Carbon Capture Scotland to Offer Removal Credits for Primary Sale via Xpansiv CBL
- Xpansiv to Facilitate Pre-Issuance Primary Sale of Puro.earth Technology Removal Credits
- Flexible Structure Supports Bilateral, Long-Term Offtake Agreements
- Kita, the carbon insurance specialist, is working to provide risk transfer solutions.
NEW YORK, LONDON, SYDNEY — Xpansiv, the leading market infrastructure provider for the global energy transition, today announced that Carbon Capture Scotland would conduct a primary sale of carbon removal credits leveraging Xpansiv CBL’s global network of corporate and intermediary market participants. The primary sale will include permanent removal credits issued under a Puro.earth methodology.
The auction follows the Danish Energy Agency’s recent announcement that it had awarded a contract to Carbon Capture Scotland for 4,650 metric tons of carbon removal at DKK2,600 (USD370) for a seven-year period commencing in 2026. The award was made under the agency’s NECCS negative CO2 emissions fund mandate.
“We are excited to offer our biogenic carbon removal credits to market,” said Richard Nimmons, CEO, Carbon Capture Scotland. “We see significant benefits to offering our credits to market participants via Xpansiv’s primary sale facility, which will give us greater pre-trade transparency and control to carry out a more transparent, robust, and equitable sale.”
The RFQ will be for carbon removal credits issued under Puro.earth’s Carbonated Building Material Methodology, and will cover a range of forward vintages allowing for spot delivery of vintage 2024 credits as early as Q4 2024 and for future vintages will enable buyers to enter into longer-term, bilateral offtake agreements for the credits and for credits stored in European underground storage that have not been certified yet.
“The CDR industry is reaching a new level of maturity, where multiple pieces of the puzzle are coming together and complementing each other: CO2 capture, storage, carbon credit certification, registration, and expanded distribution,” said Antti Vihavainen, Co-Founder & CEO, Puro.earth. “This is a significant step forward. Puro.earth provides rigorous methodologies that enable trust from buyers, which is key to bringing liquidity to the market. ”
Selling the credits via Xpansiv CBL enables project developers to solicit interest from hundreds of CBL participants as well as corporates and intermediaries that are not direct exchange participants. The service further enables Carbon Capture Scotland to collaborate with interested buyers directly on deal terms and due diligence. When the credits are issued, counterparties have the option to settle the transaction using Xpansiv CBL’s automated settlement infrastructure, which is fully integrated with 13 global registries.
“We are excited to facilitate this important primary sale of carbon removal credits and aim to provide an effective, streamlined process to enable the best possible outcome for both buyers and sellers,” said Russell Karas, Head of Commodities, Xpansiv. “We are further pleased that the sales process leverages our neutral market position and our automated settlement and delivery process on issuance.”
Kita, the carbon insurance specialist, is working closely with Carbon Capture Scotland and Xpansiv to provide its market leading risk transfer solutions to this type of permanent, carbon removal.
Kita’s carbon insurance provides cover to buyers and investors in carbon removal projects to protect them from the risk of under- or non-delivery.
Carbon insurer KITA is also offering delivery insurance for the credits.
“Kita’s core mission is to accelerate investment in high-quality carbon projects in line with the urgency of the climate crisis,” said Tom Merriman, Co-Founder and CPO, Kita. “In pursuit of this goal, Kita continues to assess new carbon removal and storage technologies, as well as develop complementary insurance products. We are delighted to be working with Carbon Capture Scotland and Xpansiv on this exciting project.”
About Xpansiv
Xpansiv operates the market infrastructure to rapidly scale the world’s energy transition. The company runs the largest spot exchange for environmental commodities, including carbon credits and renewable energy certificates. It is the premier provider of registry infrastructure for energy, power, and environmental markets. It also operates the largest independent platform for managing and selling solar renewable energy credits in North America.
Xpansiv is a leading provider of transaction and advisory services in global carbon, renewable energy, and energy transition markets through its Carbon Financial Services and Evolution Markets units. It also runs the leading multi-registry, multi-asset environmental portfolio management system and market data service.
Xpansiv’s rules-based markets and infrastructure enable stakeholders to deliver transparent, credible, and auditable environmental claims to address the growing global demand for assurance and accountability on climate action and sustainability performance.
Xpansiv investors include Blackstone Group, Aramco Ventures, Bank of America, Goldman Sachs, Macquarie Group Ltd., S&P Global Ventures, Aware Super, BP Ventures, Commonwealth Bank, and the Australian Clean Energy Finance Corporation.
For more information, please visit Xpansiv.com.
About Carbon Capture Scotland:
Carbon Capture Scotland is at the forefront of engineered carbon removal, focusing on innovative solutions to permanently remove CO2 from the atmosphere. The company is pioneering biogenic carbon capture within the Scotch whisky and agriculture industries, transforming organic materials like grain and barley into valuable carbon removals.
Backed by significant investments from Steyn Group and Iona Capital, Carbon Capture Scotland is poised for accelerated growth and enhanced carbon capture capabilities. The company’s commitment to producing high-quality carbon removal credits aims to decarbonise hard-to-abate sectors and support organisations in achieving their net-zero targets.
Through strategic partnerships, including with Landwärme and the Stenlille project in Denmark, Carbon Capture Scotland is securing substantial CO2 storage volumes and extending its impact across Europe. Today, the company offers full UK Carbon Chain Puro.earth verified credits, providing permanent carbon removal with vintages for the years 2024, 2025, and 2026.
Dedicated to job creation and rural development, Carbon Capture Scotland is fostering carbon removal skills in rural areas, promising long-term job opportunities and promoting technological advancement as part of Scotland’s energy transition.
Specialising in biogenic carbon removal, Carbon Capture Scotland’s efforts are integral to meeting broader climate objectives and advancing the UK’s net-zero strategy.
Carbon Capture Scotland advocates for the integrity of carbon credits and the need for quality and permanence, aligning with upcoming EU carbon regulations and ensuring their contributions to climate mitigation are effective and verifiable.
For more information on Carbon Capture Scotland and its projects, visit www.carboncapture.scot.
About Kita
Kita is the carbon insurance specialist. Kita develops bespoke carbon insurance products that safeguard the quality and performance of carbon transactions. By reducing risk, carbon insurance channels investment towards high-quality carbon projects, enabling them to scale at the pace needed to address the climate crisis. Kita is a coverholder at Lloyd’s of London, the world’s specialist insurance and reinsurance market, underwritten by underwriters at Lloyd’s.
For more information, visit Kita’s website
Media Contact
Xpansiv – pr@xpansiv.com
CCS – hello@carboncapture.scot
Kita – jana.phillips@kita.earth
