Terradot and HASI Close $34M Investment for Carbon Removal Projects

Largest disclosed debt financing for enhanced rock weathering with projects backed by fixed-price offtake agreements with Frontier

SAN FRANCISCO & ANNAPOLIS, Md.--(BUSINESS WIRE)--Terradot, a leader in carbon removal, and HA Sustainable Infrastructure Capital, Inc. (“HASI”) (NYSE: HASI), a leading investor in sustainable infrastructure assets, today announced the close of a $34 million senior secured term loan to support Terradot’s enhanced rock weathering (ERW) projects in the US and Brazil.

The projects are supported by fixed-price, multi-year offtake agreements with Frontier, a coalition that includes Google, Salesforce, JPMorgan, Shopify, and Stripe, among others. The investment is also supported by carbon delivery insurance from CFC, arranged through Marsh.

“Lenders only back what they can predict,” said Julia Sekula, CFO and Co-Founder of Terradot. “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.”

ERW is a process by which crushed rock is spread on agricultural land, removing carbon dioxide from the atmosphere and storing it for thousands of years while improving soil health for growers. Terradot is scheduled to deploy 1 million tonnes of rock across 60,000 hectares (150,000 acres) of farmland in the US and Brazil over the course of 2026 and 2027.

“HASI is pleased to partner with Terradot on this investment,” said Annmarie Reynolds, Co-Chief Investment Officer at HASI. “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.”

“Terradot’s debt financing demonstrates how long-term purchases together with capital markets can support carbon removal deployment,” said Hannah Bebbington Valori, Head of Frontier. “By providing predictable demand through large, multi-year offtake agreements, Frontier aims to help companies like Terradot secure the capital they need to build and scale.”

About Terradot

Founded in 2022 by Stanford scientists and entrepreneurs, Terradot is the leading Enhanced Rock Weathering (ERW) platform, with commercial-scale deployments across Brazil and the United States. The company has raised $58 million from investors including Google, Microsoft, Gigascale Capital, Valor Capital, and Acre Venture Partners and individual backers including Sheryl Sandberg, John Doerr, and George Roberts. Terradot has signed committed offtake agreements with buyers including Google, Frontier, Microsoft, amongst others. The company has issued Isometric certified credits under the Enhanced Weathering in Agriculture protocol as well as Puro certified credits from its US operations following the 2026 acquisition of its competitor, Eion. Terradot's science team, led by co-founder Stanford Professor Scott Fendorf, includes leading geochemists and soil scientists whose work underpins Terradot's MRV and deployment optimization. Terradot is targeting 1 million tonnes of CO2 removal annually by 2035. For more information, visit www.terradot.earth.

About HASI

HASI is an investor in sustainable infrastructure assets advancing the energy transition. With more than $17 billion in managed assets, our investments are diversified across multiple asset classes, including utility-scale solar, storage, and onshore wind; distributed solar and storage; RNG; and energy efficiency. We combine deep expertise in energy markets and financial structuring with long-standing programmatic client partnerships to deliver superior risk-adjusted returns and measurable environmental benefits. HA Sustainable Infrastructure Capital, Inc. is listed on the New York Stock Exchange (Ticker: HASI). For more information, please visit hasi.com.

Forward-Looking Statements

Some of the information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” “target,” or similar expressions are intended to identify such forward-looking statements. For these statements, HASI claims the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or projected future results of HASI’s business, financial condition, liquidity, results of operations, pipeline, and plans and objectives. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in HASI’s Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by its Form 10-K/A, each of which were filed with the U.S. Securities and Exchange Commission (“SEC”), as well as in other reports that HASI files with the SEC. Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. HASI disclaims any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events, or circumstances after the date of this press release.