Planetary Technologies Secures $11.35 Million in Series A Funding to Accelerate Carbon Removal Initiatives

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Oct 24, 2024, 08:00 ET

HALIFAX, NS, Oct. 24, 2024 /PRNewswire/ - Planetary Technologies, a leader in ocean-based climate solutions, has completed its Series A funding round, raising $11.35 million USD.

Led by Evok Innovations, the round includes new investors BDC Capital, Amplify Capital, DNX Ventures, and Iconiq Capital. These funds will support Planetary's mission to enhance the ocean's natural ability to fight climate change through carbon removal and storage.

"We're most excited by the strong alignment that these investors have with our mission," said 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 uses ocean alkalinity enhancement (OAE) to remove carbon dioxide from the atmosphere. Roughly 25% of CO₂ emissions dissolve into the ocean, increasing acidity. Planetary's process restores coastal environments, helping the ocean remove carbon more efficiently. This method mimics natural processes that have regulated atmospheric CO₂ for millions of years.

The new funding will allow Planetary to expand pilot projects, scale operations, and further demonstrate the safety and effectiveness of its technology. The company will continue collaborating with local communities, academic institutions, and regulatory bodies to ensure its solutions are both scientifically sound and sustainable.

"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 through ocean alkalinity enhancement. By enhancing the ocean's natural ability to absorb and store carbon, Planetary offers scalable solutions to climate change

SOURCE Planetary Technologies