Enhanced Rock Weathering - Eion Scales Up As DoE Backs Tech

2/28/24, 4:44 PM Enhanced rock weathering: Eion scales up as DoE backs tech
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Dr. Elliot Chang, cofounder and CTO, Eion. Image credit: AgFunder
Enhanced rock weathering startup Eion predicts

dramatic growth as DOE pumps $35m into CO2
removal
October 18, 2023 Elaine Watson
[Disclosure: AgFunderNews’ parent company AgFunder is an investor in Eion]
Eion—a startup with a patented approach to measuring carbon dioxide removed through
enhanced rock weathering on farmland—is scaling up aggressively in 2024 as more
players commit to buying carbon credits generated by the process.
Rather than applying ag lime (pulverized limestone or calcium carbonate) to farmland to

reduce soil acidity, Berkeley-based Eion supplies farmers (via partners such as Southern
https://agfundernews.com/enhanced-rock-weathering-startup-eion-predicts-dramatic-growth-as-doe-pumps-35m-into-c02-removal 1/14
Ag) with a 1:1 replacement: crushed olivine, a mineral mined in Norway by its partner and
investor Sibelco.
Rain and soil acidity dissolve the olivine, which increases soil pH, improves soil health,
and absorbs CO2 from the atmosphere. Ultimately, it ends up in rivers and makes its way
to the ocean, permanently sequestering carbon. Application levels will vary but are
typically around one ton per acre.
Founded by Dr. Elliot Chang (CTO) and Adam Wolf (CEO) in 2020, Eion calculates the
carbon dioxide removed from the atmosphere through its mineral weathering process by
measuring trace elements in the soil (‘soil fingerprinting’) such as magnesium and nickel.
Eion takes soil samples before the olivine is applied and monitors changes in the soil over
time to quantify weathering and the CO2 removed in the process. Typically, 40-70% of the
mineral dissolves six to nine months after application, going down to zero after one to four
years, when it can be reapplied.
While it makes a small margin on selling the crushed olivine “at cost parity with ag lime or
below,” Eion generates revenue by selling carbon credits to companies looking to offset
their emissions, says Chang. “We are a carbon dioxide removal company with rigorous
verification.”
Although it is initially supplying farmers with olivine, Eion’s approach can be deployed with
any silicate rock, says Chang, who is now talking to other players in the enhanced rock
weathering (ERW) space about licensing his patented measurement technology to
generate another potential revenue stream.
Carbon credits: ‘The important thing in this market is can you remove it
and can you prove it?’
While Eion’s business model relies on selling carbon credits, some of which have recently
been deemed ‘worthless,’ the devil is in the detail, says Chang.
“The important thing in this market is can you remove it and can you prove it, so you can
generate those credits in a reputable and consistent way, so forestry credits have been
problematic.
“However, we’ve seen growing interest in enhanced rock weathering, in large part
because we can quantify carbon removal,” adds Chang, who was speaking to
AgFunderNews after the Department of Energy (DOE) said it would spend $35 million on
carbon dioxide removal credits from firms using technologies such as ERW or direct
carbon capture (see below).
“The fact that the government is now stepping in and saying it will purchase carbon
dioxide removal credits is also an indication of the rapid maturation of the market. And
what’s exciting is that enhanced rock weathering and Eion’s technology is lower cost and
readily scalable, unlike some carbon capture technologies.”
A paper recently published in the peer-reviewed journal Global Change Biology and co-
authored by Chang, researchers from the University of Illinois at Urbana-Champaign, and
the Leverhulme Center for Climate Change Mitigation, found that silicate rock application
to farmland significantly increased the amount of carbon captured in soybeans, corn, and
miscanthus, he says.
“Beyond carbon capture, our findings spotlighted increased yields, particularly in

