Canadian carbon removal project developer Deep Sky has received $1.8 million (C$2.5 million) in funding from the National Bank of Canada and BMO.
Deep Sky, known for their commitment to creating solutions aimed at removing gigatons of carbon from the atmosphere, translated this financial support as a positive sign for the industrial adoption of carbon removal technologies in Canada.
Damien Steel, Deep Sky’s CEO, commented, “This is a major signal that two of Canada’s leading banks recognize carbon removal as a strategy to address climate change.”
“We hope this is the beginning of a trend to catalyze an influx of capital from financial institutions to this innovative technology that serves as one of our best chances of curbing global warming. National Bank of Canada and BMO are trailblazers who know we must act now.”
The Quebec-based company is on a mission to set up a network of large-scale DAC and direct ocean capture (DOC) projects across Canada that will remove gigatons of carbon from the atmosphere and permanently store it underground.
So far, Deep Sky has announced four projects. Two of them are located in Quebec, including a sequestration project in Bécancour and a sequestration via mineralization project in Thetford Mines.
The company is also developing a controversial carbon removal innovation and commercialization center in Alberta called Deep Sky Labs. The learnings from the innovation center will serve for establishing their first commercial facility, Deep Sky One.
Relevant: Deep Sky Launches First CO2 Mineralization Storage Project with Carbfix
With the financial support from National Bank and BMO, Deep Sky will continue exploring project sites, including ongoing research on mineralization in Thetford Mines and geological surveys for sedimentary storage in Bécancour, Québec.
They will also work on clarifying details and laying the foundations for the planned commercial site in Quebec.
On behalf of the National Bank of Canada, Senior Vice President, Communications, Public Affairs, and ESG Debby Cordeiro shared that they find it important to support emerging technologies to effectively navigate the transition to a low-carbon economy.
She added, “We are proud to support Deep Sky’s efforts in helping to tackle the climate crisis.”
Read more: Innisfail Residents Challenge Deep Sky Plans In Recent Council Meeting
