxide Removal (CDR) spectrum. This collaboration marks a foundational launch for the Voluntary Carbon Market (VCM), enabling unprecedented scalability and impact.
Heartland Greenway, one of the largest in-development CCUS projects in North America, will have the capacity to permanently sequester up to 15 million metric tons of biogenic carbon dioxide (CO2) per year once fully operational, a volume equivalent to the annual emissions of over 3 million cars.
"We are thrilled to announce this key partnership with Puro.earth, shortly following last week's landmark announcement, as it demonstrates the diversity and steady progress of the Heartland Greenway platform," stated Matt Vining, CEO of Navigator. "This will help Navigator and its customers bring high-quality CDR credits to the global VCM at an unprecedented scale. The Puro Standard, based on superior methodologies, third-party verification, and transparency, ensures that carbon credits issued through the platform meet the highest standards, empowering our customers to achieve their sustainability goals successfully."
Through Puro.earth's Standard, Navigator's activities will be certified as carbon net-negative, and the capacity of the Heartland Greenway project to remove CO2 from the atmosphere will be independently verified through a comprehensive lifecycle assessment. The Puro Standard is the first crediting program focused on durable carbon removal with a storage time of 100+ years to obtain endorsement by the ICROA. In addition, Puro's issued CO2 Removal Certificates (CORCs) are recorded in the Puro Registry, ensuring traceability, transparency, and the avoidance of double counting, thereby enabling corporate buyers to confidently address their sustainability goals.
Antti Vihavainen, CEO of Puro Earth, expressed excitement about the partnership, stating, "The scale of the Heartland Greenway project is very significant to the whole carbon removal market as it raises the supply by an order of magnitude. These large-scale projects deliver efficiency gains across the value chain that will enable more companies to use carbon removal credits as part of their net zero goals. By applying scientific rigor to measuring, reporting and verification of the CDR credits, we can unlock the full potential of carbon capture and removal technologies and help create a more sustainable future.
The Heartland Greenway project represents a significant advancement in scaling CDR and positions Navigator and its partners as key suppliers of net-negative emissions to the VCM by 2025. The partnership between Puro and Navigator ensures access to the highest quality engineered removals, with rigorous verification, permanence, and associated co-benefits. In addition, this collaboration addresses the fundamental undersupply in the marketplace for high-quality CDR products. Navigator is actively negotiating offtake frameworks for its initial credit vintage with interested counterparties ahead of the project's construction, with plans to deliver CDR at a multi-megaton scale on an ongoing basis as early as 2026.
About Navigator CO2
Navigator CO2 is a company developed and managed by the Navigator Energy Services management team with over 200 years of collective industry experience. The company specializes in CCUS, and the management team has safely constructed and operated over 1,300 miles of new infrastructure since 2012. The company is committed to building and operating its projects to meet and exceed safety requirements while minimizing the collective impact on the environment, landowners, and the public during construction and ongoing operations. Navigator CO2 is headquartered in Omaha, NE at 13333 California St., Suite 202. For more information, visit: navigatorco2.com or heartlandgreenway.com and visit us on Facebook and Twitter.
Puro.earth is the world's leading carbon crediting platform for engineered carbon removal. Our mission is to mobilize the economy to reward carbon net-negative emissions by helping voluntary corporate buyers accelerate carbon dioxide removal at an industrial global scale. Through the Puro Standard we create carbon credit methodologies for processes that remove carbon dioxide from the atmosphere for at least 100 years. We then certify suppliers that run those processes and issue digital tradable CO2 Removal Certificates (CORCs) into the public Puro Registry per metric ton of carbon dioxide removed. CORCs are then purchased directly from suppliers or via sales channel partners by ambitious corporations like Microsoft, Shopify, and Zurich Insurance, to help reverse climate change and neutralize their residual carbon emissions. With Puro Accelerate, our program to scale the carbon removal ecosystem, we assist suppliers who require financing to launch or expand operations through CORC advance market commitments and prepayments.
In 2021, Nasdaq acquired a majority stake in Puro.earth and together we are driving forward the carbon removal industry, via Puro Standard certified CORCs enabling new revenue streams to accelerate its growth. Visit us at https://puro.earth or on LinkedIn Puro.earth and Twitter@PuroCO2Removal.
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SOURCE Navigator CO2