JPMorgan Chase has agreed a ten-year deal with carbon removal startup Graphyte to purchase 60,000 tonnes of durable carbon dioxide removal (CDR) credits generated from the company's US biomass sequestration projects.
Founded in 2023 and based in Arkansas, Graphyte uses a proprietary 'Carbon Casting' process that dries and compresses biomass, including residues from timber and agricultural operations, into dense carbon blocks. These are sealed in an impermeable polymer barrier and buried in monitored underground sites, preserving nearly all captured carbon while consuming minimal energy.
Credits for the agreement will come from Graphyte's Project Loblolly facility in Arkansas, which sources agricultural and timber residues from local farmers and mill operators, and from the planned Project Ponderosa in Flagstaff, Arizona. The Arizona facility will utilise residual biomass from forest thinning activities and is expected to contribute to land restoration and wildfire risk reduction by converting a former mine site into wildlife habitat.
Barclay Rogers, chief executive of Graphyte, said the deal demonstrated 'growing confidence and momentum behind CDR solutions that are not only scientifically robust, but also immediately deployable and economically viable.'
Taylor Wright, head of operational sustainability at JPMorgan Chase, said the bank was 'focused on supporting the development of high-quality, durable carbon removal solutions that can scale over time and deliver benefits beyond carbon removal.'
The agreement is the latest in a series of carbon removal purchases by JPMorgan Chase, spanning technologies including direct air capture and biomass carbon removal, as well as deals made through its participation in the carbon removal buyers' coalition Frontier.
