Lithos Carbon Company Profile

Background

Founded in March 2022, Lithos Carbon is a Seattle-based company specializing in carbon dioxide removal through Enhanced Rock Weathering (ERW). The company's mission is to transform farmland into carbon capture centers, aiming to remove a billion tons of atmospheric CO₂ within a decade while improving crop yields. By leveraging volcanic basalt rock dust, Lithos accelerates natural mineral weathering processes to sequester carbon permanently.

Key Strategic Focus

Lithos Carbon focuses on deploying ERW technology by spreading finely crushed basalt on agricultural fields. This process not only captures atmospheric CO₂ but also enhances soil health and increases crop yields. The company utilizes proprietary software to optimize basalt application based on variables such as soil chemistry and crop type, ensuring maximum efficiency and effectiveness.

Financials and Funding

In October 2022, Lithos Carbon secured $6.29 million in seed funding. The investment was led by Union Square Ventures and Greylock Partners, with participation from Bain Capital Ventures, Carbon Removal Partners, Fall Line Capital, the Carbon Drawdown Initiative, and Cavallo Ventures. The funds are intended to expand the team, fulfill current waitlists, extend to additional farms and geographies, and acquire additional raw materials.

Pipeline Development

As of late 2023, Lithos Carbon was operating across over 1,000 acres in the Midwest and East Coast of the U.S., with plans to expand further. The company reported capturing over 2,000 tons of CO₂ in 2022 and aimed to remove 10,000 tons in 2023.

Technological Platform and Innovation

Lithos Carbon's proprietary technology accelerates mineral weathering by spreading basalt on croplands, increasing dissolved inorganic carbon with eventual storage as ocean carbonates. The company employs novel soil models and machine learning to maximize CO₂ removal while boosting crop growth. Removed carbon is tracked from the farm to rivers and the oceans, monitoring for permanence and additionality.

Leadership Team

Mary Yap: Co-founder and CEO. Mary studied geology and planetary science at Yale and has over six years of experience scaling early-stage startups. Her family are generational farmers in Taiwan.

Dr. Noah Planavsky: Co-founder. Associate Professor of Earth & Planetary Sciences at Yale University. Co-invented Lithos' predictive management and pH buffering software.

Dr. Chris Reinhard: Co-founder. Associate Professor of Earth & Atmospheric Sciences at Georgia Tech. Co-invented Lithos' predictive management and pH buffering software.

Competitor Profile

Market Insights and Dynamics

The carbon removal industry is experiencing significant growth, driven by increasing global awareness of climate change and the need for sustainable solutions. Enhanced Rock Weathering (ERW) is emerging as a promising method for carbon sequestration, offering both environmental and agricultural benefits.

Competitor Analysis

Undo: Specializes in ERW, focusing on spreading crushed silicate rock across agricultural lands to capture CO₂. Recently signed a deal with Microsoft to remove 15,000 tonnes of CO₂.

Eion: Utilizes ERW by deploying olivine on farmland to sequester carbon. Entered into an agreement with Microsoft to deliver 8,000 tons of CO₂ removal over five years.

Strategic Collaborations and Partnerships

Microsoft: Lithos Carbon has a three-year agreement with Microsoft to permanently remove CO₂ using ERW. As of December 2023, Lithos delivered 500 tons of carbon removal for Microsoft.

Frontier: Lithos is one of five inaugural suppliers for Frontier, a $1 billion advance market commitment led by Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability. Lithos was Frontier's largest supplier of carbon credits in its first cycle, providing 640 tons.

Yara International's Agoro Carbon Alliance: Partnered to deploy ERW across U.S. farmland.

Operational Insights

Lithos Carbon's approach offers a cost-effective and scalable solution to carbon removal, costing about one-fifth the price of direct air capture. The company's technology accelerates carbon capture, achieving in 2-3 years what would normally take 15-50 years. By providing additional benefits to farmers, such as improved soil health and increased crop yields, Lithos enhances adoption rates and strengthens its market position.

Strategic Opportunities and Future Directions

Lithos Carbon aims to expand its operations across more agricultural lands, both domestically and internationally. The company is focused on enhancing its technological platform, incorporating advanced machine learning algorithms to optimize basalt application further. By strengthening existing partnerships and forging new collaborations, Lithos seeks to scale its carbon removal efforts and contribute significantly to global climate change mitigation.