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Fortum has signed an agreement to sell a majority share of its carbon removal startup Puro.earth to Nasdaq, a multinational financial services company. The partnership will create a shared ownership structure designed to accelerate Puro.earth’s global growth and long-term market development as the forerunner of B2B carbon removal marketplaces.
Puro.earth, founded in 2019, has been developed to its current form under Fortum’s Valkea Growth Club. Puro.earth is the first marketplace to offer carbon removal from the atmosphere that is verifiable and tradable through an open, online platform.
Fortum launched Valkea Growth Club to offer business development support, funding, and premises for startups and growth companies. Valkea invests in high growth, game-changing companies that can help deliver Fortum’s carbon neutrality
To support Puro.earth’s growth, Nasdaq will leverage its unique position in the intersection of the financial, corporate, and regulatory communities where it assists its clients with navigating the global environmental, social, and governance (ESG) landscape.
“The partnership with Puro.earth will provide our global network of corporate clients access to a unique marketplace for carbon removal and will allow Puro.earth to scale its platform through the Nasdaq network and technology platform. We look forward to working together with the Puro.earth and Fortum teams to create a global, transparent and authenticated market for carbon removal,” says Bjorn Sibbern, Executive Vice President and President of European Markets at Nasdaq.
In addition to CO2 removal, Valkea’s existing nine portfolio companies are developing, for instance, electric vehicle charging, battery diagnostics, and digital electricity retail. Valkea is actively looking for new ambitious startups operating in the clean energy and circular economy space to join them in innovating towards a cleaner future, as well as investors and partners with shared interests.