Climate Insider Brief:
- TerraFixing Inc, a leader in cold climate direct air carbon capture (DAC) technology, has secured a $10 million CAD agreement with Tugliq Énergie Co for developing two DAC units in Northern Canada.
- This deal, the largest of its kind for cold climate DAC, is supported by a successful seed funding round of $1.6 million CAD.
- TerraFixing’s technology, developed by founder Dr. Sean Wilson, uses solid sorbent-based gas separations and benefits from renewable energy partnerships to support Northern Canada’s energy transition.
PRESS RELEASE – TerraFixing Inc, the leading innovator in very cold climate direct air carbon capture (DAC) technology, announces a commercial agreement valued at $10 million CAD ($7.34 million) from Tugliq Énergie Co for the development of two carbon capture units, to be deployed in the great Canadian North. This marks the largest such agreement for a direct air carbon capture (DAC) provider optimized for cold climates according to CDR.fyi, the most comprehensive database for tracking durable carbon dioxide removal (CDR) credits.
“We believe the Far North holds the key to a low carbon world, because the cold and wind provide optimum conditions for efficient DAC paired with wind power. This is why we’re developing climate hubs in the Far North, catalyzing the development of DAC, renewable energy, local storage and community partnerships,” said Dr Sean Wilson, Founder and CEO of TerraFixing.
Successful Seed Round and Strategic Partnerships
The commercial agreement is in tandem with the successful seed round funding of $1.6 million (CAD) ($1.17 million) closed May 1st 2024. The round was led by prominent angel investors Mr Laurent Abbatiello and Dr Pierre Rivard, founders of Tugliq.
The capital infusion from the seed round and the commercial agreement will accelerate the development and deployment of TerraFixing’s carbon capture units, including the 1,000 and 4,000 tonne per year models. Additionally, funds will support the expansion of TerraFixing’s team and facilitate the establishment of a new R&D lab space at the University of Ottawa.
The 1,000 tonne per year model is set to deploy in Fermont QC and has garnered substantial support, such as endorsements from the local community and mayor, and includes the pre-sale of carbon dioxide removal (CDR) credits from Klarna bank, the WRLD Foundation, and others.
“We are pleased and excited to join TerraFixing’s ground-breaking and lighthouse initiatives, which will be game changers for decarbonization through technologies tailored for the cold Canadian environment while enabling high-North economic diversification. In due time, TerraFixing’s DAC Arctic technology will offer a global hedge against the non-attainment of international commitments to abate global warming and GHG emissions,” said Dr Pierre Rivard, Founder of Tugliq Énergie Co.
Innovating DAC Technology for the Far North
As pioneers in DAC technology tailored for very cold climates, TerraFixing leverages the unique environmental conditions of these regions to enhance the efficiency and cost-effectiveness of carbon capture. Their technology not only addresses global carbon reduction goals but also catalyzes the electrification of Northern communities.
“DAC is one of the engineered CDR solutions receiving the most investment funds due to its nearly limitless potential. Globally, we require massive growth in all forms of durable CDR over the next 25 years to achieve our net-zero targets. DAC is an important component of that growth, and TerraFixing’s focus on cold-weather climes in particular helps strengthen the diversity of approaches,” said Alexander Rink, co-founder of CDR.fyi.
TerraFixing’s technology, coupled with Tugliq’s renewable energy, is enabling the energy transition in Northern Canada. TerraFixing’s novel and IP protected technology was invented by founder and CEO Dr Sean Wilson. Sean is a recognized global expert in solid sorbent-based gas separations and holds a PhD in Chemical Engineering. Dr Vida Gabriel, co-founder and COO, likewise a PhD graduate in Chemical Engineering, is a recent addition to Forbes’ 30 under 30 list, North America.
TerraFixing is also backed by the Canadian government, which provides a robust structure of incentives for DAC and renewable energy projects. TerraFixing has established a solid network of partners and attracted numerous funders who believe in their vision and impact potential.
“Canada has the potential to not only lead in carbon removal but to provide innovative technologies that could be exported across the world, and TerraFixing’s announcement supports that. We hope to see more projects like this in Canada, creating new jobs in rural and remote communities while helping to scale up a sector that is critical to meeting Canada’s net-zero targets,” said Na’im Merchant, Co-founder and Executive director of Carbon Removal Canada.
“These milestones are just the beginning of our journey here at TerraFixing. We are building DAC systems in the Far North, where space and strong wind is plentiful. We are excited about the potential of our technology to transform the landscape of DAC and make significant strides toward global sustainability,” said the company is its announcement.
To stay informed about the climate industry explore our latest climate news.
SOURCE: Carbon Herald
Featured Image: Credit: TerraFixing
