Landfills are the third leading contributor to global methane emissions, behind fossil fuels and agriculture. London-based StratX makes landfill covers that contain methane-consuming microbes as well as alkaline compounds that bind carbon dioxide before it escapes into the air. The covers are free to municipalities; StratX makes money by selling carbon credits, which it shares with municipal customers and communities. “We are removing the financial barriers to entry, empowering local leaders to protect their communities and the climate simultaneously,” said StratX’s Kevin Wheeler.
The startup raised $1.2 million in a round led by Neglected Climate Opportunities, the climate-focused venture fund of Boston-based Jeremy and Hannelore Grantham Foundation. Amsterdam-based CarbonFix, which makes loans and grants to climate innovators, also participated. StratX is planning pilot projects in South America and Africa.
Carbon credits
StratX, which was developed with UK-based venture studio Deep Science Ventures, says it can robustly quantify avoided emissions, which is key to generating high quality credits. New York-based Terraset has committed to pre-purchase the carbon credits generated by StratX projects, via a revolving fund anchored by a grant from The Schmidt Family Foundation (see, “Billionaire Buyers Club: Wealthy donors are buying tons of carbon just to lock it away”). The pre-purchases provide upfront capital for project development and other operational costs. The Grantham Foundation also backs Terraset.
