Putting oil back in the ground and scaling carbon removal

Just the gist

Short on time? Here’s what you need to know for this update:

• 🌾 Paving the way for carbon removal — Our project partner, Charm Industrial, is spearheading carbon removal by injecting carbon-rich bio-oil deep underground.
• ⚙️ Scaling sustainably with new technology — Exciting upgrades such as new rail cars, pyrolyzers, and reactor systems are helping our partner grow its capacity.
• 🎉 Celebrating our partner’s accolades — The United States Department of Energy and XPRIZE have recognized Charm Industrial for its outstanding work.

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Paving the way for carbon removal

The University of Oxford’s recent State of Carbon Dioxide Removal report outlines that in order to prevent catastrophic global warming, we don’t only need to reduce greenhouse gases, we also need to remove 7-9 billion tonnes of carbon dioxide annually by 2050.

That’s why we’re thrilled to support partners like Charm Industrial who are scaling carbon removal technologies. If you’d like to fund a higher proportion of carbon removal solutions, you can support the Wren Trailblazer portfolio.

Charm Industrial uses a “fast pyrolysis” process to convert agricultural residues to a carbon-rich substance called bio-oil, which it injects deep underground in EPA-regulated wells for secure carbon storage. It’s sort of like oil drilling in reverse!

Through bio-oil carbon removal, 1 tonne of biomass leads to approximately 0.85 tonnes of CO₂e removal on a net lifecycle basis. Recently, our partners reported that they are now injecting dozens of tons of bio-oil weekly, peaking at over 100 tonnes in one week! These injections are carefully verified under the Isometric protocol to ensure effective carbon sequestration.

Scaling sustainably with new pyrolyzers

There are estimated to be more than 2M abandoned oil wells in the United States. By repurposing these oil wells for bio-oil injection, Charm Industrial is using abandoned fossil fuel infrastructure for good while boosting the economies of surrounding communities. To amplify its impact even further, our partner recently rolled out some new technology to scale its operations.

Here are some of the latest technological advancements:

• 10 new rail cars have been added to the fleet, each carrying the equivalent of four tanker trucks' worth of bio-oil, boosting capacity and efficiency.
• A second-generation pyrolyzer was introduced in April, already clocking approximately 500 hours in just two months and drastically outpacing the first-generation pyrolyzer.
• 10 third-generation pyrolyzers are expected to arrive over the next six months
• New software to automate reactors and the pyrolysis process

These upgrades can help Charm Industrial increase its efficiency and reduce its variable expenses, which is critical to helping grow carbon removal and fight climate change.

Celebrating our partner’s accolades

We’re thrilled to announce that our partner has been recognized by multiple entities for its outstanding work.

Charm Industrial has been chosen as one of the 24 semifinalists in the first phase of the United States Department of Energy Carbon Dioxide Removal Purchase Pilot Prize! This is one of the first federal programs aiming to help innovators grow a diverse, scalable carbon removal market.

XPRIZE has also recognized Charm Industrial for its work, naming it one of the top 60 carbon removal teams worldwide out of 1,000+ submissions.

Our partner has also been highlighted in a dedicated article in The New Yorker, a magazine exceeding 1M in circulation. We’re thrilled to see Charm Industrial getting the recognition it deserves.

That's all for this update! As always, thank you for your support.
— the Wren team 🧡