Elimini, a new US-based company with an ambition to be the world’s leading carbon removals business, has today been launched at Climate Week NYC. The company is dedicated to permanently removing carbon from the atmosphere while generating renewable, 24/7 power.
You can read the full announcement here.
NOTES TO EDITORS
Headquartered in Houston, in the United States, Elimini is an operationally separate, wholly owned subsidiary within founding company and decarbonization partner Drax Group, a global group of energy companies that has pioneered decarbonization projects for decades – including the first bioenergy carbon capture storage (BECCS) pilot of its kind in Europe. Elimini will have day-to-day responsibility for project execution including project development, delivery, marketing, and sales of CDR credits, power, and deployment of the Group’s multi-billion-dollar global BECCS capex program. Drax announced its intention to set up the company in January 2024.
Laurie Fitzmaurice will lead the new company as President of Elimini. Laurie brings a deep knowledge of international energy markets and infrastructure development from 30 years of experience in business development for companies including EDF Renewables, Sempra Energy, and Amazon Web Services. She will continue to serve on the Executive Committee of Drax Group in her capacity as President of Global BECCS, a position she took in February 2024.
Will Gardiner will serve as Elimini’s Executive Chair. Will is the CEO of Drax Group and has a strong history of building and leading well managed, purpose-driven companies that create value. Will joined Drax as CFO in 2015 and became CEO in January 2018. Will is a Commissioner of the Energy Transitions Commission, a member of the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders, and a member of Conservation International’s European Council.
Drax continues to work toward deploying BECCS at its power station in Yorkshire – dependent on the right government support – and planning consent for the transformation of two biomass units to BECCS has recently been approved by the UK Government. The delivery of this project will continue to be handled by a UK-based team within Drax Group.
Elimini’s BECCS process will permanently remove carbon from the atmosphere while also generating high-quality carbon dioxide removal (CDR) credits that organizations can purchase to reduce their own carbon footprint. Demand for carbon credits through the voluntary carbon market is set to increase 13 times the 2021 market to 2.6 gigatons by 2030, according to the World Economic Forum.
The carbon dioxide removals (CDR) market is attracting mounting interest from potential corporate purchasers in search of a solution for hard-to-abate residual greenhouse gas emissions, as well as investors and project developers looking to participate in a high-growth emerging industry, which McKinsey estimates could be worth more than $1 trillion by 2050.
ANNEX
You can find additional information on the following announcements below:
Sneak peek poll data
Details on CDR deals
Biographies of Advisory Council
Knowledge partner program details
Details on biomass supply partnerships
New poll data: First look
Elimini today released a first look at data from an upcoming survey that gauged Americans’ views on climate change, net zero, renewable energy, and carbon removals. The full report is expected to be released in October 2024.
The survey was administered online and polled 2,732 respondents from the US general public. Fieldwork was completed in September 2024. Data has been weighted to be nationally representative of the US population.
Headlines
People are concerned about climate change (74%). Cost of living and employment dominate people’s concerns but climate change ranks among the top 10.
Projected demand for energy from new technologies, like AI, is a concern (64%) and there is strong support for the US energy grid to run fully on clean power in the future (76%).
56% support that the US should lead the way globally on deploying carbon removal technologies and scaling up the market. The support for this is higher among those more familiar with carbon removal technologies (71%).
Climate change and net zero
People are concerned about climate change, but it is not a top priority for them.
Although a majority of respondents (74%) are concerned about climate change it is not their top priority. Issues such as cost-of-living, jobs, and the economy are considered more pressing.
Framing climate technology actions around how they have a positive impact on higher concern issues – e.g., stabilizing prices by becoming less dependent on foreign energy sources – could be an effective method to boost support for climate actions.
Over half of respondents (52%) think that the national government is the most responsible for financing efforts to combat climate change, but only a third (37%) think the national government is currently doing enough (see visual below).
A majority of respondents (56%) think that the increased use of renewable energy will create jobs – directly bearing on a headline concern amongst the public.
