Halifax’s Planetary Technologies has announced the successful completion of its Series A funding round, raising USD $11.35 million to advance its pioneering work in ocean carbon dioxide removal and storage.
The round was led by Evok Innovations, with participation from new investors BDC Capital, Amplify Capital, and DNX Ventures, further bolstering the company’s mission to combat climate change.
CEO Mike Kelland expressed gratitude for the strong alignment of the new investors with Planetary’s goals, stating, “This round enables us to continue leading the way on responsible, science-led development of a critical climate technology. Together, we are building a foundation that will allow us to achieve our vision of protecting and restoring both the ocean and climate for generations.”
Planetary Technologies employs ocean alkalinity enhancement (OAE) to combat rising atmospheric CO₂ levels. The method mimics natural processes by converting excess CO₂ in seawater into bicarbonates, reducing ocean acidity while enhancing the ocean’s ability to absorb carbon. This dual approach addresses both atmospheric CO₂ levels and the environmental challenges of acidified coastal ecosystems.
The funding will support Planetary’s expansion of pilot projects and allow for a gradual scale-up of operations. Key priorities include continued collaboration with local communities, academic institutions, and regulatory bodies to ensure the safety, effectiveness, and sustainability of its technology.
In addition to its Series A funding, Planetary Technologies, in collaboration with Metro Vancouver, Ocean Networks Canada, and the University of British Columbia, has initiated a groundbreaking trial in the Strait of Georgia to assess the viability of OAE for large-scale carbon dioxide removal and ocean acidification mitigation.
Supported by $1.9 million in funding from the B.C. Centre for Innovation and Clean Energy (CICE), the trial’s total project value is approximately $3.9 million. The project aims to establish a regional OAE hub capable of achieving megatonne-scale CO₂ removal annually.
Jane Kearns, Partner at Evok Innovations, highlighted the importance of Planetary’s work: “Planetary’s approach, rooted in science and community engagement, represents a significant step toward enhancing marine remediation and natural carbon removal processes. We are excited to support their continued growth and anticipate meaningful advancements for both Planetary’s business and the broader industry.”
The trial in the Strait of Georgia further underscores Planetary’s commitment to leveraging OAE technology in addressing global climate goals. The collaboration with CICE and other partners marks a critical step in advancing scalable solutions that restore ocean health and mitigate global warming.
A Vision for the Future
The combination of Series A funding and regional initiatives positions Planetary Technologies as a leader in marine carbon removal. With science-driven innovation and a strong focus on collaboration, the company continues to push boundaries in its mission to protect and restore the planet for future generations.