Geneva, Switzerland – March, 2024. The Next 150 has entered into a 5-year agreement to supply Shell Environmental Products with carbon removal credits, generated from biochar at its large-scale commercial facility in Mexico.  

The deal for up to 22,500 CO2 removal credits is amongst the first purchases of carbon removal credits from Mexico’s largest biochar project.

“Shell Environmental Products’ support marks a significant step forward in our strategy to scale the biochar pathway of carbon removal across Latin America. Large volume as well as long-term offtake agreements from global companies are key to unlocking growth capital and project finance in the global south,” said Patrick Atanasije Pineda, Managing Partner at The Next 150. 

Biochar production is a technological approach in which carbon is captured from the atmosphere through photosynthesis by biomass. The biomass, in this case agricultural waste, is then thermochemically processed into stable carbon that can be stored long-term in soil or incorporated in construction materials.

The carbon removal project is currently undergoing third party audit and certification with Puro.Earth, a NASDAQ majority owned leading platform for engineered carbon removal. If approved, and subject to ongoing due diligence on the project, Shell Environmental Products will offtake the credits. 

The Next 150’s journey from inception in early 2023 to building a fully operational biochar production venture through their subsidiary, GBS (General Biochar Systems), illustrates their rapid progress and commitment to delivering high-quality carbon removal solutions. With the biochar production venture now in the certification phase with Puro.Earth, the first batch of credits is expected to be issued by Q3 2024. The Next 150 plans to expand its biochar production capacity, with at least two additional plants expected to come online in 2024 and 2025.