View source for Company:Nori

{{puffery|date=July 2021}}

{{Short description|Seattle based technology startup}}
[[File:Nori Logo.png|thumb|Nori logo]]<!-- Do not remove this line! -->

'''Nori Inc.''' is a technology startup based in Seattle, [[Place:Washington, D.C.|Washington]].<ref>https://nori.com/</ref> The company is building financial infrastructures to allow [[Earth:Carbon dioxide removal|carbon removal]] projects to measure and get economic revenues from their activity.{{citation needed|date=March 2023}} By doing so, Nori aims to establish a universal market-driven commodity price on carbon removal.<ref>{{Cite news|last=Hahn|first=Jennifer|date=June 15, 2021|title=Nori aims to create "financial incentive for pulling carbon out of the air" says CEO Paul Gambill|work=Dezeen|url=https://www.dezeen.com/2021/06/15/carbon-capture-nori-paul-gambill-interview/}}</ref> Nori is focused on soil-[[Earth:Carbon sequestration|carbon sequestration]] and pays farmers who adopt regenerative agriculture practices which may contribute to carbon sequestration.<ref name=":1">{{Cite news|last=Popkin|first=Gabriel|date=Jan 22, 2021|title=Planting crops — and carbon, too|newspaper=The Washington Post|url=https://www.washingtonpost.com/graphics/2021/climate-solutions/climate-regenerative-agriculture/}}</ref><ref name=":2">{{Cite news|last=Bunge|first=Jacob|date=Dec 23, 2020|title=Agriculture Industry Bets on Carbon as a New Cash Crop|work=The Wall Street Journal|url=https://www.wsj.com/articles/agriculture-industry-bets-on-a-new-cash-crop-carbon-11608719403}}</ref><ref>{{Cite news|last=Petrova|first=Magdalena|date=June 25, 2021|title=These farming techniques can help trap carbon dioxide in the soil and make farmers an extra buck|work=CNBC|url=https://www.cnbc.com/2021/06/25/how-farmers-are-locking-co2-in-soil-with-regenerative-farming.html}}</ref><ref name=":4">{{Cite web|last=Johnson and Kempe|first=Nathanael, Ysabelle|date=2021-07-07|title=The US is about to go all-in on paying farmers and foresters to trap carbon|url=https://grist.org/agriculture/us-carbon-removal-capture-offset-forests-farms-trees-soil/|access-date=2021-07-09|website=Grist|language=en-us}}</ref>

== <nowiki>History and funding</nowiki> ==

Nori was founded in 2017 by Paul Gambill.<ref name=":5">{{Cite web |last=Kamps |first=Haje Jan |date=2022-02-24 |title=Immune to irony, Nori puts a carbon market on the blockchain |url=https://techcrunch.com/2022/02/24/nori-series-a-carbon-blockchain/ |access-date=2023-10-24 |website=TechCrunch |language=en-US}}</ref>

In 2018, Nori raised $145,548 on Republic's crowdfunding platform when its CEO, Gambill pitched Nori on an episode of Meet the Drapers, starring venture capitalist Tim Draper and his family.<ref>{{Cite web|date=Jan 1, 2019|title=Nori is a marketplace for reversing climate change|url=https://republic.co/nori|website=Republic}}</ref><ref>{{Cite web|date=Nov 28, 2018|title=Nori's pitch on Meet The Drapers|url=https://www.youtube.com/watch?v=6qAZcmOexb0|website=Youtube}}</ref>

In 2020, Nori raised $4 million from several investors.<ref name=":6" />

In February, 2022 Nori raised $7 million in a Series A round led by M13 and Toyota Ventures.<ref name=":5" />

In April 2023, Nori laid off 10 employees due to "changing market conditions."<ref>{{Cite web |last=Schlosser |first=Kurt |date=April 10, 2023 |title=Carbon removal startup Nori lays off 10 employees, citing market concerns |url=https://www.geekwire.com/2023/carbon-removal-startup-nori-lays-off-10-employees-citing-market-concerns/ |website=Geekwire}}</ref> Several months later, the company hired Matt Trudeau as its new CEO and raised an additional $6.25 million in funding. Gambill remained at the company with the title of Chief Product Officer.<ref>{{Cite web |last=Stiffler |first=Lisa |date=June 6, 2023 |title=Carbon removal startup Nori raises $6.25M from Toyota and others; names new CEO |url=https://www.geekwire.com/2023/carbon-removal-startup-nori-raises-6-25m-from-toyota-and-others-names-new-ceo/ |website=Geekwire}}</ref>