Renewable energy and energy security
People are concerned power demand from modern technology will cause energy blackouts in the future, although they are less concerned by energy blackouts generally. Additionally, there is appetite for greater use of clean energy, but people are less willing to increase their utility bills to fund this.
The majority of respondents (78%) do not think that energy blackouts have increased in recent years.
Despite this, over half of respondents (56%) are concerned by energy black outs in future and 64% are concerned modern technologies will place too much demand on the energy grid in the future (as shown below).
Over three quarters of respondents (76%) would like to see the US energy grid eventually run on 100% clean power.
However, only 50% of respondents said they would be willing to have an increase in their utility bills to fund only using renewable energy. This reflects cost-of-living demands are more of an immediate priority for many before tackling climate change.
Carbon removals
Even though most people do not know much about carbon removal technologies, there is support for the US to lead the way on developing these technologies.
Over half of respondents (56%) have heard about carbon removal technologies but most do not know much about them, with only 16% being familiar with them and 40% have heard about them but don’t know much about them.
Respondents have mixed views in their attitudes towards carbon removal technologies, which may reflect varying levels of knowledge.
Despite respondents not knowing much about carbon removal technologies, over half (57%) think the government should be doing more to support the development of these technologies and that the US should lead the way on this (56%).
This trend is higher among those who are familiar with carbon removal technologies: 72% think the government should be doing more to support the development of these technologies and 71% say the government should lead the way on this.
This suggests people who are more familiar with carbon removal technologies are also more favorable towards them (as shown below).
Details on CDR deals
Offtake agreements
Ultrabulk is a leading dry bulk operator providing safe and efficient maritime transportation. It has agreed to purchase 100 tonnes of carbon removals from Elimini’s planned BECCS facilities.
“We are proud to be standing by Drax as they launch their new carbon removal entity, Elimini, making a real difference and setting new standards for responsible business practices. Ultrabulk and Drax have a longstanding relationship, and we believe that BECCS represents a major step forward in our shared goal of creating a more sustainable future.” – Hans-Christian Olesen, CEO at Ultrabulk
Holborn Trading guides its global clients through the intricate financial aspects of their green projects, proudly delivering valuable, up-to-the-minute insights on energy markets to help its clients stay ahead of regulatory shifts and market trends to optimize their strategic decisions and financial outcomes. It has agreed to purchase 30 tonnes of carbon removals from Elimini’s planned BECCS facilities.
“We are excited and proud to support Elimini on their carbon removal initiative. Holborn Trading is invested because we believe in securing a sustainable future. By supporting innovative solutions like decarbonization technologies and projects including carbon dioxide removal, we’re not just offsetting emissions – we’re actively restoring the balance of our planet’s atmosphere, ensuring a healthier environment for generations to come.” – Walid Rechache, Co-Founder and CEO at Holborn Trading
Karbon-X is a leading environmental company that empowers individuals to offset their carbon footprints and drive positive change for the planet. It has agreed to purchase 25,000 tonnes of carbon removals over a five-year period from Elimini’s planned BECCS facilities.
“Karbon-X is building a future where sustainability and progress go hand in hand. Our carbon offset solutions make it easier for businesses and individuals to contribute to a cleaner, greener planet.” – Chad Clovis, CEO at Karbon-X
C-Zero Markets is an expert in renewable energy markets and decarbonization, managing environmental certificates across all three carbon reduction scopes. This agreement converts two previous MOUs for a collective 3,000 tonnes of carbon removals to firm offtakes with Elimini.
“Elimini is one of the leading players in the BECCS space, and we’re thrilled to be partnering with them to genuinely help solve the other half of the climate equation with carbon removal. It has been great to work with them on process, compliance, and sustainability as getting this right is fundamental to us as a business and the corporate clients we work with. We are very pleased to add Elimini’s carbon removal plant to the suite of carbon reduction projects we assist our customers in supporting.” – Mike Ridler, CEO at C-Zero Markets
ClimateTrade offers solutions for individuals and companies that are looking for ways to tackle climate change. It has agreed to purchase 10 tonnes of carbon removals from Elimini’s planned BECCS facilities.
