Charm Industrial, a San Francisco, CA-based carbon removal technology company, raised $100M in Series B financing.
The round was led by General Catalyst with participation from Lowercarbon, Exor Ventures, Kinnevik, Thrive Capital and Elad Gil. As part of the announcement, General Catalyst’s CEO and Managing Director Hemant Taneja will join Charm’s board alongside Ryan Panchadsaram.
The company intends to use the funds to expand engineering and bio-oil R&D efforts, scale operations with tens of thousands of pyrolyzers, and improve transportation capacity.
Led by Peter Reinhardt, CEO, Charm uses plants to capture CO₂ from the atmosphere. The company’s technology converts biomass into a stable, carbon-rich liquid and then pumps it deep underground. This removes CO₂ permanently from the atmosphere, out of reach of wildfires, soil erosion and land use change.
Continued acceleration requires ramping up operations in Colorado and the broader corn belt, and expanding its lone pyrolyzer into a continent-wide fleet of tens of thousands of pyrolyzers. Each Charm pyrolyzer will produce bio-oil for sequestration and improve the soil with biochar.
After deploying advanced pilot processes in 2021 and 2022, the company has begun ramping up in 2023. Its primary focus is expanding bio-oil production and transport capacity, and since the beginning of the year they have increased tons of carbon removal delivered per week 5x.
The funding follows the delivery of over 6,200 tons of carbon removal, and new deals with Frontier and JPMorgan Chase to permanently remove an additional 140,000 tons of atmospheric carbon dioxide via bio-oil sequestration.