Drax Group PLC on Tuesday said it has partnered with Karbon-X for the deployment of bioenergy with carbon capture and storage technology in the US.

Drax is a Yorkshire, England-based electricity company.

Under the deal, Karbon-X Corp will acquire carbon dioxide removal credits from Drax, corresponding to the permanent storage of 25,000 metric tons of carbon dioxide, priced at $350 per metric ton.

The contract spans five years, and will begin in 2030.

Karbon-X is a carbon marketing company based in Calgary, Canada.

Shares in Drax were down 0.8% at 497.40 pence each in London on Tuesday afternoon.

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