Gigablue Signs Landmark Ocean Carbon-Removal Deal

Gigablue, a New York City-based startup aiming to use the world’s oceans to capture ambient carbon from the air, has signed a landmark agreement with SkiesFifty, a London-based investor in sustainable aviation technology, to remove 200,000 tons of carbon. This agreement is touted as the largest ocean-based carbon removal deal to date. The process employed by Gigablue involves releasing particles into the ocean that attract and multiply phytoplankton, which absorb carbon. As the plankton settle, they trap the carbon at the ocean floor. Gigablue's strategy targets high-volume deals, focusing on sectors that are hard to decarbonize. The startup’s agreement with SkiesFifty, a sustainable aviation investor, marks its first publicly announced deal. Other similarly large scale carbon removal deals have been executed, involving significant players in the industry, although some ventures, like Running Tide, have bowed out due to market challenges. Gigablue has raised $10 million in funding, including a notable $7.5 million seed round led by At One Ventures. Moving forward, the company plans to rely less on venture capital and more on non-dilutive financing and offtake agreements.