Carbon Removal Startup's Iceland Project Sinks Amid High Hopes

Shares of Running Tide, a US climate startup, plummeted after the company's ambitious carbon removal project in Iceland stalled without a trace. The project, which aimed to create jobs in the former fishing hub of Akranes by sinking huge volumes of biomass in the surrounding ocean, was touted as a counteroffensive against climate change. However, the initiative failed to gain traction, and the company's plans to remove gigatons of carbon dioxide from the atmosphere remain unfulfilled. According to sources, Running Tide's founder, Marty Odlin, had envisioned a massive operation in Akranes, where locals would help sink biomass in the ocean to sequester carbon. Odlin had become a familiar figure in the town, known for his signature neon beanie and fisherman's flannels. He had promised to create jobs and stimulate the local economy, but the project's progress was slow, and the company's efforts ultimately fell short. The project's failure is a significant setback for the carbon removal industry, which has been gaining momentum in recent years. Running Tide's technology, which involved sinking biomass in the ocean to sequester carbon, was seen as a promising approach to removing gigatons of CO2 from the atmosphere. However, the company's inability to execute its plans has raised questions about the feasibility of large-scale carbon removal projects. Industry experts point out that carbon removal is a complex and challenging field, requiring significant investment and technological advancements. "Carbon removal is a critical component of our efforts to mitigate climate change, but it's a difficult problem to solve," said Dr. Maria Rodriguez, a climate scientist at the University of Iceland. "We need to see more innovation and investment in this area if we're going to make a meaningful impact." Running Tide's failure has also raised concerns about the company's business model and its ability to deliver on its promises. The company had secured significant funding for its project, but its inability to execute its plans has left investors and stakeholders wondering about the company's future. As the carbon removal industry continues to evolve, experts say that companies like Running Tide will need to demonstrate their ability to deliver on their promises if they hope to succeed. "The industry is still in its early stages, and we're seeing a lot of experimentation and innovation," said Dr. John Taylor, a carbon removal expert at the University of California. "However, companies will need to show that they can scale their operations and deliver on their promises if they hope to make a meaningful impact." The current status of Running Tide's project is unclear, and the company has not released any updates on its plans. However, the failure of its Akranes project has sent a ripple effect through the carbon removal industry, highlighting the challenges and complexities of large-scale carbon removal projects. As the industry continues to evolve, experts say that companies will need to demonstrate their ability to deliver on their promises and make a meaningful impact on the climate.