The Australian billionaires, Chris Sccaa and Mike Cannon-Brookes, have backed Australia's Soil Carbon Co to the tune of A$10 million. The business aims to cut carbon capture costs and improve on-farm results using microscopic fungi as soil inputs. The funding comes in conjunction with the Australian Governments A$1.7 million investment through the Clean Energy Finance Corp, see here.
The aim is to meet a limit of $20 cost per ton for carbon captured, instead of the current $100 per ton most companies estimate. One of the primary benefits investors are looking for in the project is the double effect of the fungi reducing carbon in the atmosphere, while simultaneously increasing soil health and fertility. Trials are in place for the next 12-24 months, with a commercial launch expected after that.