Seattle-based carbon removal marketplace Nori has announced the appointment of Matt Trudeau, an experienced professional in digital markets and exchanges, as the company’s CEO and a member of the board of directors, effective immediately. Additionally, Nori has secured an additional $6.25 million in funding, led by existing investors M13, Toyota Ventures, Placeholder, and Cargill, bringing the total funding raised to $17.25 million.
Founded in 2017, Nori is a comprehensive carbon removal marketplace with a mission to combat climate change by developing market-based solutions to remove 1.5 trillion metric tonnes of legacy carbon dioxide from the atmosphere. The decision to onboard a new CEO aligns with Nori’s plans to expand its marketplace and support the sale of its largest-ever supply of carbon removal credits in partnership with Bayer. It also aims to diversify its carbon removal product offerings available on the marketplace.
Nori leverages blockchain technology to facilitate the sale of carbon credits obtained from farmers who adopt sustainable practices that capture and store carbon, preventing its release into the atmosphere. These credits, known as Nori Carbon Removal Tonnes (NRTs), are accessible to individuals and businesses. In March, the company transitioned its operations from Ethereum to the Polygon blockchain platform.
In the global effort to address climate change, leading scientists emphasize the significance of carbon removal, including nature-based solutions like Nori’s marketplace and mechanical methods of extracting carbon from the air. Currently valued at approximately $2 billion, the carbon offset market is projected to expand significantly in the future.
- Company press release
