Press Release: Planetary Technologies Secures $11.35 Million in Series A Funding to Accelerate Carbon Removal Initiatives
Halifax, Nova Scotia – 9/30/2024 – Planetary Technologies is proud to announce the successful completion of its Series A funding round, raising $11.35 million USD.
Led by Evok Innovations, this round also welcomes new investors BDC Capital, Amplify Capital, and DNX Ventures who will support Planetary’s mission to enhance the ocean’s natural ability to fight climate change through carbon dioxide removal and storage.
“We’re most excited by the strong alignment that these investors have with our mission,” says Mike Kelland, CEO of Planetary Technologies. “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.”
Scaling Planetary’s Vision to Protect the Oceans and the Climate
Planetary Technologies’ innovative approach leverages ocean alkalinity enhancement to remove carbon dioxide from the atmosphere. Roughly a quarter of the CO2 that’s added to the atmosphere each year dissolves directly into the ocean, which leads to increases in ocean acidity. Planetary’s process converts excess CO2 in seawater into bicarbonates, helping to restore acidified coastal environments and allowing the ocean to more effectively remove carbon from the atmosphere. This method mimics, and accelerates, natural processes that have been regulating atmospheric CO2 for millions of years.
This new funding will allow Planetary to expand on its successful pilot projects, incrementally scale its operations, and continue to demonstrate the safety and effectiveness of its technology. It will also enable Planetary to continue with its core focus of working closely with local communities, world-class academic institutions, and regulatory bodies to ensure that its solutions are not only scientifically sound, but also sustainable and community-focused.
“Evok Innovations is pleased to support Planetary Technologies in their mission to combat climate change through ocean-based solutions,” says Jane Kearns, Partner at Evok Innovations. “Planetary’s approach, rooted in science and community engagement, represents a significant step toward enhancing marine remediation & natural carbon removal processes. Evok values the Planetary team’s commitment to innovation and collaboration with local stakeholders, researchers and academic institutions, and we are excited to support their continued growth. We anticipate meaningful advancements in the near future, both for the company’s core business, and for marine carbon removal as a broader industry that will benefit from Planetary’s work”.
About Planetary Technologies
Planetary Technologies is a climate technology company focused on removing carbon from the atmosphere through ocean alkalinity enhancement. By enhancing the ocean’s existing natural ability to absorb and store carbon, Planetary aims to deliver scalable, long-term solutions to climate change. The company is committed to innovation and collaboration with scientific partners, industry leaders, and communities to create a cleaner, safer future for all.
For more information, please visit www.planetarytech.com or contact info@planetarytech.com
Editor’s Note: The original version of this press release posted on September 30, 2024 mistakenly listed ICONIQ Capital as an investor in this round. ICONIQ is not an investor in Planetary Technologies and the release has been corrected accordingly.
