Charm Industrial Secures 61,500-Ton Carbon Removal Purchase and $20 Million Debt Financing to Catalyze Growth

Second purchase agreement brings total purchase commitment to 90,000 tons of bio-oil carbon removals, while new debt financing accelerates Charm’s Colorado expansion and its work converting high risk wildfire fuels into permanently stored carbon

Axios Coverage

SAN FRANCISCO, CA — [DATE] — Charm Industrial, a leader in permanent carbon dioxide removal (CDR) through bio-oil injection, today announced an expansion of its strategic relationship with JPMorganChase. The agreement includes the commitment to purchase 61,500 tons of carbon dioxide removal credits over multiple years and a separate $20 million venture debt facility to expand Charm’s commercial operations in Colorado. Charm has built a strong operational presence in the state and plans to dramatically expand processing of forest biomass that could otherwise fuel destructive wildfires across the Front Range and other high-risk parts of the Rockies.


This latest purchase builds on JPMorganChase's earlier 28,500-ton commitment announced in 2023, bringing the financial institution's total carbon removal purchases from Charm Industrial to 90,000 metric tons of carbon dioxide equivalent (mtCO₂e) — one of the largest bilateral offtakes of bio-oil CDR in the industry.

A Relationship Built on Demonstrated Delivery

The new offtake agreement underscores Charm’s  ability to deliver verified, permanent carbon removals at scale. Charm has demonstrated consistent, measurable delivery of carbon removals across two pathways — injecting carbon-rich bio-oil deep underground into permitted storage wells, where it remains sequestered for geological timescales, and applying biochar to farm fields, removing carbon for hundreds of years.

The 61,500 tons in this agreement represent additional removals beyond all previously announced volumes, reflecting both parties' support for scaling the carbon removal market with real, delivered tons.

$20 Million to Fight Wildfires and Deepen Colorado Operations

Separately, JPMorganChase is extending $20 million in venture debt to Charm Industrial to expand its established Colorado operations and rapidly scale its capacity to process otherwise unsaleable forest residues from      wildfire mitigation projects.     This enables forest managers and communities to make progress on their safety and forest resiliency goals      more cost effectively, across more acres. In the near term, the capital will be deployed to:

• Expand pyrolysis and injection operations in Colorado, building on Charm’s established Fort Lupton facility and proven track record of converting biomass for permanent carbon storage     .

• Dramatically scale processing of Rocky Mountain wildfire fuel reduction materials, converting hazardous biomass that could otherwise fuel catastrophic wildfires into a feedstock for permanent underground carbon storage.

• Continue economic development in the state, creating new, resilient jobs in rural economies and continuing to offer workforce development to increase pyrolyzer operators in the state.

The financing signals a growing institutional confidence in Charm’s Colorado operations and the company’s unique ability to turn one of the West’s most urgent environmental challenges, catastrophic wildfire risk, into durable, permanent carbon removal.

Quotes

Peter Reinhardt, CEO and Co-Founder, Charm Industrial:

“JPMorganChase is helping build the infrastructure for a permanent carbon removal industry. Having a sophisticated, mission-aligned financial institution come back for a second, larger purchase while also stepping up with growth capital is exactly the kind of validation that tells us we’re on the right path. Colorado has become our home base for a reason: the ability to take forest material that would otherwise fuel devastating wildfires in the Rockies and convert it into permanent underground carbon storage is exactly the kind of high-value, high-impact work this partnership makes possible. We couldn’t be more excited about what we’re building together.”

Taylor Wright, Head of Operational Sustainability, JPMorganChase:

“Our initial purchase with Charm marked an important step as we expanded our ambition in carbon removal and refined how we assess quality and deliver real impact across our portfolio. This new purchase—bringing our total to 90,000 tons—together with financial support from our business, reflects how our portfolio has matured over time and Charm’s track record of delivering measurable, durable outcomes across its projects. We look forward to continuing this work as we support the scaling of the carbon removal market.”

Robert Keepers, Head of Climate Tech, J.P. Morgan Commercial Banking:

"Charm has successfully developed a promising and bankable technology, with a strong combination of long-term offtakes, a proven ability to deliver against those contracts, and a scalable operational model in Colorado. JPMorganChase is proud to provide financing to Charm – the company has shown it can deliver, and we're excited to help it do more."

About the Technology

Charm Industrial's process converts biomass — including wildfire fuel reduction materials and agricultural residues — into bio-oil through a process called fast pyrolysis. That bio-oil is then injected into permitted underground disposal wells, permanently removing the carbon that the biomass absorbed from the atmosphere. The result is a verifiable, measurable, and geologically permanent carbon removal with a robust monitoring and reporting framework.

About Charm Industrial

Charm Industrial is a San Francisco-based carbon removal company on a mission to reverse climate change. Using a proprietary fast pyrolysis process, Charm converts biomass residues into bio-oil and permanently sequesters it underground. Charm has delivered carbon removals to some of the world's most sophisticated corporate buyers and is rapidly scaling operations across the United States. For more information, visit charmindustrial.com.

This press release contains forward-looking statements. Actual results may differ materially from those expressed or implied.