Chestnut Carbon Secures $160 Million Funding to Enhance Carbon Removal Efforts
Chestnut Carbon, a prominent player in the field of nature-based carbon removal, has recently announced a significant funding milestone, successfully raising $160 million in Series B financing. This capital infusion aims to bolster its initiatives focused on afforestation and the sequestration of carbon.
The funds will empower Chestnut to expand its capacity to restore forests, as the company aims to up its game in developing sustainable ecosystems on marginal agricultural lands across the U.S. With this ambitious plan, Chestnut targets to sequester an estimated 100 million tons of carbon throughout the life of its Sustainable Restoration Project, thereby playing a crucial part in combating climate change.
Notably, the latest financing round saw participation from existing investors such as the Canada Pension Plan Investment Board and new investors including Cloverlay and DBL Partners, along with numerous institutional investors tied to Chestnut’s founding firm, Kimmeridge.
Since its inception in 2022, Chestnut Carbon’s mission has been to address the environmental challenges posed by carbon emissions through high-integrity, nature-based carbon offset solutions. "It is extremely rewarding to see what we have achieved since then, bringing a differentiated offering to the market," states Ben Dell, the CEO of Chestnut. He emphasizes that the Series B financing will enable them to enhance their offerings to cater to the increasing needs of sustainability-aware organizations.
The raised capital will be primarily used for several key components essential to the growth and efficiency of Chestnut's projects:
1. Land Acquisition: With the aim of accelerating project execution, Chestnut has already secured over 35,000 acres of underutilized agricultural and pasture land across six states: Arkansas, Louisiana, Alabama, Mississippi, Oklahoma, and Texas. This acquisition lays the groundwork for implementing their afforestation projects.
2. Technological Development: The company utilizes innovative data models to predict growth patterns based on species. By doing so, they ensure that the forests they develop consistently achieve the expected carbon removal credits. The investment will further enhance their proprietary data tools and patented technology aimed at streamlining processes relating to land acquisition, member enrollment, and carbon modeling.
3. Talent Acquisition: To uphold its commitment to excellence, Chestnut recognizes the necessity for continued investment in talent. Their expanding team is comprised of experts from diverse fields including forestry, carbon regulation, environmental science, finance, and land management.
"By investing in Chestnut, we are not just fostering a potential leader in carbon offset solutions but also creating numerous benefits for rural communities and contributing to the resilience of our land," shares Nancy Pfund, Founder and Managing Partner at DBL Partners.
The innovative framework provided by Chestnut is not only making strides in carbon removal solutions, but it is also aiming to create measurable positive impacts on the environment. Their efforts are highly commended by partners who believe that scaling this initiative will bring about significant advancements in sustainable practices.
As a leading developer of nature-based carbon removal credits, Chestnut Carbon focuses on creating highly verifiable forest carbon offsets to aid various industries in their transitions towards net-zero emissions. For more insights into their projects and initiatives, visit Chestnut Carbon's official site.
The funds will empower Chestnut to expand its capacity to restore forests, as the company aims to up its game in developing sustainable ecosystems on marginal agricultural lands across the U.S. With this ambitious plan, Chestnut targets to sequester an estimated 100 million tons of carbon throughout the life of its Sustainable Restoration Project, thereby playing a crucial part in combating climate change.
Notably, the latest financing round saw participation from existing investors such as the Canada Pension Plan Investment Board and new investors including Cloverlay and DBL Partners, along with numerous institutional investors tied to Chestnut’s founding firm, Kimmeridge.
Since its inception in 2022, Chestnut Carbon’s mission has been to address the environmental challenges posed by carbon emissions through high-integrity, nature-based carbon offset solutions. "It is extremely rewarding to see what we have achieved since then, bringing a differentiated offering to the market," states Ben Dell, the CEO of Chestnut. He emphasizes that the Series B financing will enable them to enhance their offerings to cater to the increasing needs of sustainability-aware organizations.
The raised capital will be primarily used for several key components essential to the growth and efficiency of Chestnut's projects:
1. Land Acquisition: With the aim of accelerating project execution, Chestnut has already secured over 35,000 acres of underutilized agricultural and pasture land across six states: Arkansas, Louisiana, Alabama, Mississippi, Oklahoma, and Texas. This acquisition lays the groundwork for implementing their afforestation projects.
2. Technological Development: The company utilizes innovative data models to predict growth patterns based on species. By doing so, they ensure that the forests they develop consistently achieve the expected carbon removal credits. The investment will further enhance their proprietary data tools and patented technology aimed at streamlining processes relating to land acquisition, member enrollment, and carbon modeling.
3. Talent Acquisition: To uphold its commitment to excellence, Chestnut recognizes the necessity for continued investment in talent. Their expanding team is comprised of experts from diverse fields including forestry, carbon regulation, environmental science, finance, and land management.
"By investing in Chestnut, we are not just fostering a potential leader in carbon offset solutions but also creating numerous benefits for rural communities and contributing to the resilience of our land," shares Nancy Pfund, Founder and Managing Partner at DBL Partners.
The innovative framework provided by Chestnut is not only making strides in carbon removal solutions, but it is also aiming to create measurable positive impacts on the environment. Their efforts are highly commended by partners who believe that scaling this initiative will bring about significant advancements in sustainable practices.
As a leading developer of nature-based carbon removal credits, Chestnut Carbon focuses on creating highly verifiable forest carbon offsets to aid various industries in their transitions towards net-zero emissions. For more insights into their projects and initiatives, visit Chestnut Carbon's official site.
Topics Environment）
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