ADVANTEK, GEOLOGIC SEQUESTRATION PIONEER, SPINS OFF NEW CARBON REMOVAL COMPANY, VAULTED DEEP, WITH $8M SEED INVESTMENT LED BY LOWERCARBON CAPITAL
Share This Article
Vaulted Deep launches with a major carbon removal purchase facilitated by leading advanced market commitment Frontier.
HOUSTON, September 7, 2023-- Advantek Waste Management Services, a pioneer in the science of deep injection wells, announced today the launch of Vaulted Deep ("Vaulted"), a stand-alone biomass carbon removal and storage (BiCRs) carbon removal (CDR) company. Carbon removal is an essential part of managing global emissions and reaching net zero targets. With the market finally evolving for carbon removal and demand increasing for proven and measurable CDR solutions, Vaulted Deep will provide high-quality, lower-cost carbon removal for entities participating in the voluntary carbon market to offset their unavoidable emissions.
Vaulted intercepts sludgy organic wastes – like biosolids, agricultural & livestock waste, paper sludge, and others– before they are dumped in a landfill or waterway or are left on land to decompose and pollute the air or water. Carbon sequestration from this wide range of organic wastes provides substantial co-benefits: it eliminates significant methane emissions (which Vaulted does not include in its credit accounting); it reduces water-borne illness and prevents pollution that disproportionately affects marginalized communities.
A recent study from Louisiana State University estimated organic waste produces five gigatons of carbon dioxide per year, or roughly half of the tonnage required to meet global net zero emissions. Vaulted's exclusive use of Advantek's patented deep well slurry injection technology, initially developed to remediate legacy waste deposits from oil and gas developments, will sequester the tons of carbon trapped in these organic wastes deep in the earth.
"Across the market, there has been a 'flight to quality' as buyers increasingly value real, measurable carbon credits," said Vaulted CEO Julia Reichelstein. "By leveraging a decades-proven technology that can permanently store carbon, Vaulted's CDR can serve as the Net in Net Zero."
Increasingly, emissions avoidance and reduction credits, which currently comprise 95 percent of the market, are coming under scrutiny for their low quality. The Science Based Targets Initiative (SBTI) has declared that only carbon removal (not avoidance or reduction) is valid for companies to utilize as offsets to achieve their Net Zero or other climate goals.
Catalyzed by $8 million in seed funding, led by major carbon removal fund Lowercarbon Capital, Vaulted is launching with a significant amount of its 2023 capacity going to pre-purchases facilitated by Frontier, an advance market commitment for carbon removal.
"Vaulted is literally cleaning up the planet, scaling field-proven injection terminology to safely dispose of harmful wastes like biosolids while permanently storing away millions of tons of CO2," said Ryan Orbuch, Partner at Lowercarbon Capital.
While injection sequestration sites often take years to permit and become operational, Vaulted is emerging with two operational, permitted injection sites.
Unlike its competitors, Vaulted's ability to take a range of wastes with minimal upstream processing reduces overall long-term costs for carbon removal, unlocking a dramatically lower cost point. Other high-quality, permanent carbon removal available on the market today cost over $500 per ton. Vaulted offers carbon removal for $300 per ton and expects price to come down significantly before 2030.
Advantek founder Omar Abou-Sayed will transition from CEO to Chairman of Advantek and will lead Vaulted as Executive Chairman, with CEO Julia Reichelstein, former investor at climate tech venture capital fund Piva Capital.
Abou-Sayed said the new company will be able to remove much more carbon dioxide than its contemporaries. "Unlike many carbon removal technologies still in R&D, Vaulted's technology and sites can safely and permanently store carbon underground, at scale, today. The early removals we will deliver are pivotal to keeping the window open to hold our planet's warming below 1.5 degrees Celsius."
About Vaulted Deep
Vaulted Deep is a biomass carbon removal and storage (BiCRs) carbon removal company dedicated to the geologic sequestration of organic wastes. Vaulted Deep's mission is to utilize the proven and patented geologic slurry injection technology for permanent carbon dioxide removal (CDR) through the sequestration of organic wastes, thereby accelerating the earth's natural process and contributing significantly to the global fight against climate change. Vaulted Deep is backed by Advantek and Lowercarbon Capital, Earthshot Ventures, and others. To learn more, go to www.vaulteddeep.com.
About Advantek Waste Management Services
Advantek Waste Management Services (Advantek) is an industrial waste management company, building a cleaner more sustainable world by using injection wells to minimize the impacts from human activities on our land, air, water, and climate through better management of complex and liquid wastes. Advantek and its predecessor entities have made pioneering advancements in the field of slurry injection. Advantek operates globally and is headquartered in Houston, Texas. For more information: www.advantekwms.com.
VCPro Database 2023
Discover venture capital easily and inexpensively using VCPro Database 2023: the ultimate directory for venture capital and private equity. It offers 6,900+ profiles of global firms, making it a vital resource for startups.
Price: $119.95 (includes a free update in January 2024)