National Bank of Canada and BMO back Deep Sky's efforts to develop large-scale carbon removal solutions
Deep Sky, a Montreal-based carbon removal project developer, has received a $2.5m investment from National Bank of Canada and BMO.
This funding supports Deep Sky’s development of carbon removal infrastructure, including exploration for future commercial sites in Québec. The company is currently conducting research on in situ mineralization in Thetford Mines and geological surveys for sedimentary storage in Bécancour, Québec.
Québec is considered an ideal location for carbon removal infrastructure, thanks to its affordable renewable electricity, skilled mining workforce, and favourable geological conditions.
“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.”
Debby Cordeiro, senior vice-president of Communications, Public Affairs and ESG at National Bank of Canada, emphasized the bank's support for emerging technologies, “At National Bank, we believe it's important to support emerging technologies to effectively navigate the transition to a low-carbon economy.”
Deep Sky is focused on building large-scale carbon removal and storage infrastructure in Canada, with initial projects in Alberta and Québec. The company aims to commercialize the most promising carbon dioxide removal and sequestration technologies to scale.
High-quality carbon dioxide removal (CDR) is critical to achieving net-zero emissions and addressing the global climate crisis.
