Terradot Closes $34 Million HASI Loan for Enhanced Rock Weathering

Carbon removal developer Terradot has closed a senior secured term loan of up to $34 million from HASI, a climate solutions and sustainable infrastructure investment firm, with proceeds directed at enhanced rock weathering (ERW) projects in the US and Brazil.

The transaction is the largest disclosed debt financing to date for enhanced rock weathering, a sector that until now has relied largely on offtake prepayments and equity to fund deployments.

The funded projects carry fixed-price, multi-year offtake agreements with Frontier, the carbon removal buyer coalition whose members include Google, Salesforce, JPMorgan, Shopify and Stripe, among others.

What does the loan actually finance?

Terradot plans to deploy one million tonnes of crushed basalt rock across 60,000 hectares — roughly 150,000 acres — of farmland in the US and Brazil over the course of 2026 and 2027. The company has not broken down the split between the two countries.

The company's technology accelerates a natural process. Rainwater absorbs atmospheric CO2, which rock weathering locks into mineral form over geological timescales. Terradot shortens that timeline by crushing basalt and spreading it across farmland, where it captures CO2 while improving soil health as a co-benefit.

Founded in 2022 by Stanford scientists and entrepreneurs, Terradot has moved from field trials to multi-country deployment in four years. Its committed offtake book includes Google, Frontier and Microsoft, alongside other buyers.

Why does debt matter for this sector?

Enhanced rock weathering has struggled to attract project finance because delivery of carbon removal is hard to predict and verification remains contested. Debt lenders require predictable cash flows and quantifiable risk, which contracted revenue and long-term field data can provide.

Terradot CFO and Co-Founder Julia Sekula framed the loan in exactly those terms. She said:

"Lenders only back what they can predict. With contracted demand and years of field data that let us bound risks and forecast delivery, this investment marks an important step in bringing project capital to enhanced rock weathering and building the operating record for larger deployments."

The last clause is the operative one. Sekula positions the $34 million facility as a template — build the operating record on this tranche, then scale to larger deployments on standard project-capital terms.

Annmarie Reynolds, Co-Chief Investment Officer at HASI, pointed to the same fundamentals. She said:

"Terradot combines contracted demand, rigorous field data, a repeatable deployment model, and a thoughtful approach to risk, all qualities we look for in every investment."

What comes next?

Three milestones will decide whether this financing becomes a sector precedent or a one-off:

• Deployment of the full one million tonnes of basalt across 60,000 hectares on schedule through 2026 and 2027.
• Delivery against the fixed-price, multi-year Frontier offtake agreements, plus the separate Google and Microsoft deals.
• Emergence of follow-on debt facilities for ERW, whether to Terradot or its competitors, on the strength of that operating record.

The structure of the deal — senior secured debt against contracted carbon removal revenue — treats removal tonnes as a bankable commodity stream. If Terradot delivers the 2026-2027 program and services the loan, enhanced rock weathering gains a financing template that project developers across the carbon removal sector can replicate. If delivery slips, lenders' first encounter with ERW risk will also be their benchmark.