MONTRÉAL, Sept. 12, 2024 /CNW/ -- Deep Sky, the Montreal-based carbon removal project developer, has secured investment from two of Canada's preeminent financial institutions. National Bank of Canada and BMO have collectively invested $2.5M CAD, demonstrating their support of Deep Sky's development of carbon removal infrastructure.
The fresh capital will be used for project exploration and future commercial site planning in Québec, including ongoing research on in situ mineralization in Thetford Mines and geological surveys for sedimentary storage in Bécancour, Québec. The province of Québec remains ideally positioned for carbon removal infrastructure projects, benefiting from affordable renewable electricity, experienced mining workforce and favorable 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. 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, National Bank of Canada.
Deep Sky is working to build large-scale carbon removal and storage infrastructure in Canada, with initial sites in Alberta and Québec. As a project developer, the company is bringing together the most promising carbon dioxide removal and sequestration technologies to commercialize solutions at scale. High-quality CDR is essential for achieving net zero emissions goals and mitigating the impacts of climate change.
About Deep Sky
Montreal-based Deep Sky is the world's first tech-agnostic carbon removal project developer aiming to remove gigatons of carbon from the atmosphere and permanently store it underground. As a project developer, Deep Sky brings together the most promising direct air and ocean carbon capture companies under one roof to bring the largest supply of high quality carbon credits to the market, commercializing and catalyzing carbon removal and storage solutions like never before. With $75M in funding, Deep Sky is backed by world class investors including Investissement Québec, Brightspark Ventures, Whitecap Venture Partners, OMERS Ventures, BDC Climate Fund, and more. For more information, visit deepskyclimate.com.
About National Bank of Canada
With $454 billion in assets as of July 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
SOURCE Deep Sky
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/12/c0144.html