News Summary

Dartmouth, N.S.-based cleantech startup Planetary Technologies has won nearly $1.4 million CAD from the Elon Musk-funded XPrize competition for its innovative ocean-based CO2 removal system. The company emerged victorious among more than 1,300 competitors with its Ocean Carbon Platform, which enhances ocean alkalinity using magnesium hydroxide to neutralize acidic CO2 and convert it into a stable salt. This method promises to store CO2 for 100,000 years while supporting marine life and employs a verified monitoring protocol. Planetary, co-founded by Mike Kelland and Greg Rau in 2019, has raised $7.8 million CAD in funding and counts Shopify, Stripe, and Frontier among its clients. The startup’s recent accolade follows its recognition on the 2022 Foresight 50 list of Canada’s most investable cleantech firms.