NetZeroCompany - Seed (Oilinvest and VARO Energy)

Terms

Announced

24 Jun 2024

Instrument

Equity

Amount

US$5.50m

Source

oilinvest.com

Parties

Project developer

NetZeroCompany

Recipient type

Technology company

Country

Sweden

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Oilinvest	Investor	US$4.00m	Disclosed
VARO Energy	Investor	US$1.50m	What the disclosed amounts left

Carbon

Pathway

Carbon market infrastructure

Project type as recorded

Blockchain-based carbon removal token (Carbon Removal Token, Ethereum)

What happened

NetZeroCompany, the Stockholm carbon removal token developer founded in 2022, announced on 24 June 2024 the completion of a US$5.5 million seed round from Oilinvest (Netherlands) B.V., which contributed US$4 million, and VARO Energy, which contributed through its carbon-specialised affiliate SilviCarbon. NetZeroCompany develops a high quality, traceable and asset-backed carbon removal instrument and digitises removal credits on blockchain: one Carbon Removal Token is one tonne of sequestered CO2, with a replacement plan, and it aims to register and trade at least 3 Gt of CO2 removals by 2030. Funds are for global expansion and a new product suite. Founders are Dr Peter Ebsen, Anders Forsberg, Robin Stenman, Robin Backlund and Carl Johan Krigstrom; the CEO is Hakan Nordkvist, formerly of IKEA. VARO's amount is not stated; the remaining US$1.5 million is inferred only.

Kumo note

- A tokenised removal product: each Carbon Removal Token represents one tonne of sequestered CO2 with a replacement plan, with the aim of registering and trading at least 3 Gt of removals by 2030. - Backed by two energy groups: Oilinvest (owner of the Tamoil and HEM brands) put in US$4m of the US$5.5m seed, and VARO Energy invested through its carbon affiliate SilviCarbon.

Next step