Planetary Technologies, an ocean-based climate solutions provider, has completed its Series A funding round, raising USD$11.35 million.
Roughly 30% of CO2 emissions are absorbed by the ocean, which is the planet’s largest carbon sink. CO2 is acidic, causing the pH the ocean to change and threatening the health of the ocean and all that lives in it. The ocean has natural processes for restoring alkalinity, but those processes take a geological age. Planetary Technology partners with suppliers of antacids produced with a low carbon footprint to put into the ocean and restore alkalinity. The company said it selects antacids that are used extensively in wastewater and aquaculture and are naturally abundant in seawater, and tests them for impurities.
The new funding will allow Planetary to expand pilot projects, scale operations, and further demonstrate the safety and effectiveness of its technology. The company, founded in 2019, said it will continue collaborating with local communities, academic institutions, and regulatory bodies to ensure its solutions are both scientifically sound and sustainable.
“This round enables us to continue leading the way on responsible, science-led development of a critical climate technology,” said Mike Kelland, CEO of Planetary Technologies. “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.”
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.
“Planetary’s approach, rooted in science and community engagement, represents a significant step toward enhancing marine remediation & natural carbon removal processes,” said Jane Kearns, Partner at Evok Innovations. “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.”
