Princeton-based Eion on Monday said it closed a $12 million Series A funding round. The round was led by AgFunder and Ridgeline, with participation from Carbon Removal Partners, Mercator Partners, Orion, Overture, SLVC, Trailhead Capital and mineral supplier Sibelco.
Eion, a permanent carbon removal technology company, is one of the few startups chasing the market of enhanced rock weathering — where minerals that naturally absorb carbon dioxide from the atmosphere are crushed up and spread on soils to speed the process.
The funding round will allow Eion to continue to build out its distribution partnerships and expand availability of its patented soil amendment CarbonLock, a nature-based soil amendment that removes atmospheric carbon dioxide, permanently and verifiably, through enhanced rock weathering on agricultural soils.
Eion’s CarbonLock allows many farmers who are already being good environmental stewards to capitalize on the opportunity to permanently remove carbon in a sustainable way.
The company will also use the funds to attract high-impact talent to build out its financial, commercial and science teams.
“Eion’s technology enables permanent carbon removal on agricultural soils, but our vision is so much broader. Eion seeks to leverage carbon removal as a tool to diversify agriculture and sustain land productivity, improve margins for farmers, support the bedrock American businesses in our supply chain and boost rural vitality,” Adam Wolf, founder and CEO of Eion said. “It takes a broad tent to face challenges of this magnitude. We’re grateful to be engaged with a coalition of investors and partners who recognize the potential and opportunity for our carbon removal technology to leverage American capabilities to decarbonize our economy while bringing new opportunities to rural areas.”
“Eion’s CarbonLock solution offers farmers a low-disruption way to help reduce carbon in the atmosphere,” Tom Shields, partner at AgFunder, said. “We are excited to work with Eion to accelerate the use of carbon removal as a crucial part of addressing climate change.”
“Public corporations and governments will increasingly seek permanent, scalable carbon removal to meet their (environmental, social & governance) goals and mandates,” Brandon Harris, principal at Ridgeline, stated. “Eion’s rare combination of strong agricultural co-benefits for farmers and high capacity for verifiable carbon removal positions the company to be a leader in carbon markets going forward.”