"We stand at a pivotal moment where large-scale carbon removal technologies like BECCS are essential to combating climate change. ClimateTrade is proud to work with Elimini in its ambition to lead the global effort in delivering sustainable carbon solutions." – Francisco Benedito, CEO and Co-Founder at ClimateTrade
Nvalue offers a comprehensive range of tools and services designed to ease the transition to greener energy. Its support encompasses renewable energy consumption, carbon offsetting initiatives, and achieving carbon neutrality, tailored to your business and goals. It has agreed to purchase 2,000 tonnes of carbon removals from Elimini’s planned BECCS facilities.
“Nvalue was founded with the ambition and purpose of contributing to the fight against climate change by promoting the consumption of renewable energy. Today more than ever we are aware that the consumption of renewable energy alone is not enough to reach a global warming target that does not exceed 1.5°C. Energy efficiency and projects that avoid CO2 emissions are a fundamental part of the climate strategy, but a key role will be played by technologies that allow the capture and storage of CO2.
“And this is why we have chosen to invest in the future with Elimini, a leading company in climate innovation, with whom we have been working for years and on whom we rely. Together we want to invest in technological development to mitigate global warming as much as possible and ensure a future for future generations.” – Dania Piccioli-Cappelli, Chief Investment Officer at NValue
Broker deals
ClimateTrade offers solutions for individuals and companies that are looking for ways to tackle climate change. This agreement enables ClimateTrade to resell the CDR credits it purchases from Elimini’s planned BECCS facilities via the voluntary carbon market.
ClearBlue Markets helps companies engage with compliance and voluntary carbon markets worldwide to achieve decarbonization goals with maximum financial benefit. This agreement enables ClimateTrade to resell the CDR credits it purchases from Elimini’s planned BECCS facilities via the voluntary carbon market.
“We are excited to collaborate with Elimini in supporting the sale of BECCS carbon credits, a groundbreaking step towards accelerating global decarbonization efforts. This collaboration highlights the vital role carbon markets play in funding innovative, large-scale climate solutions.” – Nico Girod, Chief Technology Officer and Founding Partner at ClearBlue Markets
This deal also enables Karbon-X to resell the carbon credits it has committed to purchase from Elimini’s planned BECCS facilities via the voluntary carbon market.
“Karbon-X offers innovative solutions that make environmental responsibility accessible for everyone. We believe in better, and that means helping businesses create lasting change.” – Chad Clovis, CEO at Karbon-X
Biographies of Advisory Council
David Hill, Vice Chairman of the Board of Directors of the New York Independent System Operator and Senior Research Scholar at Columbia University’s Center on Global Energy Policy: Previously, David was Executive Vice President & General Counsel of NRG Energy and served as the US Department of Energy General Counsel.
“Elimini’s stated purpose is to remove carbon for good. As a member of the Advisory Council, I look forward to working with the company as it seeks to address some very interesting and exciting opportunities.”
Miranda Ballentine, former founding CEO of the Clean Energy Buyers Association and current Board Member: Miranda was the founding CEO of the Clean Energy Buyers Alliance (“CEBA”), where she co-created and guided a community of corporate energy customers to accelerate their influence in grid decarbonization. She built the CEBA organization from the ground up, growing the team from 6 to 50 staff, increasing revenue six-fold from $2.4M to $17M, doubling membership, and establishing 27 philanthropic relationships. The CEBA member community has led the clean energy industry with the addition of over 71 gigawatts (GW) of wind, solar, and storage capacity in the U.S.
In 2014, Miranda was appointed by President Obama and confirmed by the U.S. Senate as the 4th Assistant Secretary of the Air Force (Installations, Environment, & Energy). As the 4th Assistant Secretary Miranda was responsible for a $9B energy budget and environmental programs for 9M acres of land, 200 miles of coastline, 600,000 acres of forests, and 270,000 acres of wetlands. Prior to that, Miranda was Director of Sustainability for Global Renewable Energy at Walmart, where she led a team in 15 countries and identified $1B/year in potential energy savings and 9 million metric tonnes of avoided greenhouse gas potential.
