Financing from J.P. Morgan will increase deployment of Mati’s crop yield-enhancing soil
amendments, boosting soil health, smallholder farmer income, and climate resilience across the
Global South
May 15, 2025 – Mati Carbon (“Mati”), a project to bring economic empowerment to smallholder
farmers in developing economies through the sale of durable carbon dioxide removal (CDR)
credits, has secured an innovative debt facility from J.P. Morgan that will be used to support the
organization’s expansion. Negotiated on commercial terms and backed by credit support from
the Schmidt Family Foundation, this innovative financing demonstrates the power of institutional
capital to facilitate large-scale, durable carbon removal solutions.
Recently named the $50 million grand prize winner of the XPRIZE Carbon Removal
competition, Mati Carbon has established itself as a mission-driven, global leader in durable
carbon dioxide removal, proving that high-integrity climate solutions with hybrid adaptation and
mitigation impact are commercially viable at scale.
Mati’s approach leverages the naturally occurring process of rock weathering and accelerates it
through enhanced rock weathering (ERW), in which pulverized volcanic rock is applied to
farmland. This approach not only removes atmospheric CO₂ but also restores vital nutrients to
degraded soils, thereby improving smallholder farmers’ crop yields by an average of 20% and
reducing the need of additives such as chemical pesticides.
The new blended financing facility from J.P Morgan, supported by both a leading global bank
and a prominent climate-focused philanthropy, is a forward-looking example of how
developmental climate finance can be deployed to help scale permanent carbon dioxide
removal while boosting locally led adaptation.
“This is a transformative development for climate technology and adaptation financing,” said
Shantanu Agarwal, Founder and CEO of Mati Carbon. “With support from J.P. Morgan, we will
be able to scale the impact and reach of Enhanced Rock Weathering to many more smallholder
farmers and prove that high-integrity carbon removal is both financially viable and deeply
impactful.”
To ensure scientific integrity of its CDR credits, Mati built and deploys a robust Monitoring,
Reporting, and Verification (MRV) framework for measuring key soil properties and quantifying
carbon removal. The MRV was developed in partnership with IIT Kanpur and Yale University.
With this debt facility, Mati is set to rapidly expand its technology and operations across India
and Sub-Saharan Africa. The funds will be deployed to expand ERW deployments to new
geographies, acquire world-class, high-tech regional laboratory facilities, and develop strategic
partnerships to accelerate the global adoption of ERW. This financing reinforces Mati Carbon’s
strong capital position, enabling it to grow with confidence while also establishing a replicable
blended finance blueprint for other potential decarbonization strategies.
Kelly Belcher, Head of Climate Tech at J.P. Morgan, said: “J.P. Morgan is pleased to support
Mati Carbon’s next phase of growth as they work to bring Enhanced Rock Weathering
technology to communities around the world. This work is actively helping to decarbonize the
globe, grow local economies and build a more sustainable future.”
Patrick McGrath from The Schmidt Family Foundation added: “Mati’s approach to Enhanced
Rock Weathering has the potential to scale into a major carbon removal solution, and
partnerships like this are critical to unlocking that potential. Working together, we can accelerate
the path to large-scale deployment while delivering meaningful co-benefits for smallholder
farmers in the Global South. This collaboration demonstrates how innovative approaches – in
technology and in finance – can drive both climate impact and economic opportunity.”
By the end of 2025, Mati Carbon expects to partner with 30,000 smallholder farmers across the
Global South, including India, Tanzania, and Zambia. Among its current CDR credit buyers is
Shopify and H&M.
