• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Bill Gates’ firm grants $40 million to carbon-capture startup Deep Sky

by December 18, 2024
written by December 18, 2024

Investing.com — The clean-tech venture firm established by Bill Gates, Breakthrough Energy, has granted $40 million to carbon-capture startup Deep Sky Corp. The Montreal-based company aims to build large-scale facilities to remove carbon from the atmosphere, a crucial step in mitigating the risk of extreme climate change.

Deep Sky Corp., spearheaded by Frederic Lalonde, the CEO of Hopper Inc., plans to provide millions of tons of CO2 removal that will be stored underground. Hopper Inc. is an air-travel application company and one of Canada’s most valuable technology firms.

The funds from Breakthrough Energy’s Catalyst program will be allocated to construct Deep Sky’s first plant in Innisfail, Alberta. This facility, requiring an investment exceeding C$100 million ($70 million), will test and identify promising technologies, and then begin to expand. Additional potential storage projects are being planned in Quebec.

Deep Sky anticipates the start of operations and the delivery of carbon removal credits in 2025. In November, the firm announced it had sold credits to Microsoft Corp (NASDAQ:MSFT). and Royal Bank of Canada, although no financial details were disclosed.

In conjunction with Breakthrough, Deep Sky has raised over C$130 million from sources including the Bank of Montreal, National Bank of Canada (OTC:NTIOF), Whitecap Venture Partners, BrightSpark Ventures, the venture arm of Ontario Municipal Employees Retirement System, the Quebec government, and others. The startup has also formed partnerships with several direct-air capture companies like London-based Mission Zero Technologies Ltd. to test their technologies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Energy services sector downgraded at Barclays amid bearish oil macro setting
next post
NETGEAR stock jumps as U.S. considers ban on rival TP-Link routers

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Netherlands stocks higher at close of trade; AEX up 0.24%
    • Wells Fargo says best time to own Ollie’s Bargain passed, downgrades stock

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy