Earthly Labs wants to capture as much as 20 times the CO2 from large craft breweries, meet the CO2 conversion needs of wineries, distilleries and cannabis, and accelerate the availability of its offerings in the Canadian market immediately.
To help push forward such effort, the small-scale carbon capture systems provider receives a $5m minority investment from Chart Industries, a manufacturer of liquefaction and cryogenic equipment.
In addition to completely the minority investment, Chart Industries has also signed a Memorandum of Understanding (MoU) to formalise its relationship and accelerate Earthly Labs’ high demand into even higher order and revenue growth.
Earthly Labs’ market-driven solution is unique in the carbon capture space, offering quick installation, fast payback, and a cloud-based software solution enabling real-time CO2 capture insights and ongoing value.
Since its interception, Earthly Labs has included Chart’s cryogenic CO2 storage tanks, vaporiser and regulators as a standard part of its customer offering,
Commenting on the news, Jill Evanko, CEO and President of Chart, said, “CO2 is used in the production and packaging of beer, wine, cannabis and food. CO2 is also emitted into the atmosphere as these products are made. What a great idea – capture and reuse the CO2!”
“We are thrilled with our continued and elevated partnership with Earthly Labs, another natural combination of technology and equipment in a high growth market that also advances a more sustainable world.”
Further to the new advantages that the transaction and signing brings for the duo, Chart’s investment will strengthen the company’s existing partnership.
Welcoming the collaboration, Amy George, CEO of Earthly Labs, said, “Chart has been part of our technology solution since our inception, and they are a global leader in CO2 cryogenic storage.”
“Their investment brings more than capital to Earthly Labs and will accelerate our ability to serve the exponentially growing global market demand for small-scale carbon capture solutions.”
“CEO Jill Evanko has positioned Chart as one of the top leaders to meet the climate challenge today and into the future, whether you are a small business or a multi-national wanting to eliminate your carbon footprint and waste. We are thrilled to partner to work with urgency together.”
As the result of the investment and commercial MoU, Chart is increasing its carbon and direct air capture addressable market size from $600m to $800m in the near-term. Such increase is driven by the existing and growing global demand for Earthly Lab’s affordable carbon capture solution as well as Chart’s ability to cross-sell the solution to its existing CO2 customers.