Mitti Labs secured a four-year deal with Google to supply 1 million carbon credits by 2030. This represents a concrete market for Indian climate tech, betting on rice farmers to curb methane and save water. The credits will originate from projects across Andhra Pradesh, Telangana, and Karnataka farms.
How We Got Here
The deal follows Mitti Labs' $9.5 million Series A funding last month, led by Aramco Ventures. That capital was specifically allocated for scaling operations in India and expanding into Southeast Asia.
The Numbers
- Credits are scheduled for delivery between 2027 and 2030, with payments made upon verification.
- Mitti Labs currently covers over 100,000 hectares of rice cultivation in India, with plans to expand to millions.
- The core method used is Alternate Wetting and Drying (AWD), a technique developed by the International Rice Research Institute (IRRI).
- Google's Chief Sustainability Officer, Kate Brandt, highlighted the approach's potential for near-term atmospheric impact.
- The financial terms of the offtake agreement were not disclosed, and no upfront financing is involved.
What Happens Next
🇮🇳 Why This Matters for India
For smallholder rice farmers across Andhra Pradesh, Telangana, and Karnataka, this deal translates to a tangible new income stream for adopting sustainable practices.
The Take
Google is locking in future carbon offsets now, anticipating a massive surge in corporate demand. For Mitti Labs, this deal primarily validates their Measurement, Reporting, and Verification (MRV) process, which will attract other large enterprise clients.
Source:
Inc42 ↗