Sumitomo and Graphyte Launch Joint Venture to Scale Biomass Carbon Removal Credits in the US

Sumitomo Corporation and Graphyte have formed a joint venture in the United States to expand the Biomass Carbon Removal and Storage (BiCRS) business. Graphyte holds 51% and Sumitomo 49%. The venture focuses on Graphyte's Carbon Casting technology, which compresses biomass residues like rice hulls and wood by-products into dense blocks for permanent underground storage. This process aims to sequester carbon for over 1,000 years at a cost reportedly under $100 per ton. The initial project is the Loblolly site in Pine Bluff, Arkansas, which uses rice hulls and is expanding to remove about 50,000 metric tons of CO2 annually. Graphyte has already delivered credits on time and secured purchase agreements with American Airlines and JPMorgan Chase. The venture plans to develop more projects across North America, targeting the growing demand for verifiable and durable carbon removal credits.