The Technology team advised Charm Industrial on its $100 million Series B Preferred Stock financing. The round was led by General Catalyst with participation from, among others, Lowercarbon, Exor Ventures, Kinnevik, Thrive Capital, Elad Gil.
Charm is working to return the earth to pre-industrial CO2 levels through converting agricultural and forest waste into bio-oil through pyrolysis, a chemical process that results in carbon removal by sequestering CO2 that would otherwise be emitted by rotting biomass waste. Deploying a fleet of mobile fast pyrolyzers, Charm is currently transforming leftover corn stover from farms into liquid bio-oil it then injects into abandoned oil wells and polymerizes into a solid. The new funding will be used to accelerate Charm’s carbon removal deliveries.
The Goodwin team was led by Craig Schmitz, Justin Stein, Colin Johnson and CJ Morrison and included Kevin Lam, JB Schiller, Ashleigh Nickerson, Sanjeet Dutta, Nathan Brodeur, Kelsey Lemaster, Jacob Osborn, Ce Li, and Maggie Wong, with invaluable assistance from Monica Volta.
For additional details on the financing, please read the press release.