Mountain of Wood Chips Remains in Akranes, Iceland Following Running Tide Closure

By Erik Pomrenke
Iceland Review
June 18, 2024
Category: Carbon, Climate & Bioenergy
Region: United States, International

ICELAND — Carbon sequestration firm Running Tide recently announced it will be shutting down its global operations. Before its closure, the company had attracted major investors, including Microsoft and Shopify. …Running Tide was a carbon-sequestration company based in the US which attempted to sequester carbon from the atmosphere at scale by sinking biomass, including seaweed and lumber, into the ocean. …Running Tide founder and CEO Mark Odlin stated: “Unfortunately, today we are beginning the process of shutting down because we are unable to secure the right kind of financing. The problem is the voluntary carbon market is voluntary, and there simply isn’t the demand needed to support large scale carbon removal.” …The company sunk some 19 thousand tonnes of wood chips into Iceland’s coastal waters and that a “mountain” of wood chips, made from imported Canadian lumber, remains at their facility in Akranes.

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