Royal Bank of Canada and Microsoft join forces with Canadian innovator Deep Sky to tackle climate change head-on, by inking a deal for the sale of 10,000 carbon removal credits.
Deep Sky Labs, a first-of-its-kind facility in Canada, becomes the central platform for accelerating the development of cost-effective and scalable Direct Air Capture (DAC) technologies.
Here, multiple DAC solutions will be rigorously tested and optimized for year-round performance in the Canadian climate. This crucial data, tracked by Deep Sky‘s proprietary software, will propel the advancement of DAC technology for both Deep Sky and the entire industry.
Eight cutting-edge DAC technologies will be deployed at Deep Sky Labs, leveraging renewable energy and permanent carbon storage. This comprehensive approach minimizes risks and accelerates industry growth, addressing the delays that have hindered past carbon removal projects.
Additionally, a single purchase of carbon removal credits allows buyers to contribute to the development of several promising DAC solutions simultaneously.
Relevant: Mission Zero And Deep Sky Working On New Tech To Remove Up To 1M Tonnes Of CO2 Annually
Deep Sky has meticulously selected its DAC partners, prioritizing air processing units with low energy intensity, simplicity, and scalability.
These partners include industry leaders like Airhive, Avnos, Phlair, Greenlyte, Mission Zero, NEG8 Carbon, Skyrenu, and Skytree. This collaboration brings together some of the world’s most innovative carbon removal technologies under one roof.
Investing in the Future
Damien Steel, Deep Sky CEO, commented on the announcement: “In a fragmented market, Deep Sky Labs acts as a focal point for investors, suppliers, customers and other partners who want a defined path to the best carbon removal technologies in the world.”
“This first group to invest catalytic capital in carbon removal gives us more confidence than ever that we can overcome humanity’s greatest challenge and reverse climate change.”
The collaboration between Deep Sky, Microsoft and the Royal Bank of Canada fosters green job creation in Innisfail, Alberta, the home of Deep Sky Labs.
This project promises to generate over $100 million in local investment over the next decade. Additionally, Deep Sky aims to expand its operations across Canada, creating even more jobs in the process.
Read more: Deep Sky Secures $1.8M From National Bank Of Canada And BMO
