Montreal-based carbon removal project developer Deep Sky has gained significant backing from two of Canada’s top financial institutions.
National Bank of Canada and BMO have collectively invested $2.5 million in Deep Sky’s ambitious carbon removal infrastructure initiatives, reinforcing the importance of scalable, high-quality carbon dioxide removal (CDR) in tackling climate change.
The investment is earmarked for critical exploration and planning activities across Québec, including geological surveys in Bécancour and in situ mineralization research in Thetford Mines. These locations are ideally suited for carbon removal infrastructure, thanks to Québec’s low-cost renewable energy resources, a highly skilled mining workforce, and supportive 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 Deep Sky CEO Damien Steel. “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.”
Debby Cordeiro, Senior Vice-President, Communications, Public Affairs and ESG at National Bank of Canada, echoed the sentiment, stating, “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.”
Deep Sky’s vision involves constructing large-scale CDR and storage sites across Canada, with initial projects focused in Alberta and Québec. By uniting promising technologies for CO₂ removal and storage, Deep Sky aims to pioneer infrastructure essential for achieving net-zero emissions and reducing the impacts of global warming.
Deep Sky announced earlier this year that it plans to build the world’s first carbon removal innovation and commercialization centre in Alberta.