Citi, Nuveen, and Microsoft fund Applied Carbon's Texas biochar expansion
Citi has closed a $72 million, 3.5-year principal-protected Carbon Removal-Linked Note to finance Applied Carbon’s industrial biochar operations in Texas. This structure, with institutional investment from Nuveen and a pre-existing Microsoft offtake agreement, links investor returns directly to verified carbon credit delivery. The financing aims to bridge the capital gap for early-stage carbon removal developers, enabling Applied Carbon to expand its mobile pyrolysis units. This transaction establishes a precedent for integrating corporate sustainability commitments with institutional fixed-income markets to fund carbon sequestration projects.
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