Boeing inks deal with Equatic

 

Boeing inked a "pre-purchase option agreement" with Los Angeles, Calif.-based startup Equatic that removes carbon dioxide from the ocean.  Forbes estimates that the carbon credit and green hydrogen deal is likely worth $50M. The deal has a term of five years starting mid-decade and is contingent upon Equatic's ability to scale its platform.  Under the agreement, Equatic is tasked with removing 62,000 metric tons of CO2 and supplying Boeing with 2,100 metric tons of "carbon-negative" hydrogen to use as clean jet fuel for its fleet.  Equatic uses electrolysis to remove CO2 from seawater and convert it into eco-friendly material, producing hydrogen as a byproduct.  The startup, which has raised $30M from investors to date, has two pilot projects running in L.A. and Singapore.  Equatic expects to remove 100,000 metric tons of carbon annually by 2026.