09:01 AM EDT, 07/11/2024 (MT Newswires) -- Former Alphabet (GOOG) startup 280 Earth has signed $40 million in carbon extraction contracts at an Oregon facility adjacent to a Google ( GOOG ) data center, Bloomberg News reported Thursday.

The agreements will pay for removing 61,600 tons of greenhouse gasses from 2024 to 2030.

The agreement was facilitated by Frontier, an initiative backed by Alphabet, Meta Platforms (META), Shopify (SHOP), and Stripe, aimed at funding carbon removal, Bloomberg reported. 280 Earth uses heat emitted by data centers to power carbon dioxide removal.

Neither Alphabet nor 280 Earth immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 192.03, Change: -0.63, Percent Change: -0.33