• Deep Sky secures CAD 2.5M from National Bank of Canada and BMO, Canada’s biggest banks.
• The investment will go towards carbon removal projects in Québec, especially in Thetford Mines and Bécancour, where the conditions are perfect for such infrastructure.

Deep Sky, a Montreal-based carbon removal company, has secured CAD 2.5M from Canada’s biggest banks, National Bank of Canada and BMO.

The new funding will be used for project exploration and commercial site planning across Québec. The research will focus on in situ mineralisation in Thetford Mines and geological assessments for sedimentary storage in Bécancour. Québec is well situated for such projects with access to cheap renewable energy, skilled mining labour and good geology.

“This is a major signal that two of Canada’s leading banks recognize carbon removal as a strategy to address climate change,” said Damien Steel, CEO of Deep Sky. “We hope this is the beginning of a trend to catalyze an influx of capital from financial institutions to this innovative technology that serves as one of our best chances of curbing global warming. National Bank of Canada and BMO are trailblazers who know we must act now.”

“At National Bank, we believe it’s important to support emerging technologies to effectively navigate the transition to a low-carbon economy. We are proud to support Deep Sky’s efforts in helping to tackle the climate crisis,” said Debby Cordeiro, Senior Vice-President, Communications, Public Affairs, and ESG at National Bank of Canada.

Deep Sky will develop large-scale carbon removal and storage infrastructure across Canada, starting with projects in Alberta and Québec. By combining carbon removal and sequestration technologies, Deep Sky will commercialise solutions that can get us to net zero and reduce the impacts of climate change.

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Source: Deep Sky