(Alliance News) - Drax Group PLC on Tuesday said it has partnered with Karbon-X for the deployment of bioenergy with carbon capture and storage technology in the US.
Drax is a Yorkshire, England-based electricity company.
Under the deal, Karbon-X Corp will acquire carbon dioxide removal credits from Drax, corresponding to the permanent storage of 25,000 metric tons of carbon dioxide, priced at USD350 per metric ton.
The contract spans five years, and will begin in 2030.
Karbon-X is a carbon marketing company based in Calgary, Canada.
Shares in Drax were down 0.8% at 497.40 pence each in London on Tuesday afternoon.
By Sabrina Penty, Alliance News reporter
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Drax (DRX)