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.
Deep Sky’s Series A Funding Round
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:
- Begin planning and building its first commercial carbon removal facility
- Grow the team
- Develop software for selling carbon credits
- Fund its Alpha research facility focused on carbon removal R&D
Additions to Deep Sky’s Board of Directors
Along with the new funding, the company has added two prominent independent board members:
- Annesley Wallace: Executive VP at TC Energy overseeing power generation, corporate strategy, and more. Formerly EVP and Global Head of Infrastructure at OMERS.
- Sam Duboc: President and CEO of Elkland Capital Inc. Formerly Chair & CEO of MindBeacon and co-founder/CEO of private equity firm EdgeStone Capital Partners.
Deep Sky’s Potential and Mission
“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
About Deep Sky’s Gigaton-Scale Carbon Removal Plans
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.
The Bottom Line
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.