Zurich Signs 17,500 Ton Carbon Removal Deal with Climate Solutions Provider Nellie Technologies

Zurich Insurance Group announced today an agreement with Nellie Technologies, a bioengineered CO₂ removal-focused startup, for the purchase of up to 17,500 tons of carbon removal generated through the production of biochar over five years.

The deal marks Zurich’s largest carbon removal purchase agreement to date, placing the company within the top 20 corporate CO₂ removal purchasers, according to CDR.fyi.

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Biochar as a Key Carbon Removal Technology

Biochar production is emerging as a key carbon removal technology, central to several large-scale carbon dioxide removal (CDR) deals by companies including Google and Microsoft. Biochar, or biological charcoal, is produced by heating biomass—typically forest residue, wood, or crop waste—in the absence of oxygen, creating a stable form of carbon. When buried in soil, biochar enables centuries-long carbon sequestration while also improving soil fertility.

Launched in 2022, Nellie Technologies produces biochar from algae, using proprietary technology to grow microalgal biomass at speed and scale. The biomass is then processed into biochar and biofertilizer, permanently sequestering carbon and generating carbon dioxide removal certificates (CORCs) for sale in voluntary and compliance markets.

Agreement Details

Under the new agreement, Zurich will purchase CORCs from Nellie Technologies' UK operations, with the biomass produced for use in the UK agricultural sector. Nellie Technologies added that the transaction will support its capital requirements as it scales operations, including expanding its pilot site and enhancing its capacity to remove CO₂ from the atmosphere.

Stephen Milburn, Founder and CEO of Nellie Technologies, said:

"This transformative agreement not only validates our vision to scale our systems but provides essential funding to expand our operations. Over the next years, we will transition from pilot operations to full-scale carbon dioxide removal deployment, helping deliver societal and economic co-benefits inherent to our business model."

Zurich’s Commitment to Net-Zero

According to Zurich, this agreement is a significant step in the company’s plan to achieve net-zero operational emissions by 2030. The company originally set a 2050 target but accelerated its goal by 20 years in 2022. Zurich stated that while it is “committed to reducing our carbon footprint as much as possible,” it is also partnering with a diverse group of technology-based and nature-based solution providers to address unavoidable residual emissions.

Chris Minter, Sustainable Supply Chain Lead at Zurich Insurance, said:

"At Zurich Insurance, we recognize the urgency to scale carbon removal capacity to achieve net-zero emissions. We are backing a range of innovative carbon removal solutions, and we are delighted to finalize this multi-year contract after thorough due diligence. This agreement marks another step forward in our sustainability journey and reinforces our dedication to combating climate change."

Milburn added:

"Our alignment with Zurich’s climate ambitions is crystal clear. Removing CO₂ should only happen after an organization has exhausted all efforts to prevent emissions. This balanced strategy of reducing emissions as much as possible and removing the rest will ultimately help fix the climate, and we are proud to be part of this effort."