Deep Sky, a Quebec-based carbon removal project developer, announced that it has received a $40 million grant commitment from Breakthrough Energy Catalyst. The funds, which is subject to the satisfaction of funding conditions, will be allocated to the construction of Deep Sky Alpha (formerly Deep Sky Labs) and its associated research and testing of direct air capture (DAC) technologies.
Deep Sky Alpha will deploy multiple DAC technologies to test and identify the most promising technologies as part of Deep Sky’s aggressive initiative to lower the cost of large-scale commercial carbon removal. And this marks Catalyst’s first-ever investment in a Canadian and Direct Air Capture (DAC) project.
The Catalyst program also funds large demonstration projects and invests in first-of-a-kind commercial projects that use emerging climate technologies. And it prioritizes projects with high-impact and scalable climate tech that need additional capital to reach commercial scale. Alpha is Deep Sky’s first facility scheduled to be operational and deliver carbon removal credits by spring 2025.
With this grant commitment, Catalyst supports Deep Sky’s efforts to build large-scale carbon removal and storage infrastructure in Canada. As a project developer, Deep Sky is working to bring together the most promising direct air and ocean capture technologies to accelerate the delivery of carbon removal credits to the market. Powered by renewable energy, Deep Sky’s facilities are strategically based in Canada, a region with all of the natural resources to become a world leader in carbon removal. Hydroelectric power, wind power potential, and a rich geological makeup make it ideal for engineered carbon removal and storage.
KEY QUOTES:
“Securing support from Breakthrough Energy Catalyst marks another milestone for our company and for the DAC industry. The financial backing from Breakthrough Energy Catalyst will play a crucial role in helping Deep Sky realize its ambitious goals. However, the partnership with Breakthrough Energy Catalyst and their expertise into what it takes to build projects at scale has already been transformative to Deep Sky.”
“In 2025, Deep Sky will deliver on our promise to rapidly scale carbon removals, and we remain unapologetically ambitious as we look to the future.”
– Damien Steel, Deep Sky CEO
“We’re proud to support Deep Sky Alpha because it offers a unique opportunity to demonstrate several direct air capture technologies and gain a deeper understanding of their potential to lower costs and scale – all while delivering permanent carbon removal. The world will ultimately need many approaches to carbon removal at prices far lower than is achievable today, but Deep Sky’s platform will enable and accelerate the kind of real-world innovation that could make affordable DAC achievable.”
– Mario Fernandez, Head of Breakthrough Energy Catalyst
