The Problem:Minimizing global warming requires immediate decarbonization as well as rapidly scaling a nascent carbon dioxide removal (CDR) industry. Scaling CDR is necessary for companies and countries to achieve net-zero emissions commitments. Today the CDR industry is miniscule, but to prevent the worst impacts of climate change it must grow to the scale of the existing oil & gas industry by 2050. Direct air carbon capture (DAC) is a fundamental tool for achieving gigatonne scale CDR. However, affordable DAC does not exist today, and new DAC-based CDR solutions will take decades to scale to climate-relevant supply volumes.
The Solution:Parallel Carbon is developing the world’s most affordable and scalable direct air capture process to permanently capture tons of carbon dioxide from the atmosphere, relying only on water, wind, sunshine, and abundant minerals. Our mission is to reverse climate change with a technology that enables carbon removal and emission reduction. We can achieve it because we designed a unique combination of DAC and Water Electrolysis to produce high-quality CDR Credits alongside Green Hydrogen.
The Differentiator:Production of green hydrogen alongside carbon removal. We offer the world’s lowest-capex DAC process that’s fully-compatible with intermittent, low-cost wind and solar power. By designing for low-capex, we’ve created the most affordable and scalable DAC process.
Biggest Achievement:Carbon Removal XPrize Top 60, less than a year after incorporation and being the smallest team
Hello Tomorrow recognised us as one of 70 companies that will change the world in 2023