Montreal-based carbon removal project developer Deep Sky has secured a CAD 2.5 million (US$ 1.8 million) investment from two of Canada’s top financial institutions, National Bank of Canada and BMO. The funding highlights the banks’ commitment to supporting Deep Sky’s efforts to develop carbon removal infrastructure.
The new capital will be used for project exploration and planning of future commercial sites in Québec. This includes ongoing research on in situ mineralisation at Thetford Mines and geological surveys for sedimentary storage in Bécancour, Québec. The province’s abundant renewable energy, skilled mining workforce, and favorable geological conditions make it an ideal location for carbon removal infrastructure.
“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, Deep Sky CEO. “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,” he added.
“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, National Bank of Canada.
Deep Sky is focused on developing large-scale carbon removal and storage infrastructure across Canada, with initial projects in Alberta and Québec. The company is working to commercialise the most promising carbon dioxide removal (CDR) and sequestration technologies, which are crucial for achieving net-zero emissions and mitigating climate change impacts.