Njord Carbon secures funding as it aims for multi-million tonnes net negative carbon capture and storage

Njord Carbon is on track to initially handle close to 1 million tons of biogenic CO2, increasing to around 5 million by 2030 in truly carbon negative CCS projects.

The company’s two founding partners Verdane and Södra have fully funded Njord Carbon for the next two years. The funding is based on the commercial traction to date and will allow Njord Carbon to continue to build the necessary organisation and make further technical and commercial progress to be able to start to deliver removal credits in the first half of 2028.

Njord Carbon is a joint initiative between Verdane and Södra. Södra is the largest forest owner association in Sweden, processing forest raw material into renewable products such as pulp, timber, and energy. Verdane is a specialist growth investment firm with funds holding over €6.9 billion in total commitments.

“At Verdane, we committed several years ago to offset all our scope 3 emission through permanent engineered solutions. We look forward to getting access to more cost-effective high-quality removals once Njord Carbon is operational and commend Södra for committing to take a leading role in this important field,” said Bjarne Kveim Lie, Founder and Managing Partner at Verdane.

Njord Carbon aims to capture several megatons of biogenic CO2 released from European Njord Carbon further welcomes other partners, committed to permanently engineered carbon emission removal, to join the efforts.

“Södra is constantly developing our sustainable family-based forestry, streamlining our industrial processes and reducing our emissions. We believe carbon capture and storage strengthens our long-term work towards an increasingly positive effect for the climate,” said Andreas Hörnfeldt, Head of new business at Södra Innovation.

Njord Carbon is one of the few truly carbon negative CCS initiatives in the world. By separating out and permanently storing CO2 originally captured by growing trees, this venture goes beyond others that simply reduce emissions from existing industrial processes.

“We are very excited to see this level of commitment from our owners and JV partners, allowing Njord to move into the execution phase. Further, this will allow us to take the discussions with credit customers to the next level, securing necessary commercial visibility for the business,” said Jon André Løkke, CEO of Njord Carbon.

These carbon removals generate Carbon Dioxide Removal (CDR) credits that are sold on the Voluntary Carbon Market to customers looking to offset their emissions with the highest-quality technology-based CDR’s.

Njord Carbon has now kicked off requests for information work from equipment suppliers, (like capturing technology, liquefaction, interim storage), and will update the business case and commercial discussions with credit customers accordingly.