Limenet, an innovative Italian startup focused on ocean-based carbon dioxide (CO2) capture, has entered a pivotal agreement with KlimaDao, a US platform specialising in the voluntary carbon credit market. KlimaDao has pre-purchased credits for 1,000 tons of CO2 that Limenet will remove from the atmosphere and safely store in seawater by mid-2025. These negative emissions credits will then be resold by KlimaDao on the Carbonmark platform.
This deal, facilitated by sustainability investor Aither, solidifies Limenet's technology in the carbon removal market. The company successfully demonstrated its process with a 2023 pilot project in La Spezia, capturing 150kg of CO2. Now, Limenet prepares to scale operations with a new plant in Augusta, Sicily, aiming to remove 4,000 tons of CO2 annually. Limenet's long-term vision involves standardized 100,000-ton plants, attracting capital to establish networks capable of substantial carbon dioxide removal.
"Years of rigorous research have yielded a validated technology. It's time to make an impact in the decarbonisation effort by scaling our solution. This agreement proves the market's confidence and allows companies to offset emissions through carbon credits. Construction in Augusta begins this spring," said Stefano Cappello, Limenet CEO & Founder.
Scott Michael Kilduff JR., Head of Policy at KlimaDao, added, "We're proud to support Limenet's early-stage growth. This marks a crucial step in carbon capture development. Blockchain-based tracking of these credits furthers market liquidity and sets a high bar for global environmental assets."
Background on Limenet
Limenet transitioned from a scientific community to a business in 2023. It notably participated in Faros, the first Italian blue economy accelerator within the CDP National Network. The startup has secured €2 million in funding from investors like Aither, Core Angels Climate, Moonstone, Forest Valley Catalyst, Faros, and Leone La Ferla.
