Gemcorp will own 75% of the business and Endiama 25% and alongside with funding a pilot project, the London-based investment firm will oversee operations.
Sum will be awarded for the best technology created for removing carbon dioxide directly from the atmosphere or oceans and store that carbon in a safe, cost-effective way.
Stocks are nearly depleted, the contract is experiencing unprecedented degrees of technical tightness and the tin price is punching out seven-year highs.