Bill Gates' Climate Solutions Fund Invests $40 Million in Canadian Carbon Removal Startup Deep Sky

Deep Sky, a Canadian carbon removal project developer, has just received a funding commitment 40 million USD TU Breakthrough Energy Catalyst, a climate solutions initiative founded by Bill Gates. The funding will be used to build the facility Deep Sky Alpha, the company's first direct air carbon capture (DAC) plant.

Founded in 2022 in Montreal, Deep Sky develops carbon removal projects using a variety of methods such as DAC , and carbon capture from the ocean, aiming to remove billions of tons of carbon from the atmosphere and store it permanently underground.

Deep Sky Alpha Project, located in Alberta, will use renewable energy to operate and deploy 10 advanced DAC technologies. These technologies will be tested and optimized before being deployed at commercial scale. The project is expected to be operational in spring 2025, with the capacity to store CO2 2 km underground.

Damien Steel, CEO of Deep Sky, said:
“The support from Breakthrough Energy Catalyst is a significant milestone for our company and the DAC industry. This funding not only brings Deep Sky closer to its ambitious goals, but also brings valuable expertise to build large-scale projects.”

Breakthrough Energy Catalyst, established in 2021, is a public-private partnership network focused on investing in innovative climate technologies to achieve the goal of net zero by 2050. Focus technology areas include DAC, green hydrogen, long-term energy storage and sustainable aviation fuels.

Project Deep Sky Alpha is Catalyst's first investment in both Canada and technology DAC, with Canada chosen for its abundant resources such as hydropower, wind energy potential and suitable geology.

Mario Fernandez placeholder image, Director of Breakthrough Energy Catalyst, shares:
“We are proud to support Deep Sky Alpha, which offers a unique opportunity to test and scale DAC technologies while providing a long-term carbon removal solution. Innovations from the Deep Sky platform can help reduce costs and make DAC technology more viable.”