Planetary Technologies has raised nearly $8 million in seed funding as it vies for tens of millions of dollars in prize money in a green-technology competition backed by Elon Musk.
‘Antacid for the ocean’: Ottawa-born cleantech firm foresees lucrative future for carbon-capture system
Invest Ottawa-based firm's patented technology that collects carbon dioxide and converts it into a valuable mineral compound is expected to be ready for market later this year.
Ottawa firm has pledged to invest a minimum of $5 million a year to combat climate change through its sustainability fund.
Firm launched in 2019, which uses renewable electricity to split ocean water molecules into hydrogen and oxygen, recently signed Shopify as its first customer.
E-commerce giant will pay Planetary Hydrogen to remove carbon dioxide from the air while helping to fund company's groundbreaking research.
Planetary Hydrogen’s system that scrubs carbon dioxide from the atmosphere and creates hydrogen – a potential "fuel of the future" – as a byproduct is capturing the attention of cleantech investors.