Dr. Melissa Lott, Professor, Climate School, Columbia University: Dr. Lott is a Professor of Practice at Columbia’s Climate School. She is also former Director of Research of the Center on Global Energy Policy (CGEP) at Columbia University SIPA. At CGEP, she led the Center’s research team, co-led the CGEP Power Sector and Renewables Research Initiative, and served as the Acting Director of the Carbontech Development Initiative and Energy Opportunity Lab.
In 2022, Dr. Lott was selected to serve on the United Nations Council of Engineers for the Energy Transition (CEET), which will serve as an independent advisory council to the UN Secretary-General. She is also a member of the Energy Systems Integration Technical Review Panel at the National Renewable Energy Laboratory (NREL), as well as a current member of the World Economic Forum’s Global Future Council on the Future of Economics of Equitable Transition.
"Solving climate change will require many technologies, including a critical set of net-zero and net-negative power plants that are needed to supply the global economy with reliable, affordable, and clean electricity. It is exciting to see Elimini step fully into this space at this critical time in global efforts to deploy technologies at the speed and scale that is needed to reduce emissions and protect the health of our communities."
Freddie Davis, Director of the Rural Training and Research Center at the Federation of Southern Cooperatives: Freddie counsels small landowners on training and resources to enable them to access the forest markets.
Rajiv S. Joshi, Founder of Bridging Ventures and former Executive Director of the Global Call to Action Against Poverty (GCAP): Rajiv is an economist, community organizer, and instigator of business transformation and social change. As the Founder of Bridging Ventures, he is forging a new approach to drive radical collaboration in service to a regenerative future for all.
Rajiv is currently the Associate Dean for Climate Action with The Climate School at Columbia University in New York. He joined The B Team at its inception in 2012 having served as the organization’s CEO and first Managing Director until 2019, as part of a Collective Partnership, where he led the Executive Team. In 2014, as a founding Board Member of the We Mean Business coalition, he supported efforts to mobilize corporate leadership and secure a universal commitment to phase out greenhouse gas emissions by 2050 outlined in the Paris Climate Agreement.
Prior to The B-team, Rajiv was Executive Director of the Global Call to Action Against Poverty (GCAP), the world’s largest civil society alliance working to end poverty and inequality launched by Nelson Mandela, Kumi Naidoo, and other civic leaders in 2005.
“This is the decisive decade, and our best scientists, as part of the Intergovernmental Panel on Climate Change, have put every solution on the table. Elimini has a clear opportunity to demonstrate that negative emissions technologies can be deployed collaboratively, safely, equitably, and at the speed and scale needed to make a difference. With a capable leader like Laurie driving the vision, I’m keen to support the agenda with a growing community of experts.”
Knowledge collaboration program details
University of Texas
Elimini will provide support for ongoing research on carbon capture, utilization, and storage (CCUS). The program is focused on overcoming technical obstacles to deploying CO2 capture by amine absorption/stripping from flue gas at sources like power plants.
University of Houston
Elimini will support the Carbon Management Center with its goal of researching and developing projects that will advance all aspects of carbon management as it applies to the energy industry. The center will help to develop roadmaps, address critical technology gaps, and offer short term courses on carbon management with hands-on training.
Stephen F. Austin State University
Elimini will support the Arthur Temple College of Forestry and Agriculture, contributing funds to an endowment that provides scholarships for undergraduate and graduate students with a preference for forestry and/or environmental science majors with an interest in BECCS-related science and sustainable biomass management.
Mission Innovation: Elimini is a Silver Sponsor of the SMART CDR Competition, a first-of-its-kind global competition for university and college students from United States, United Kingdom, Canada, Japan, Kingdom of Saudi Arabia, Austria, and Norway. Elimini is contributing $10,000 to help students travel to the in-person competition in Norway – taking place in February 2025 – and participate in meaningful site visits to support their learning and development.
Details on biomass supply partners
Manulife Investment Management and Molpus Woodlands have signed options to provide sustainably sourced woody biomass to fuel Elimini’s BECCS operations in the US Southeast.
You can read the full announcement here.