Planetary Technologies, a Dartmouth, Canada-based carbon removal company, raised $7.8M in funding.
Planetary closed pre-seed and seed funding rounds at $4.2m and received $3.6m CAD through grant funding. Major investors include Innovacorp and Apollo Projects. The rounds were led by Innovacorp and Apollo Projects.
The company intends to use the funds to build pilot facilities to deploy its proprietary carbon transition technology.
Led by CEO Mike Kelland and Brock Battochio, Planetary provides the Accelerated Carbon Transition platform, which speeds up the earth’s natural process of removing carbon from the air and safely storing it in the ocean, the largest natural carbon sink on earth’s surface. Its patented process creates effective carbon removal at a gigaton-scale and reduces emissions through a clean alternative to fossil fuels. The process also creates green hydrogen as a by-product, which can be burned without carbon emissions, allowing carbon challenged industries to limit their use of fossil fuel. It also extracts metals from mine waste that can be used in batteries, another important tool for a future low-carbon economy.
Planetary is currently selling 3,000 carbon credits with retirement dates of 2025-2027.
FinSMEs
21/03/2022