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Montreal-based Deep Sky, a carbon removal project developer, has raised C$75M CAD in Series A funding to support gigaton-scale carbon removal in Canada. The funding will be used to start construction on their first commercial carbon removal facility.
The funding round includes conversion of a previous C$17.7M seed investment and C$57.5M in new capital. The round was co-led by Brightspark Ventures and Whitecap Venture Partners.
Major participation also came from Investissement Québec ($25M), OMERS Ventures, and the Business Development Bank of Canada’s Climate Tech Fund.
The fresh injection of capital will allow the company to:
Related: Deep Sky and XPRIZE Partner Innovative Carbon Removal Solutions
Along with the new funding, the company has added two prominent independent board members:
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“Never before have I seen an industry in its infancy with so many tailwinds, capital infusions, and Fortune 500 and government buy-in. We’re committed to making Canada the carbon removal capital of the world.” – Deep Sky CEO Damien Steel
“Deep Sky is attacking the massive challenge of scaling carbon removal to a level that can make an immediate impact. We have full confidence in their ability to scale a successful company that helps tackle the climate crisis.” – Sophie Forest, Partner at lead investor Brightspark Ventures
Deep Sky aims to become the world’s first gigaton-scale carbon removal company.
Their goal is to permanently remove and store billions of tons of carbon from the atmosphere underground.
The company brings together the most promising direct air capture and ocean capture technologies under one roof.
This allows the company to supply large volumes of high-quality carbon credits to the market and commercialize carbon removal solutions.
Their facilities will be powered by renewable energy and located in Quebec – a region with abundant hydroelectric power and geography suitable for carbon capture and storage.
With C$75M in new Series A funding, Deep Sky is poised to rapidly scale up gigaton-level carbon removal in Canada.
Their ambitious goals combined with support from major investors signals exciting progress in the fight against climate change.
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