Chestnut Carbon, a developer of nature-based carbon removal projects, has raised $160 million in a Series B funding round to expand its afforestation efforts across the United States. The investment aims to support the sequestration of an estimated 100 million tonnes of carbon through the company’s Sustainable Restoration Project.
The funding round included participation from existing investor Canada Pension Plan Investment Board, along with new backers Cloverlay and DBL Partners. Additional contributions came from university endowments, family offices, funds of funds, and other institutional investors linked to Chestnut’s founding firm, Kimmeridge.
Chestnut focuses on converting marginal farmland and pastureland into new forests, with an emphasis on creating long-term ecosystems and associated environmental benefits. The Sustainable Restoration Project produces Gold Standard®-verified carbon credits designed to support businesses committed to reducing emissions and achieving net-zero targets.
The newly raised capital will be directed towards several key areas, including land acquisitions, technological advancements, and workforce expansion. Since its inception in 2022, Chestnut has secured over 35,000 acres of underutilised agricultural land across Arkansas, Louisiana, Alabama, Mississippi, Oklahoma, and Texas.
The company also employs data-driven modelling to optimise forest growth and ensure the delivery of carbon removal credits. Further investment in technology is expected to enhance efficiency in land acquisition, forest inventory management, and carbon credit validation.
Nancy Pfund, Founder and Managing Partner at DBL Partners, described the investment as an opportunity to support high-quality carbon offset projects while delivering economic and environmental benefits to rural communities.
Kendra Corbett, Partner at Cloverlay, highlighted Chestnut’s role in advancing carbon removal solutions, stating that its measurable environmental impact is contributing to a more sustainable future.
