Running Tide
Ocean / CDR GeoengineeringDisbandedSHUT DOWN June 2024. Portland, Maine company that raised $54M+ (led by Sacca's Lowercarbon Capital) to dump thousands of tons of Canadian wood chips coated in limestone into the North Atlantic off Iceland. Microsoft removed their credits for failing verification. Scientists departed over ecological concerns.
Key Facts
- SHUT DOWN June 14, 2024 — all operations ceased, 32 remaining staff laid off (down from 120 at peak)
- Raised $54M+ led by Chris Sacca's Lowercarbon Capital (Series B, 2022)
- Shifted from kelp sinking to dumping thousands of tons of Canadian wood chips coated in limestone into the ocean off Iceland
- Microsoft removed Running Tide credits from its portfolio because they failed verification standards
- MIT Technology Review reported scientist departures over concerns about ecological effects and undisclosed ocean fertilization discussions
- Icelandic newspaper investigation revealed the wood chip dumping — Prof. Jon Olafsson (Univ. of Iceland): 'Throwing wood chips into the ocean does nothing for the atmosphere'
- Sold carbon credits to Shopify, Microsoft, and Stripe — all based on unverifiable claims of permanent ocean carbon storage
Red Flags
Verification failure
Running Tide admitted it was 'impossible to monitor the wood chips for more than three hours after release.' Microsoft removed their credits from its portfolio.
Source: MIT Technology Review: Running Tide scientist departures→Sacca connection
Lowercarbon Capital (Chris Sacca) led the $54M Series B. The same fund that leads Stardust ($60M) and Rainmaker ($25M) also bankrolled this failed ocean dumping operation.
Source: Canary Media: Running Tide's ill-fated adventure→Who's Behind It
Marty Odlin
(American)CEO & Founder
Dartmouth-educated, from a multi-generational Maine fishing family. Pivoted to carbon removal after seeing climate change devastate Gulf of Maine fisheries.
Follow the Money
Sacca's climate fund. Also leads Stardust ($60M) and Rainmaker ($25M). The same fund at every seat of the geoengineering pipeline.
Other geoengineering connections:
• Led Stardust $60M Series A
• Led Rainmaker $25M Series A
• Funded Harvard SGRP and SilverLining lobbying
Connections
Lowercarbon Capital (Chris Sacca)
Lead investor in $54M Series B. Sacca's fund also leads Stardust and Rainmaker.
[Canary Media]