This Icelandic Startup Company Wants to Stop Climate Change by Turning Carbon Into Rocks

By Elijah Labby Tuesday, March 9, 2021

Carbon pollution in the atmosphere is a growing problem, and it’s getting more and more attention from investors who want to stop carbon’s impact on the environment.

Carbon capture and storage technology comes in a variety of forms, but one Icelandic carbon capture startup company called Carbfix wants to trap carbon in rocks. It’s an unorthodox idea, but it’s one the carbon capture and storage startup company believes could make a real difference in the fight to slow the effects of climate change.

A sunrise behind a power plant.

How Carbfix Captures Carbon

There are two ways by which a carbon capture and storage company can, well, capture and store carbon.

The first is to catch it before it enters the atmosphere by fitting smokestacks with carbon capture technology. The second, referred to more specifically as carbon removal, draws carbon from the atmosphere and stores it securely.

Carbfix is attempting to do both by pulling carbon out of the air, combining it with water, and injecting it into subsurface rock formations, where the carbon, over the course of a few years, eventually becomes solidified into rock.

The Size of the Carbon Capture Startup Business

Currently, the startup company employs only eight workers, according to its LinkedIn page. But the climate capture and storage startup business says that it’s going to need to expand its carbon capture technology infrastructure substantially before it can make a real difference.

“It is clear that we need to develop the infrastructure for large-scale carbon capture and storage in order to reach our climate goals,” the company wrote in a press release. “Such development will create a new and climate friendly industry. We can also expect that other industries will become interested in establishing operations in the vicinity of CO2 capture and removal facilities.”

But the carbon capture and storage startup business is hopeful about the future and says its location in Iceland makes it uniquely positioned to make a difference in the carbon capture technology business.

“Nowhere else in the world can CO2 from direct air capture be turned into stone as straightforward as in Iceland,” the carbon capture and storage startup business wrote. “Regions that are located in vicinity of basalt formations have a unique advantage when it comes to implementing carbon neutral and negative technological solutions, as demonstrated by the Iceland example.”

The Carbon Capture Business

The wider carbon capture and storage business is growing at a compounded annual rate of over 11%. That means that Carbfix’s carbon capture and storage startup company will stand to profit from a business expected to be worth more than $10 billion by 2025.

So while the company is busy working to save the planet, it also has the opportunity to make some pretty good money, too.

About the Author

Headshot of Elijah Labby

Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.

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