Investing.com — Breakthrough Energy, the clean technology venture capital firm founded by Bill Gates, has granted $40 million to carbon capture startup Deep Sky Corp. The Montreal-based company aims to build plants on a large scale to remove carbon from the atmosphere, a crucial step to mitigate the risk of extreme climate change.
Deep Sky Corp., led by Frederic Lalonde, CEO of Hopper Inc., plans to provide millions of tons of CO2 removal that will be stored underground. Hopper Inc. is an air travel applications company and one of the most valued technology companies in Canada.
Funds from Breakthrough Energy’s Catalyst program will go towards the construction of Deep Sky’s first facility in Innisfail, Alberta. This facility, which requires an investment of more than C$100 million ($70 million), will test and identify promising technologies, and then begin to expand. Further potential storage projects are being planned in Quebec.
Deep Sky expects to begin operations and deliver carbon removal credits in 2025. In November, the company announced that it had sold credits to Microsoft Corp (NASDAQ:). and Royal Bank of Canada, although no financial details were disclosed.
In partnership with Breakthrough, Deep Sky has raised more than C$130 million from sources including Bank of Montreal, National Bank of Canada, Whitecap Venture Partners, BrightSpark Ventures, the venture capital arm of Ontario Municipal Employees Retirement System, the government of Quebec and others. The startup has also partnered with several direct air capture companies such as London-based Mission Zero Technologies Ltd. to test their technologies.
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