US bank JPMorgan Chase and Microsoft co-founder and billionaire investor Bill Gates-backed, US-based carbon sequestration company Graphyte have agreed to a 10-year deal that will see the bank purchase 60,000 tonnes of durable carbon dioxide removal ( CDR ) credits generated from the carbon sequester’s US biomass projects.

The carbon sequester, founded in 2023 and based in the US state of Arkansas, uses its carbon casting process that dries and compresses biomass, including residues from timber and agricultural operations, into dense carbon blocks. These, the company notes, are sealed in an impermeable polymer barrier and buried in monitored underground sites, preserving nearly all captured carbon while consuming minimal energy.

Credits for the agreement will come from the company’s Arkansas facility that sources agricultural and timber residues from local farmers and mill operators.

Barclay Rogers, the company’s CEO says the deal shows “growing confidence and momentum behind CDR solutions that are not only scientifically robust, but also immediately deployable and economically viable”.

Taylor Wright, the bank’s head of operational sustainability, adds that it is “focused on supporting the development of high-quality, durable carbon removal solutions that can scale over time and deliver benefits beyond carbon removal”.