Deep Sky, a Montreal-based carbon removal project developer, has raised a total of CAD $75m in its Series A funding to support gigaton-scale carbon removal in Canada.
The round includes conversion of its $17.7m seed note and $57.5m in new capital co-led by Brightspark Ventures and Whitecap Venture Partners, with major participation from Investissement Québec ($25m), as a mandate of the government of Quebec, OMERS Ventures, and Business Development Bank of Canada (BDC)’s Climate Tech Fund.
The fresh capital will be used to begin planning and construction of its first commercial facility; grow the team; build corresponding carbon removal software for selling carbon credits; and fund its Alpha research facility, the world’s first carbon removal research center.
Alongside the fresh capital, Deep Sky has added two prominent independent board members, Annesley Wallace and Sam Duboc. Annesley Wallace is an Executive Vice President (EVP) at TC Energy, where she oversees the organization’s power generation and unregulated natural gas storage businesses, as well as corporate strategy, corporate development and capital allocation. Sam Duboc is President and CEO of Elkland Capital Inc., a family-owned investment firm with a portfolio covering health services, clean energy, marketing services and technology.
“Never before have I seen an industry in its infancy with so many tailwinds, capital infusions, and Fortune 500 and government buy-in,” said Damien Steel, Deep Sky CEO. “Our capital raise is about advancing the multi-trillion-dollar carbon removal industry and providing a platform everyone can benefit from. We’re committed to making Canada the carbon removal capital of the world and offering the highest quality carbon emission offsets.”
Deep Sky’s facilities are strategically located in Quebec, a region with an abundance of hydroelectric power, immense wind power potential and a vast territory with the rich geological makeup required for carbon capture.