miscanthus—a crucial benefit to our farmer partners. This paper is an important step for
Eion, as it represents the first peer-reviewed, accepted direct measurement-based
method for quantifying ERW carbon dioxide removal under multi-year, field scale
conditions.”
Watch Dr. Chang’s interview with AgFunderNews from March 2023:
Enhanced rock weathering startup Eion predicts dramatic growth as DoE pu…
pu…
Navigating the carbon offset market
So how does the carbon credit system work?
“In the voluntary carbon market (VCM), which many believe will evolve into a much larger
compliance-driven market, you submit your methodology and then international
verification bodies will come in, validate your approach, and you can generate credits,” he
explains.
While the temptation for corporations buying carbon credits might be to pick the cheapest
option, they are now facing far more scrutiny, which is prompting interest in credits from
firms such as Eion that can provide far more robust documentation to support its ISO-
compliant methodology, he says.
There is also growing interest in carbon insetting, whereby buyers purchase credits from
companies that are removing carbon dioxide from the industry in which the buyer
operates. As an example, where Eion’s enhanced rock weathering removes carbon
dioxide from cornfields, an airline using corn-derived ethanol in its aviation fuel can say it
is ‘insetting’ if it purchases Eion’s credits.
Trust and transparency
Eion—which now has a team of 15—is currently working with multiple buyers of credits,
says Chang.
“A tech company called Stripe was our first customer, and in 2021 they pre-purchased 500
metric tons [worth of carbon credits] from Eion because they really liked what we are
doing. We’re also working with other companies interested in buying our credits directly.”
Another route to market is via online marketplaces whereby firms such as Eion list their
carbon credits, enabling buyers to compare different options and purchase through a
registry that also serves as a public ledger showing that carbon credits have been issued
and sold, he explains.
“The above are not mutually exclusive, so once you have a solid, trustworthy registry
[direct] buyers might for example require Eion to post that we have issued credits to them
on a registry so they can show the world that they bought those credits in a transparent
manner.”
Asked about pricing, he says: “Certainly our hope is to have carbon credits from enhanced
rock weathering that are as affordable as possible. You see prices anywhere from
$100-$500 [per credit, which is the equivalent of one ton of carbon removed], which is still
lower than credits for direct air capture, which is about $1,000, but we’re scaling much
faster.
“We’re shooting for a more affordable, less than $200-300 price point, for enhanced crop
weathering, but funding from catalytic buyers [of these kinds of credits] should help us get
there. In a couple of years we should very reasonably hit that price point.”
Dramatic growth
On the upstream side of the business, Eion is predicting dramatic growth next year, says
Chang,
“Our first trial was 41 acres, and in 2024 we’re shooting for thousands to tens of
thousands of metric tons of application in the Midwest and Southeast combined. And so if
you are applying one ton per acre, that’s a lot of land, which is super exciting.”
“With the [$12 million series A] raise last year and the DoE demonstrating its willingness to
purchase $35 million in carbon credits from a variety of carbon removal companies, I’m
confident that we’re on an accelerated trajectory and probably a couple of years ahead of
other companies in this space.”
As part of its new CDR (carbon dioxide removal) Purchase Pilot Prize, the US Department
of Energy will provide up to $35 million in cash awards in the form of offtake agreements
from the federal government in four carbon dioxide removal pathways:
Direct air capture with storage

Biomass with carbon removal and storage
Enhanced weathering and mineralization
Planned or managed carbon sinks
The prize asks applicants to develop carbon dioxide purchase agreements through a pilot
project delivering third-party verified carbon dioxide removal. Private entities (for-profits
and nonprofits) and academic institutions who meet requirements are eligible to apply. Up
to 10 teams will be chosen as grand prize winners, with each team receiving a purchase
award prize of up to $3 million.
“The prize represents the first time the United States federal government will purchase
high-quality carbon removal credits from commercial-scale activities,” says Brad Crabtree,
assistant secretary of fossil energy and carbon management. “It will define how to
evaluate success for carbon dioxide removal technologies and how purchase contracts
can advance innovation, all while addressing environmental, climate, and community
priorities.”
 agfunder, agtech, carbon credits, carbon sequestration, soil, soil health, USA
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2/28/24, 4:44 PM Enhanced rock weathering: Eion scales up as DoE backs tech

Enhanced rock weathering startup Eion predicts

[Disclosure: AgFunderNews’ parent company AgFunder is an investor in Eion]

Rather than applying ag lime (pulverized limestone or calcium carbonate) to farmland to

“Beyond carbon capture, our findings spotlighted increased yields, particularly in

Watch Dr. Chang’s interview with AgFunderNews from March 2023:

Navigating the carbon offset market

So how does the carbon credit system work?

Trust and transparency

Direct air capture with storage

Join the Newsletter

Email Address Subscribe

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