==Products and services==

Nori has created a platform where carbon removal suppliers can get paid by carbon removal buyers.<ref>{{Cite news|last=Dorning|first=Mike|date=April 20, 2021|title=The carbon market gold rush in American agriculture|work=Bloomberg}}</ref> Nori specifically focuses on the growth of financial incentives and the supply of carbon removal offsets, not reduction or avoidance offsets.<ref>{{Cite news|last=Siegel|first=RP|date=Oct 22, 2019|title=Can this company build a better carbon offset?|work=Grist|url=https://grist.org/article/can-this-company-build-a-better-carbon-offset/}}</ref>

Nori uses “Nori Carbon Removal Tonnes,” or “NRTs,” on its trading platform to represent one [[Tonne|tonne]] of carbon dioxide ({{CO2}}) that has been removed from the atmosphere for a minimum of 10 years.<ref>{{Cite news|last=Griekspoor|first=P.J.|date=Feb 12, 2019|title=Nori is developing a trading platform for Carbon Removal Certificates|work=FarmProgress|url=https://www.farmprogress.com/crops/seattle-based-start-nori-plans-create-new-carbon-market}}</ref>

NRTs on the Nori platform are generated from agricultural projects that can store [[Chemistry:Carbon dioxide|carbon dioxide]] in [[Chemistry:Soil|soil]] as of April 2021.<ref>{{Cite news|date=April 21, 2021|title=The carbon question: Making global carbon markets work for farmers|work=AgFunder News|url=https://agfundernews.com/the-carbon-question-making-global-carbon-markets-work-for-farmers.html}}</ref> These soil projects are broadly called regenerative agriculture practices. Nori is developing a financial instrument to assist growers in enhancing carbon dioxide sequestration in their soils, with potential benefits including [[Earth:Co-benefits of climate change mitigation|climate change mitigation]], [[Biology:Drought tolerance|drought tolerance]], reduced [[Earth:Surface runoff|surface runoff]] pollution, and improved soil health.<ref name=":0">{{Cite news|last=Popkin|first=Gabriel|date=March 31, 2020|title=Can 'Carbon Smart' Farming Play a Key Role in the Climate Fight?|work=Yale Environment 360|url=https://e360.yale.edu/features/can-carbon-smart-farming-play-a-key-role-in-the-climate-fight}}</ref>

Nori partners with companies that make carbon quantification tools (CQTs) in order to model how much carbon has been removed{{Clarify|date=March 2023|reason= By what, from where, etc.?}}. In the case of farmlands, these models work by comparing farmers' new [[Earth:Sustainability|sustainable]] practices to their previous farming methods. Nori partners with Soil Metrics, which uses a USDA-approved model to run thousands of scenarios to determine how much carbon a farmer has stored in their soils. <ref name=":1" /><ref>{{Cite news|last=Abram|first=Mike|date=June 16, 2021|title=6 companies offering carbon-based payments to arable farmers|work=Farmers Weekly|url=https://www.fwi.co.uk/arable/land-preparation/soils/6-companies-offering-carbon-based-payments-to-arable-farmers}}</ref>

Nori is in the process of developing an [[API]] for carbon removal{{Clarify|date=March 2023|reason=Should this say carbon removal /tracking?/}} that integrates into platforms and applications.{{Clarify|date=March 2023|reason=Should this say "platforms and applications that use/have partnered with the Nori marketplace for carbon sequestration?"}}<ref name=":6">{{Cite news|last=Shieber|first=Jonathan|date=Sep 24, 2020|title=Nori is pitching carbon trading … on the blockchain!|work=Techcrunch|url=https://techcrunch.com/2020/09/24/nori-is-pitching-carbon-trading-on-the-blockchain/}}</ref>

== <nowiki>Early adopters</nowiki> ==

In early 2020, Maryland farmer Trey Hill became the first seller in Nori's marketplace. He was paid over $115,000 for practices that, over the preceding few years, had sequestered over 8,000 tons of carbon in the soil. Buyers included [[Company:Shopify|Shopify Inc.]], [[Organization:Arizona State University|Arizona State University]], and individuals looking to remove carbon.<ref name=":1" />

In November 2020, Iowa farmer Kelly Garrett sold 5,000 carbon removals through Nori's carbon removal marketplace platform and Locus Agricultural Solutions. The buyer of the carbon credits was Shopify Inc, who used the carbon removal credits to help negate emissions from transporting goods sold on the Black Friday/Cyber Monday weekend.<ref name=":3">{{Cite news|last=Vasquez|first=Justina|date=Oct 28, 2020|title=Iowa farmer finds fortune in selling carbon credits to Shopify|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2020-10-28/iowa-farmer-finds-fortune-in-selling-carbon-credits-to-shopify}}</ref><ref name=":2" />

== References ==
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[[Category:Carbon capture and storage]]

{{Sourceattribution|Nori (company)|1}}