Brazilian carbon removal company Mombak has secured the first close of a new reforestation fund and has signed a multiyear purchase agreement with Salesforce (NYSE: CRM), expanding its financing and customer base as it scales projects in the Amazon.
Mombak’s Amazon Reforestation Fund II is targeting $150 million to finance restoration projects in the Brazilian Amazon. The fund will also have access to a credit line of 200 million real (around $39 million) from Brazil’s Climate Fund, operated by state development bank BNDES.
The fundraising follows Mombak’s first $120 million fund, which financed restoration across 15 Amazon farms. The company has planted nearly 15 million native trees through those projects and expects to issue about 80,000 metric tons of reforestation carbon removal credits by the end of 2026.
Carbon Buyers Expand Beyond Technology Companies
Salesforce becomes the latest major technology company to sign a carbon removal offtake agreement with Mombak, joining Google and Microsoft. McLaren Racing is also among the company’s buyers.
Mombak’s second fund reflects growing confidence that demand for carbon removals can expand beyond the technology industry.
The company is raising another fund after demonstrating that “there is a business, there is an industry and there is a market for this product,” CEO Gabriel Silva told Reuters.
Relevant: Mombak Delivers Amazon Reforestation Credits Two Years Ahead Of Schedule
BNDES and Mombak expect buyers from sectors such as oil, mining and steelmaking to become increasingly active in the market.
The bank has been approached by industries that previously showed less interest in carbon credits, Tereza Campello, BNDES’s socio-environmental director, was quoted as saying by Reuters.
Mombak’s new fundraising comes after its first issuance of reforestation carbon removal credits earlier this year, with a larger issuance planned before year-end.
