- CO280 has signed a carbon dioxide removal offtake agreement with JPMorganChase to capture and store biogenic carbon emissions from a U.S. pulp and paper mill. - JPMorganChase will purchase 450,000 metric tons of carbon dioxide equivalent over 13 years at a price below $200 per ton. - This agreement represents a competitive pricing point for high-quality engineered carbon dioxide removal. - CO280 is retrofitting pulp and paper mills to capture biogenic CO2 from boiler stack emissions for permanent underground storage. - The company aims to develop over ten projects totaling ten million tons of carbon dioxide removal each year. - SLB Capturi will provide the technology for the carbon capture aspect of the project. - CO280 aims to create a new class of profitable and scalable carbon removal projects in collaboration with pulp and paper companies. - The projects are expected to revitalize the U.S. pulp and paper industry amid increasing international competition. - Capturing biogenic CO2 presents a multi-billion-dollar market opportunity for the U.S. forest products industry. - The pulp and paper industry employs nearly one million workers directly and supports an additional six million indirect jobs. - Jonathan Rhone, CEO of CO280, emphasizes transforming the economics of the pulp and paper industry to increase revenue and support U.S. forestry jobs. - Taylor Wright from JPMorganChase highlights the importance of making high-quality carbon dioxide removal available to more buyers. - The agreement is noted as a significant endorsement of JPMorganChase's leadership in promoting carbon removal technologies. - CO280's carbon dioxide removal credits will undergo rigorous third-party assessments for verification of quality and compliance. - The biomass used for CO280 projects will comply with established sustainable sourcing principles. - CO280 is focused on delivering permanent and affordable carbon removal credits to the carbon market.

CO280 and JPMorganChase Sign Carbon Removal Offtake Agreement, Unlocking Investment in the U.S. Pulp and Paper Industry

News provided by CO280

May 20, 2025, 08:00 ET

New class of scalable carbon removal projects aims to enhance North American pulp and paper industry productivity and competitiveness

VANCOUVER, BC, May 20, 2025 /PRNewswire/ -- CO280, a leading developer of large-scale carbon dioxide removal (CDR) projects in the pulp and paper industry, today announced a CDR offtake agreement with JPMorganChase from a project that will capture and permanently store biogenic carbon emissions from a pulp and paper mill in the U.S. Gulf Coast. This offtake follows through on a Memorandum of Understanding signed by JPMorganChase and CO280 in 2023.

JPMorganChase will purchase 450,000 metric tons of carbon dioxide equivalent (mtCO₂e) over 13 years at a price of under $200 per ton. This offtake represents one of the lowest price points per ton for high-quality engineered CDR, signaling the potential for these technologies to move down the cost curve towards broader adoption by corporate buyers.

CO280 has pioneered a low-cost approach to scaling up CDR by retrofitting pulp and paper mills to capture biogenic CO2 from boiler stack emissions. Captured CO2 is permanently stored deep underground, and the resulting CDR is sold to buyers like JPMorganChase to support the mitigation of unabated operational emissions. CO280 is partnering with pulp and paper companies to develop a network of more than ten CDR projects, totaling ten million tons per year of CDR. SLB Capturi will supply the carbon capture technology for this project.

CO280's model of partnering with pulp and paper companies aims to create a new class of carbon removal project that is profitable, bankable and scalable. Working with buyers like JPMorganChase, CO280's goal is to develop the world's largest network of carbon removal projects, with the potential to invest billions of dollars in the U.S. pulp and paper industry and help position the U.S. as a leader in global carbon markets.

U.S. pulp and paper mills generate significant volumes of biogenic CO2, from wood waste. Retrofitting mills to capture and sequester biogenic CO2 is a multi-billion-dollar market opportunity for the U.S. forest products industry, which is a top ten manufacturing employer in 43 states and contributes 5% of U.S. manufacturing GDP1. The pulp and paper industry directly employs about 934,704 workers2 and supports an additional 6,000,000 indirect jobs3, mostly in rural communities. (source: American Forest and Paper Association, US Bureau of Labor Statistics, and the Economic Policy Institute)

"Together with JPMorganChase and other buyers, we're investing to strengthen and revitalize the U.S. pulp and paper industry at a time when the industry is facing growing international competition," said Jonathan Rhone, co-founder and CEO of CO280. "By retrofitting mills to deliver permanent, high-quality CDR at the lowest cost, we're transforming the economics of the pulp and paper industry, increasing mill revenue, and EBITDA. Enhancing mill productivity and profitability could also help secure jobs for U.S. forestry workers and sustain the vitality of forest communities for decades to come."

"We're thrilled to continue to help speed and scale the growth and development of CDR technologies with this latest offtake. CO280's ability to provide near-term, affordable removals at scale is a key catalyst for making high-quality, engineered CDR available to a wider range of buyers," said Taylor Wright, Head of Operational Decarbonization at JPMorganChase.

"This landmark agreement with JPMorganChase is a testament to the bank's extraordinary leadership," said Natalie Khtikian, co-founder and Chief Commercial Officer of CO280. "JPMorganChase was our earliest supporter–from the beginning they understood our vision to deploy CCS to create value for investors and the people who live and work in mill communities, while delivering the highest quality CDR at the lowest price compared to alternatives."

CO280 projects meet the highest standards. CDR credits will be verified through rigorous third-party assessments, ensuring regulatory and financial additionality, and CO280's measurement, reporting, and verification (MRV) approach aligns with protocols established by leading standard-setting bodies. The biomass sourced by the mills for CO280 CDR projects adheres to the Frontier Biomass Sourcing Principles and Carbon Direct Biomass Sourcing Principles, utilizing residual waste biomass from certified sustainable forests.

About CO280
CO280 Solutions Inc. is a leading developer of large-scale carbon dioxide removal (CDR) projects. In partnership with CDR buyers and pulp and paper companies, we develop, finance, own, and operate carbon removal projects that deliver a new standard of permanent, verifiable, and affordable CDR credits to customers in the carbon market. Learn more at co280.com.

1 https://www.afandpa.org/statistics-resources/our-economic-impact
2 https://www.afandpa.org/statistics-resources/our-economic-impact
3 https://www.epi.org/publication/updated-employment-multipliers-for-the-u-s-economy/?utm_source=chatgpt.com

SOURCE CO280