Halifax-based ocean tech startup Planetary Technologies has closed $11.4 million USD ($15.8 million CAD) in Series A funding to fuel its efforts to fight climate change by alkalizing the ocean.
The all-equity, all-primary round was led by cleantech-focused venture firm Evok Innovations, with participation from BDC Capital, Amplify Capital, DNX Ventures, and Iconiq Capital. This latest round brings Planetary’s total funding to more than $22 million CAD.
“We are building a foundation that will allow us to achieve our vision of protecting and restoring both the ocean and climate for generations.”
Founded in 2019, Planetary wants to contribute to the reduction of carbon dioxide (CO₂) in the Earth’s atmosphere through a process called ocean alkalinity enhancement.
The process involves adding alkaline substances to seawater to increase its capacity to absorb and store carbon dioxide in order to both mitigate ocean acidification and enhance the ocean’s ability to act as a carbon storage system.
According to the Smithsonian Institution, roughly one-quarter of carbon emissions dissolve in the ocean. Planetary claims its process mimics natural processes that have regulated atmospheric CO₂ for millions of years. Its product, The Ocean Carbon Platform, adds controlled doses of alkalinity to outfalls—where rivers or sewers meet the sea—and monitors the process for safety.
“Planetary’s approach, rooted in science and community engagement, represents a significant step toward enhancing marine remediation and natural carbon removal processes,” Jane Kearns, partner at Evok Innovations, said in a statement.
The startup is led by CEO and co-founder Mike Kelland, a software entrepreneur who partnered with climate tech engineer and Planetary co-founder Brock Battochio. The duo then partnered with now-senior scientist at Planetary Greg Rau, who has spent over two decades researching CO₂ removal.
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In 2022, Planetary closed its pre-seed and seed funding rounds totalling $7.8 million CAD. Later that year, the company conducted its first small-scale test, adding alkalinity to the ocean and monitoring the effects in the United Kingdom. This year, Planetary was named among 20 finalists for the XPRIZE Carbon Removal competition.
The company plans to use the new funding to expand pilot projects and scale operations.
“We’re most excited by the strong alignment that these investors have with our mission,” Kelland said in a statement.
Feature image courtesy Unsplash. Photo by Marek Okon.