Montreal-based carbon removal project developer Deep Sky has successfully secured C$75 million (approx. US$54.7 million) in Series A funding to advance its gigaton-scale carbon removal initiatives in Canada.
The funding, a combination of a C$17.7 million seed note conversion and C$57.5 million in new capital, was co-led by Brightspark Ventures and Whitecap Venture Partners, with substantial contributions from Investissement Québec, OMERS Ventures, and the Climate Tech Fund of Business Development Bank of Canada (BDC).
The injection will be allocated towards the planning and construction of Deep Sky’s inaugural commercial facility, team expansion, the development of carbon removal software for carbon credit sales, and the support of its Alpha research facility, the first carbon removal research center in the world, according to the company.
Parallel with the announcement of the funding on Thursday, Deep Sky also welcomed Annesley Wallace and Sam Duboc as independent board members.
Annesley Wallace, currently Executive Vice President at TC Energy (NYSE: TRP), brings extensive experience in overseeing power generation and unregulated natural gas storage businesses.
Sam Duboc, President and CEO of Elkland Capital Inc, adds valuable insights with a background in leading investment firms and serving as the former Chair & CEO of MindBeacon.
Deep Sky’s CEO, Damien Steel, expressed enthusiasm for the industry’s potential and confirmed the company’s commitment to positioning Canada as a global carbon removal hub.
Sophie Forest, Partner at Brightspark Ventures, lauded Deep Sky’s dedication to addressing the urgent climate crisis, highlighting the trust built over a 17-year history with founder Frederic Lalonde.
Shayn Diamond, Partner at Whitecap Venture Partners, emphasized the critical importance of supporting founders who actively confront climate change challenges.
Deep Sky’s approach combines promising direct air and ocean capture technologies, all powered by renewable energy.
Strategically located in Quebec, Canada’s largest province by area, the company benefits from the region’s abundant hydroelectric and wind power resources, as well as a geological makeup conducive to carbon capture.