A new Canadian startup is taking an ambitious approach to capturing and removing carbon.
What’s happening:
- Montreal based carbon removal startup Deep Sky Climate has raised $75M CAD in new funding
- The new financing round was led by Brightspark Ventures and Whitecap Venture Partners
- Other notable investors who participated in the round include the investment arm of the Quebec government and the Business Development Bank Of Canada’s Climate Tech Fund
The big idea:
- Deep Sky building large scale infrastructure that is capable of capturing significant amounts of carbon from the air and ocean with very low energy usage
- Located in Quebec, Deep Sky’s facilities are powered by renewable energy sources such as hydroelectric power and are purpose built to be as low emission as possible
Why it matters:
- Finding ways to not just lower emissions but actually removing carbon from the atmosphere permentantely is one of the most important areas of climate tech
- Many carbon capture and removal startups have recently been landing partnerships with large companies looking for ways to offset or reduce their emissions
Going deeper:
- This is one of the largest recent venture funding rounds for a Canadian based startup
- Deep Sky has partnered with the Canadian government and local communities in Quebec to collaborate on ensuring their facilities are optimized for accessing renewable power sources and cause minimal disruption to the surrounding areas
- Fred Lalonde is the co-founder of Deep Sky and currently leads travel company Hopper, which does approximately $7B in annual revenues
