Shopify, a leading Canadian e-commerce company, is investing in a Squamish-based company.
Shopify plans to purchase permanent carbon dioxide removal from one of Carbon Engineering’s early commercial plants.
Shopify will also invest in a demonstration of carbon removal from CE’s innovation Centre in Squamish, which is scheduled to start operations in August 2021.
“The agreement helps forge a pathway towards carbon removal being provided as a service to help companies, governments, and individuals eliminate their carbon footprints,” said Carbon Engineering.
The initiative is part of Shopify’s Sustainability Fund which was launched a year ago and commits the company to invest a minimum of $5 million every year in the most promising climate solutions and technologies.
“For the first year of Shopify’s Sustainability Fund, we chose to invest in companies with innovative ideas that we believe have the highest potential to reverse climate change,” said Stacy Kauk, Director of Shopify’s Sustainability Fund.
“The world needs ambitious entrepreneurs like those at Carbon Engineering to continue pushing the carbon removal frontier and chart the course for those who will follow in what is shaping up to be humanity’s most important industry yet.”
Carbon Engineering’s CEO, Steve Oldham, said the company is thrilled to announce the agreement with Shopify.
“New industries like ours require early adopters like Shopify who have the resources and desire to take a climate leadership position. These types of pioneering relationships provide valuable early revenue streams, help lower the price of permanent carbon removal and demonstrate the existing and growing customer demand for this solution,” Oldham said.
The Innovation Centre, currently under construction at the Oceanfront, will be company’s permanent business and advanced development headquarters.
Operations are expected to commence in 2021.
