Nexus Development Capital, a provider of catalytic capital for sustainable infrastructure project developers, made a $5M investment in Portland, ME-based biochar producer Standard Biocarbon.
The funding will enable the company to scale operations at its facility in Enfield, Maine to meet the growing demand for carbon capture and biochar. Standard will commence production of its high-quality biochar in Q1 2024 and is estimated to produce 16,000 cubic yards of biochar and capture 3,000 tons of carbon a year.
Founded by veteran sustainability entrepreneurs Fred Horton and Tom Horton in 2020, Standard Biocarbon develops a scalable commercial biochar manufacturing capacity in North America. Biochar, a charcoal-like material, is produced by heating organic matter to an extremely high temperature in a low-oxygen environment. The biochar can then store carbon for up to thousands of years. By putting biochar back into the earth, the carbon is permanently removed, making biochar one of the most immediate commercially scalable pathways for carbon removal. In addition to the multiple established agricultural applications, biochar can be used in hazardous waste remediation, stormwater management and in low-carbon cement, pavement and polymers.
Nexus Development Capital, a provider of catalytic capital for sustainable infrastructure project developers, made a $5M investment in Portland, ME-based biochar producer Standard Biocarbon. Best wishes to everyone in the group. This will be a huge accomplishment for them in the future.
Shishir Gupta, The Founder & CEO of StartupLanes
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