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By Agroempresario.com
Eion, a promising startup focused on carbon removal, has secured a $33 million carbon removal offtake agreement with Frontier, a pioneering organization committed to purchasing permanent carbon removal by 2030. This milestone is a significant step in scaling up the company’s unique approach to using enhanced rock weathering (ERW) on farmland, contributing to both environmental sustainability and agricultural productivity.
Under the terms of the deal, Eion will remove 78,707 tons of CO2 from the atmosphere between 2027 and 2030 by applying olivine, a mineral optimized to weather quickly, on farmland across the U.S. Midwest and South. This offtake agreement marks Eion's largest contract to date, and the company is poised to grow its operations with the help of its strategic partnership with ag co-op Growmark, which has a vast network of nearly 400,000 customers in the agricultural sector.
Eion’s approach to carbon removal hinges on its ability to use enhanced rock weathering (ERW) to increase soil health while capturing CO2. Unlike traditional agricultural practices that apply ag lime (a pulverized form of limestone) to reduce soil acidity, Eion has developed a sustainable alternative by using crushed olivine—a mineral sourced from Norway by its partner, Sibelco. When applied to soil, olivine reacts with rainwater and soil acidity, dissolving over time and ultimately sequestering CO2 in the form of carbonates. The carbon, once absorbed into the soil, is carried through rivers to the ocean, where it is permanently stored.
The application of olivine is typically around one ton per acre, and the process not only helps reduce CO2 but also improves the soil’s pH levels and overall health. By creating an environment where both the soil and the atmosphere benefit, Eion is offering a new approach to sustainable farming that combines environmental responsibility with economic incentives for farmers.
One of the key innovations behind Eion’s process is its ability to measure and quantify the carbon dioxide removed from the atmosphere. The startup employs a technique called “soil fingerprinting” to track trace elements in the soil, such as magnesium, chromium, and nickel. This allows Eion to assess the mineral weathering process and calculate the CO2 sequestered through olivine application. The company collects soil samples before and after the olivine is applied, monitoring changes over time to ensure precise measurements.
The enhanced weathering process typically sees around 40-70% of the olivine dissolve within six to nine months, with the remaining mineral dissolving over one to four years. At this point, the process can be repeated, ensuring long-term carbon sequestration. Eion sells carbon credits generated from this process, helping companies offset their emissions. The current market price for these credits ranges from $300 to $400 per ton of CO2 removed, although the Frontier deal brings the value to just under $420 per ton.
As part of its strategy to deploy its carbon removal process on a large scale, Eion has teamed up with Growmark, an agricultural co-op with extensive reach in the U.S. Growmark’s network of farmers will play a pivotal role in facilitating the widespread adoption of olivine application, helping Eion scale up its operations to meet the terms of the Frontier agreement. According to Eion CEO Anastasia Pavlovic, this collaboration allows the company to offer farmers a compelling financial incentive, as they will receive a significant portion of the revenue generated from the sale of carbon credits. This revenue helps offset the costs of applying conventional ag lime, with potential savings of 40-60% for farmers.
Eion’s focus on enhanced rock weathering is particularly compelling due to its scalability and permanence. Unlike other carbon removal technologies that are still in early stages of development, such as direct air capture, enhanced rock weathering can be ramped up relatively quickly. The simplicity of applying olivine to farmland makes it an attractive solution for large-scale carbon removal in the near term.
While some carbon removal technologies are criticized for their high costs and slow ramp-up times, Eion’s solution benefits from its relatively low complexity, enabling large volumes of CO2 to be removed within a few years. Pavlovic points out that while there is no single solution to the carbon removal challenge, technologies like enhanced rock weathering are crucial in the global effort to meet climate goals.
In the coming years, Eion plans to explore additional revenue streams, including licensing its patented carbon measurement technology to other companies in the enhanced rock weathering space. This could provide an additional avenue for the company to scale its operations while helping others deploy ERW on a broader scale.
As the market for carbon credits grows, companies like Eion that can offer verified, permanent carbon removal solutions are well-positioned to play a key role in mitigating the effects of climate change. With continued innovation and strategic partnerships, Eion is set to help revolutionize the way agriculture contributes to carbon sequestration and environmental sustainability.
