Piper Alderman advises on first commercial solar-powered direct air capture project
14/07/2022
Piper Alderman has advised Corporate Carbon Group Pty Ltd and its wholly owned subsidiary, AspiraDAC Pty Ltd, on securing funding from Stripe Inc. for Australia’s first commercial solar-powered direct air capture (DAC) project.
AspiraDAC has partnered with Southern Green Gas in a project that will see them combine to build 180 DAC modules to generate a direct air capture facility on arid land that will be able to extract 330 tonnes per annum of CO2 from the atmosphere.
Julian Turecek, Executive Director of AspiraDAC, stated:
“There’s broad recognition that net zero by 2050 requires not just carbon abatement, but carbon removal at the gigaton scale.”
The Piper Alderman team led by Principal, James Macdonald, with assistance from Lawyer, Olivia De Angelis, advised on the negotiation of the documentation for Australia’s first commercial solar-powered direct air capture project. As part of this transaction, the team also assisted in negotiating Australia’s first commercial DAC offtake agreement between AspiraDAC and Stripe Inc.
James Macdonald commented on the deal:
“Piper Alderman is pleased to be able to assist Corporate Carbon and AspiraDAC on such an important pioneering project that has the potential to make a real impact on achieving net zero emissions targets”.
Related media coverage:
- Funding secured for landmark DAC project – Lawyers Weekly, 26 July 2022
- AspiraDAC’s Solar-Powered Carbon Capture Project – Global Legal Chronicle, 16 July 2022 (Paywall)