ImpactAlpha, Dec. 8 – Third Derivative selected 16 startups for its latest cohort, dubbed Cohort 419 for the peak level of atmospheric CO2 concentration this year (419 parts per million, up from last year’s peak of 417 ppm).
The startups include Kenya’s BasiGo, which finances electric bus purchases in Africa, Project Vesta in San Francisco, which harnesses the mineral olivine to sequester carbon in oceans, and New Hampshire-based Enchi, which uses bacteria to produce less costly biofuels.
Third Derivative was launched last year by the Rocky Mountain Institute and New Energy Nexus, in collaboration with corporate and venture capital partners.
Third Derivative also inked a four-year partnership with the Jeremy and Hannelore Grantham Environmental Trust. Called the First Gigaton Captured, it aims to find, fund, and scale the most promising carbon removal startups.
The partners plan to launch a carbon capture cohort in 2022. They will also leverage catalytic capital to accelerate high-impact direct air capture technology by funding proof-of-concepts, pilots, and first-of-a-kind commercial facilities, which startups often struggle to finance.
The partnership “will push forward climate technology and commercialize carbon capture faster,” said Jeremy Grantham. “It’s the kind of initiative that is absolutely needed.”