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Graveyard

Running Tide
On June 14, 2024, founder and CEO Marty Odlin announced on LinkedIn that Running Tide was beginning to shut down its global operations after seven years, saying it was 'unable to secure the right kind of financing to continue our work with the urgency it requires.' The closure came just months after the company touted a trial that sequestered roughly 21,000 metric tons of CO2 in biomass sunk off Iceland, and despite having signed about 25 buyers including Microsoft, Shopify and Stripe. The company, which had raised over $50 million, blamed collapsing demand in the voluntary carbon market and a punishing fundraising environment. Its demise was widely read as a warning sign for the financial viability of early-stage ocean and durable carbon-removal ventures.
Obituary
Nori
In September 2024 Nori announced it was shutting down after seven years, with CEO Matt Trudeau citing the challenges of a stagnant voluntary carbon market and a difficult funding environment as too great to overcome. The Seattle company had raised about $17.25 million, including a $7 million Series A led by M13 with participation from Toyota Ventures in February 2022. Strain had been building for some time: in April 2023 Nori cut 10 employees, about 37% of its staff, leaving roughly 17 people. At closure the company said it had been on track to remove more than 700,000 tons of carbon and had directed about $6.5 million to farms, but could not reach sustainable demand for its blockchain-tracked soil-carbon credits.
Obituary
Carbon Engineering
Carbon Engineering ceased to exist as an independent company when Occidental Petroleum, through its subsidiary OLCV CE Holdings, ULC, acquired all of its outstanding equity for approximately $1.1 billion in cash. The deal was announced in August 2023 and completed on November 3, 2023, following years in which Occidental's Oxy Low Carbon Ventures had already been both an investor in and the primary commercialization partner for Carbon Engineering's direct-air-capture technology. Rather than a failure, the absorption reflected Occidental's strategy to bring DAC in-house: Carbon Engineering's liquid-solvent technology powers Oxy's STRATOS plant in the Permian Basin, designed to capture up to 500,000 tonnes of CO2 per year. The Squamish innovation centre and team were folded into Occidental's low-carbon operations, ending Carbon Engineering's run as a standalone brand.
Obituary