We're excited to share a major update with you. At Puro.earth, we recognize the critical role Offtake Agreements, otherwise known as Advance Market Commitments, play in scaling the market for CO2 Removal Certificates (CORCs), so we are doubling down on our commitment to enable them.
Last year, we launched Puro Accelerate, a program designed to support projects before certification, enabling buyers to sign Offtake Agreements for future CORCs. Today, we're thrilled to announce our latest addition: the CORC Offtake Allocation Service. This service is dedicated to ensuring that CORCs are delivered seamlessly to their intended buyers, instilling confidence in Offtake Agreements.
Advance Market Commitments are essential for projects in development, offering a way to secure future CORC revenue and helping suppliers secure debt and equity financing. Buyers benefit from securing early access to CORCs, while significantly enabling the growth of the carbon removal ecosystem.
How does it change an Offtake Agreement's delivery?
Traditionally, suppliers instructed Puro.earth to transfer CORCs to buyers upon issuance. However, in dealing with multiple buyers and diverse contracts, concerns arose about fair execution. With our new service, suppliers and buyers inform Puro.earth of agreed deliveries before CORC issuance, and Puro.earth commits to executing them accordingly.
This service provides buyers with the assurance that CORCs negotiated through Offtakes will reach them upon issuance. Delivery terms are reported to Puro.earth, ensuring acceptance by all CORC buyers associated with the Supplier's Facility.
Discontinuation of Pre-CORCs
The CORC Offtake Allocation Service caters to Offtake transactions, whether they involve pre-payments or not. That is why as part of this update, we will no longer offer the tradable digital assets called "Pre-CORCs" - the new service effectively replaces Pre-CORCs and enhances the Puro Accelerate Program with greater flexibility.
If you're interested in negotiating an Advance Market Commitment with a supplier for future CORCs, contact the Puro.earth team here.
For project developers or potential carbon removal suppliers looking to join Puro Accelerate, start here.