NextGen CDR has signed a significant agreement to purchase carbon sequestration credits from Alt Carbon’s enhanced rock weathering project in Darjeeling, India, marking its first venture beyond Europe and the United States. The agreement, finalized on October 16, underscores NextGen's strategy to broaden its market reach.

Under the contract, NextGen will acquire a long-term supply of carbon dioxide sequestration credits, certified by the Isometric registry, at an average price of $200 per tonne of CO₂e. Deliveries are scheduled between 2025 and 2030. The credits will be purchased by a consortium of global buyers, including Boston Consulting Group, LGT Group, Mitsui O.S.K. Lines, SwissRe, and UBS.

Carbon dioxide removal (CDR) involves strategies aimed at eliminating CO₂ from the atmosphere rather than merely avoiding emissions. Sequestration projects vary in approach, including technological methods like direct air capture and enhanced rock weathering, as well as nature-based solutions such as afforestation.

Alt Carbon's enhanced rock weathering process speeds up natural carbon sequestration by applying basalt to tea plantations in the Himalayan foothills. The region's humid conditions facilitate the rock’s ability to absorb CO₂, sequestering it in soil for thousands of years. Through its Darjeeling Revival project, Alt Carbon aims to remove 5 million tonnes of CO₂ from the atmosphere by 2030 and plans to explore further projects in northeastern India.

NextGen’s investment in Alt Carbon marks its fifth type of carbon sequestration technology, adding to its previous agreements in direct air capture, bioenergy carbon capture, product mineralization, and biochar.