Google has made a significant move in the carbon capture space, striking a deal to remove carbon dioxide from the atmosphere at an impressive price of $100 per ton of CO₂. This cost-efficient price is one that climate tech startups globally are striving for, as it makes these solutions commercially viable. Holocene, a relatively new player in the field, is the startup that Google has partnered with to achieve this goal. If Holocene can indeed capture CO₂ at a fraction of the cost compared to competitors, some of whom charge upwards of $600 per ton, it could mark a breakthrough in the fight against climate change.
Holocene’s Innovative Approach
The technology behind Holocene’s solution is grounded in research from Oak Ridge National Laboratory. Co-founder and CEO Anca Timofte discovered this while at Stanford Business School, and since its founding in 2022, Holocene has attracted investments from the U.S. Department of Energy, Elon Musk’s Xprize Carbon Removal, and Bill Gates’s Breakthrough Energy. The startup’s two chemical cycles allow it to capture and release CO₂ more efficiently than traditional methods, a key factor that could set it apart in the industry.
Currently, Holocene operates a small pilot plant in Knoxville, Tennessee, capturing 10 tons of CO₂ annually. However, with plans to scale up to 100,000 tons by 2032, the company is aiming to make a sizable impact on global carbon emissions. Google has already paid a significant portion of the $10 million to help make this a reality. As the project progresses, we’ll keep you updated on the company’s advancements.
Scaling Carbon Capture Efforts
Holocene’s future includes plans to build a facility that will capture 5,000 tons of greenhouse gases per year, followed by a commercial facility with a capacity of 500,000 tons, notes NIX Solutions. While there are currently 27 facilities worldwide with a total capacity of only 10,000 tons annually, this ambitious goal would make a meaningful contribution to reducing emissions. However, Google’s own carbon footprint, particularly with the growing energy demands of artificial intelligence systems, remains substantial at 14.3 million tons last year.