Dutch utilities company Eneco has signed a Letter of Intent (LOI) with Denmark-based Klimate, entering a partnership that will explore carbon dioxide removal (CDR) opportunities. 

The LOI builds on an existing relationship between the two European companies. Back in 2023, Eneco co-led Klimate’s seed funding round together with Helen Ventures and participants Rockstart and the Export and Investment Fund of Denmark. The round successfully raised $3.7 million (€3.5 million) in support. 

Through this new chapter of the collaboration, Eneco is gaining access to Klimate’s CDR platform, project portfolio, market knowledge, and due diligence expertise.  

Looking for potential opportunities in the rapidly evolving CDR sector, Eneco will leverage Klimate’s set of offerings to gain a better understanding of market developments, backing customers’ growing interest in high-quality removals.

In a publication, Klimate shared, “This collaboration represents a logical next step, as Eneco Ventures invested in Klimate in 2023. This new step strengthens the relationship and provides a solid foundation for jointly exploring further opportunities within CDR.”

Moving forward, Eneco will keep working on emissions reduction, which will always remain its top priority, but the company also acknowledges that carbon removal is expected to play a key role down the line, serving to compensate for residual emissions that are difficult or impossible to avoid completely.

By signing the LOI, the utilities company unlocks a practical and accessible way to gain CDR market experience and build internal knowledge. 

This, in turn, will enable it to better understand future customer needs and remain flexible in a dynamically developing market.

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