Terms
- Announced
- 4 Jun 2026
- Instrument
- Debt
- Amount
- US$20.0m
- Source
- charmindustrial.com
Parties
- Project developer
- Charm Industrial
- Recipient type
- Technology company
- Country
- United States (San Francisco / Colorado)
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis JPMorgan Chase Lender US$20.0m Sole provider: the whole transaction
Carbon
- Pathway
- Bio-oil / biomass burial
- Project type as recorded
- Bio-oil produced by pyrolysis of unsaleable forest residues from wildfire mitigation and injected into geological storage; expansion of Colorado pyrolysis and injection capacity
- Backed by offtakes from
- · signed before this financing
What happened
- $20M venture debt facility from JPMorganChase to Charm Industrial (bio-oil injection CDR, San Francisco), to expand commercial operations in Colorado - pyrolysis and injection capacity, processing of unsaleable forest residues from wildfire mitigation, and hiring of pyrolysis operators. Announced alongside, but separate from, a 61,500t multi-year CDR offtake that takes JPMC's cumulative purchase from Charm to 90,000 tCO2e (initial 28,500t agreed 2023). Notable as a top-tier bank underwriting CDR risk with debt rather than equity or offtake alone, and as a debt + offtake package from a single counterparty.
Kumo note
- Venture debt to Charm came alongside an offtake contract also written by JP Morgan. It would be great to see this structure replicated by other banks
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