CAMARILLO, Calif.--(BUSINESS WIRE)--Aug 30, 2023--
VGrid Energy Systems, a clean energy and carbon capture start-up, has listed its Lost Hills, California expansion project on Puro.earth’s Accelerate program. Through this program, VGrid will offer up to $9 million in Pre-CORC purchases, providing the necessary capital to enable the project.
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VGrid Bioserver (Photo: Business Wire)
Puro.earth is the world’s first standard, registry, and B2B marketplace focused solely on carbon removal. Its Accelerate program assists CORC suppliers like VGrid in securing market commitments in the beginning stages of growth by issuing Pre-CORCs, a new digital asset. Pre-CORCs can be purchased by companies to prepay for projected carbon removal. The asset represents validated projections of future carbon removal and is equivalent to one metric ton of future net-negative emissions. After the carbon removal has been realized and independently verified, Pre-CORCs are converted into CORCs and then retired to support net-zero claims.
VGrid's proprietary Bioservers, operational at other sites for several years, process agricultural and forestry waste into clean energy and biochar, which stabilizes the carbon in the biomass for at least 1,000 years, preventing it from going back into the atmosphere as CO2 when it decomposes.
VGrid is already certified by Puro.earth at its existing sites, removing 2.94 equivalent tons of CO2 per ton of biochar. The Bioserver is mobile, modular, scalable, highly flexible, easy to deploy, and optimized for local market needs. VGrid can build and deploy new Bioserver sites in under five months, significantly faster than large, centralized production plants.
The new listing marks a significant growth milestone for the company, which was founded in 2015. The Pre-CORC sales will provide the necessary capital to build and deploy 30 additional Bioservers. Once fully operational, the expanded site will generate 12,500 CORCs annually and 13,500 MWh of clean and sustainable electricity. The project is co-located at the feedstock source, eliminating transportation costs and emissions.
“In today’s CORCs market, CORCs are taken by companies looking to reduce their carbon footprint as fast as the CORCs become available. The Puro Accelerate program gives companies who participate in the program a chance to get a first-served locked-in opportunity toward future CORCs,” says Jeff Norton, Vice President of Business Development at VGrid. “Our vision is a global network of 10,000 local production sites like this one, where local waste is processed into clean electricity and valuable co-products while sequestering a combined gigaton of CO2 annually.”
Additional information can be found at https://vgridenergy.com/carbon-removal/
About VGrid Energy Systems:
VGrid Energy Systems is a California-based clean energy producer developing long-term solutions for creating clean energy, sequestering carbon, and reversing climate change. The company’s innovative biomass energy system processes agricultural waste into 100% sustainable and renewable electricity and creates biochar, which stabilizes and sequesters atmospheric carbon for over 1,000 years. VGrid manufactures its all-natural biochar and bio-liquids under the Persist™ and Karrikaid™ brands. For more information, please visit www.vgridenergy.com, www.persistproducts.com, and www.karrikaid.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230830820854/en/
CONTACT: Jackie Liu
The Pollack Group
jackie@pollackgroup.com
Jeff Norton
VGrid Energy Systems
Jeff.Norton@vgridenergy.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: OTHER ENERGY SUSTAINABILITY ENVIRONMENT ALTERNATIVE ENERGY ENERGY CLIMATE CHANGE ENVIRONMENTAL HEALTH GREEN TECHNOLOGY
SOURCE: VGrid Energy Systems
Copyright Business Wire 2023.
PUB: 08/30/2023 03:01 PM/DISC: 08/30/2023 03:02 PM
http://www.businesswire.com/news/home/20230830820854/en
