December 15, 2023

Reflecting on the year, it’s incredible to see how far the carbon removal industry progressed. Canada introduced legislation for the Carbon Capture Utilization and Storage (CCUS) Investment Tax Credit (ITC). The United States passed the Inflation Reduction Act and pledged $3.5 billion to build four regional Direct Air Capture facilities in Texas and Louisiana. Monumental carbon offset purchases were made by Amazon, Microsoft, and Frontier. And, one of the largest oil companies purchased Canada’s largest Carbon Dioxide Removal (CDR) tech developer, Carbon Engineering.

Meanwhile, Deep Sky entered 2023 with a steadfast commitment to addressing the global climate crisis. We emerged from stealth mode, announced nearly a dozen Direct Air and Ocean capture partners for our Labs pilot site, raised $75M from leading Canadian investors, and doubled our team of scientists, geologists, engineers and business leaders. The capture team flew around the world to meet with the best and brightest tech and teams in CDR, attended our first COP28 conference in Dubai, and spoke to captivated audiences on multiple global stages. To say we’ve blitz scaled would be an understatement – but if you ask us, we’re simply racing to meet the urgency the climate crisis presents.

Our thesis is resonating – that the scientific models are too conservative and the climate crisis is more dire than initially realized. Our message is reverberating around the world within labs, board rooms and government chambers. To reverse climate change, we must remove every historic ton of CO2, which equals 1600 gigatons – approximately a $50 trillion industry. While ambitious entrepreneurs and promising CDR technologies are hitting the market, we still have a long road ahead to remove excess carbon dioxide and restore equilibrium to the carbon cycle. Here are our 3 goals for 2024:

1. Launch Deep Sky Labs. We’ll launch our Labs pilot facility, the world’s first carbon removal research and innovation center, making it operational by Summer 2024. It will feature 12 of the world’s leading DAC companies and 5 of the leading DOC companies.

2. Begin capturing carbon. Aim to capture up to 3,000 tons of carbon dioxide in our Labs facility in year one.

3. Providing access to the Federal CCUS ITC. Work with government and policy partners to usher in the passage of the Carbon Capture Utilization and Storage (CCUS) Investment Tax Credit (ITC) in all Canadian provinces so companies like Deep Sky can move the industry forward at a fast pace with the needed government support.

As we turn the page on 2023, Deep Sky stands poised for another year of innovation and impact. With ongoing research, partnerships, and a dedication to pushing the boundaries of the carbon removal industry, we’re more motivated than ever to make a lasting imprint on the global fight against climate change.