Boeing has reached an agreement with the startup Charm Industrial to extract 100,000 metric tons of carbon from the air.

Charm gathers waste from agriculture and forestry and applies heat to convert it into a substance they refer to as “bio-oil,” a complex mixture of hydrocarbons that it injects underground, including into decommissioned oil wells. Once captured, Charm can market carbon removal credits to businesses. Axios was the first to report on the agreement between the startup and Boeing.

The aviation industry has made minimal strides in reducing its carbon emissions. This has prompted companies in the field to look for alternatives. Carbon removal has surfaced as a viable option since it could be cheaper than shifting to sustainable aviation fuels.

A study indicated that by 2050, the aviation sector will need to invest at least $60 billion in carbon offsets to achieve net zero emissions.

Charm is also capable of generating biochar, a material that, when applied to agricultural fields, can enhance soil fertility, although those initiatives are still in the early stages, based on information from the carbon removal registry Isometric.

The financial aspects of the deal were not made public. Two years prior, Charm sold 112,000 carbon removal credits to Frontier, the advanced market commitment, for $53 million, equating to around $470 per metric ton. Charm has expressed its goal to lower the price to approximately $50 per metric ton.