News Summary

Nature-based carbon removal startup Chestnut Carbon has successfully raised $160 million in a Series B financing round. This funding aims to further the company’s mission of transforming marginal and degraded farmland into forests, thereby generating valuable carbon credits. The investment was led by the Canada Pension Plan Investment Board, Cloverlay, and DBL Partners, among others. Chestnut Carbon plans to expand its current holdings beyond the 35,000 acres it already owns in the southeastern United States, with a target of increasing its carbon credit capacity to 100 million metric tons by 2030. The startup’s innovative approach caught the attention of Microsoft, which recently purchased 7 million carbon credits in a deal that promises to rehabilitate 60,000 acres in Arkansas, Louisiana, and Texas. With the new funding, Chestnut Carbon is poised to significantly impact the carbon credit market and contribute to global carbon reduction efforts.