Latest news with #India-headquartered
Arabian Post
22-05-2025
- Business
- Arabian Post
Alt Carbon Secures $12M to Advance CO₂ Removal in South Asia
Greenlogue/AP Alt Carbon, a climate-tech startup based in Bengaluru, has raised $12 million in seed funding to expand its carbon dioxide removal operations across South Asia. The funding round was led by Lachy Groom, co-founder of robotics AI firm Physical Intelligence, with participation from existing investors including Shastra VC and ACT Capital Foundation. Founded by siblings Shrey and Sparsh Agarwal, Alt Carbon employs enhanced rock weathering to sequester atmospheric CO₂. This process involves spreading finely ground basalt rock dust over agricultural fields, where it reacts with rainwater to form stable bicarbonate ions, effectively locking away carbon for millennia. The method also enriches soil fertility and boosts crop yields, offering a dual benefit to farmers. ADVERTISEMENT The company's journey began in May 2020 when the Agarwal siblings returned to their family's tea estate in Darjeeling, which was facing bankruptcy. This visit inspired the inception of Alt Carbon, officially launched in late 2023. The startup initiated its pilot project on 500 acres of the family estate, later expanding to rice and bamboo farms in North Bengal. Alt Carbon now aims to scale its operations to 500,000 hectares, with a target of removing 5 million metric tons of CO₂ by 2030. Alt Carbon's approach has garnered international attention. The company secured a strategic partnership with Mitsubishi Corporation to scale ERW, marking a significant collaboration between Japanese and Indian entities in climate action. Additionally, Alt Carbon signed an offtake agreement with MOL Group to supply 10,000 tonnes of carbon removal credits, the first such deal between a Japanese and Indian company in the ERW sector. The startup's credibility was further bolstered when it became the first India-headquartered company selected by Frontier, a $1 billion advance market commitment backed by Stripe, Alphabet, Meta, Shopify, and McKinsey, to scale permanent carbon removal. Alt Carbon also received an offtake agreement from the South Pole and Mitsubishi-led NextGen buyer's coalition, underscoring its position in the global CDR landscape. To support its ambitious goals, Alt Carbon has strengthened its leadership team. Yashovardhan Bhagat, former co-founder of ed-tech platform Seekho, has been appointed Chief Operating Officer to oversee the scaling of operations across India. Adithya Venkatesan, with experience at Gojek, Meesho, and Last9, will lead the in-house Climate Studio, while Dr. Sourav Ganguly, a PhD from the Indian Institute of Science, Bangalore, will head the science and modelling team.
Observer
19-05-2025
- Business
- Observer
New pact to boost Oman's green hydrogen push
JOMAR MENDOZA MUSCAT, MAY 19 The signing of new agreements between India-headquartered ACME Group and Hydrom marks a major advancement in Oman's efforts to scale up its green hydrogen ambitions. The Project Development and Usufruct Agreements signed on Sunday, May 18, formally bring ACME's Phase 2 and 3 hydrogen and ammonia projects in Duqm under the national framework overseen by Hydrom. In an interview with the Observer, ACME's Country Manager in Oman, Gursharan Jassal, said the new pact reflects strong confidence in Oman's clean energy strategy and long-term vision for global leadership in green hydrogen. 'This agreement represents a major step toward a cleaner and more sustainable energy future for Oman,' he noted. The expanded projects will span 80 square kilometres within the Special Economic Zone at Duqm (SEZAD) and are expected to produce 71,000 tonnes of green hydrogen and 400,000 tonnes of green ammonia annually in each phase. This builds on ACME's Phase 1 facility currently under construction, which will produce 100,000 tonnes of green ammonia annually under an offtake agreement with Yara International. Jassal explained that Phase 1 is targeted to begin production by Q1 2027, while Phase 2 is scheduled for 2028–2030 and Phase 3 from 2030–2033. He revealed that the project's first phase has already achieved financial closure with backing from India's Power Finance Corporation. 'We have signed a term sheet for Phase 2 and will now proceed with finalising offtake and financial agreements,' he added. ACME is currently focused on exporting green ammonia from Duqm, with key markets in Europe and Far East Asia. Jassal also highlighted Oman's top ranking in ACME's global simulation for the lowest cost of producing hydrogen and ammonia, which factored heavily in the company's decision to invest. From Hydrom's side, Managing Director Eng Abdulaziz al Shidhani said the inclusion of ACME's legacy initiatives under the national hydrogen portfolio strengthens the regulatory alignment and sends a strong message to global investors. 'It's a positive message to the market that Oman is continuing to award new projects and build the green hydrogen ecosystem,' he told the Observer. With this latest addition, Hydrom's portfolio has grown to nine large-scale projects across Al Wusta and Dhofar, with combined investments exceeding $50 billion and a production target of 1.5 million tonnes of green hydrogen per year by 2030. The projects will be powered by approximately 35 GW of renewable energy. Al Shidhani also noted that the timing of the agreement supports Hydrom's third land auction round, currently underway, and will help attract further attention from prospective investors. 'Our role is to continue working closely with ACME and others to ensure successful execution while addressing any implementation challenges,' he affirmed.
