JPMorgan Supports Mati Carbon in Expanding Carbon Removal Solutions Using Enhanced Rock Weathering Technology
Carbon removal startup using enhanced rock weathering (Enhanced Rock Weathering – ERW) Mati Carbon has just announced that it has received a grant in the form of blended finance from JPMorgan, with the goal of scaling carbon removal operations globally.
The funding comes shortly after Mati Carbon won the grand prize worth 50 million USD from the contest XPRIZE Carbon Removal, sponsored by Elon Musk and the Musk Foundation. The competition aims to promote sustainable, scalable carbon removal solutions at gigaton scale. The competition attracted more than 1.300 teams from over 88 countries.
???? Mati Carbon – Enhances rock weathering, improves livelihoods
Founded in 2022 and headquartered in Houston (USA), Mati Carbon developing projects for spreading crushed basalt on agricultural land in India to accelerate natural weathering process, thereby absorbing CO₂ from the atmosphere in a forever.
In addition to environmental goals, Mati's solution also benefits small-scale farmers by:
Increase salary
Improve crop productivity
Land regeneration
Current customers purchasing carbon credits from Mati include corporations such as Shopify , and H&M.
Mati also deployed the system monitoring, reporting and verification (MRV) partnered with the Indian Institute of Technology Kanpur and Yale University to measure carbon sequestration. The MRV system was a key factor in Mati's XPRIZE win.
🚀 Expanding in India and Africa
The funding from JPMorgan will help Mati expand its technology and operations in India and the region. Sub-Saharan Africa, include:
Expanding ERW into new geographies
Building modern regional laboratories
Developing global strategic partnerships
By the end of 2025, Mati aims to cooperate with 30.000 small-scale farmers in India, Tanzania, Zambia and other developing countries.
💬 Statements from the parties
Shantanu Agarwal, Founder & CEO Mati Carbon shares:
“This funding is a watershed moment for climate technology and adaptation finance. With support from JPMorgan, we will bring ERW technology to more farmers and demonstrate that reliable carbon removal can be financially viable and have far-reaching impact.”
Blended finance (Blended finance) is a model that combines capital from the public or charitable sector with private capital, to promote high-risk investments such as greenhouse gas reduction technology.
JPMorgan's financing is credit-guaranteed by Schmidt Family Foundation – organization founded by former Google CEO Eric Schmidt founder
Kelly Belcher, Head of Climate Technology at JPMorgan, said:
“We are excited to support Mati Carbon’s next phase of growth. ERW technology not only helps decarbonize the world, but also boosts local economies and builds a sustainable future.”
Patrick McGrath from the Schmidt Foundation added:
“Mati’s ERW approach has the potential to be a large-scale carbon removal solution. This partnership demonstrates how technological and financial innovation can create climate impact and economic opportunity at the same time.”