'Spotlight On Canada': Deep Sky's $40M DAC Hub Backed By Bill Gates Draws Global Carbon Tech Surge After Trump Fuels U.S. Climate Uncertainty
This surge in international demand, particularly from U.S.-based startups, follows renewed political uncertainty in the U.S. regarding federal support for climate initiatives, Reuters says. According to Deep Sky CEO Alex Petre, the shift in leadership in Washington has caused an unexpected wave of inquiries from American carbon tech developers now seeking more stable infrastructure abroad.
"The changes south of the border have actually meant that there is currently a spotlight on Canada," Petre told Reuters.
Don't Miss:
Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs —
GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved —
Deep Sky received a $40 million grant from Breakthrough Energy, the climate-focused investment firm founded by Bill Gates. According to Reuters, the funds were used to construct the Alpha facility, a pilot-scale site where up to 10 direct air capture companies can test, iterate, and optimize their technologies in real-world conditions.
Direct air capture differs from traditional carbon capture systems, which remove emissions directly from industrial smokestacks, Reuters says. DAC instead pulls carbon dioxide from ambient air, making it a key technology for addressing legacy emissions that are already in the atmosphere.
However, Reuters says that high costs and limited scalability have slowed widespread adoption. The largest existing DAC plant, located in Iceland, removes only 36,000 tonnes of carbon dioxide per year. The United Nations Intergovernmental Panel on Climate Change has projected that billions of tons may need to be removed annually by 2050 to meet climate goals.
Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market.
In the U.S., DAC development previously received strong support under the Biden administration, which committed over $1 billion in funding for new hubs in Texas and Louisiana. With President Donald Trump's return, those federal grants are now facing possible cancellation, prompting developers to explore alternatives in Canada, Reuters reports.
Deep Sky's test facility will begin capturing 3,000 tons of carbon dioxide annually starting this summer, laying the groundwork for the company's broader plan to develop a commercial-scale carbon removal operation in Canada, according to Reuters.
The energy sector's relationship with Ottawa appears to be entering a new phase. Reuters says that under former Prime Minister Justin Trudeau, oil and gas leaders often criticized federal policies for placing climate goals ahead of economic development, creating friction with provinces like Alberta.According to Reuters, new Prime Minister Mark Carney has signaled a more balanced approach, with his administration pledging to diversify Canada's energy export markets, particularly as trade tensions with the U.S., its largest customer, remain unresolved.
At a Calgary Chamber of Commerce event on May 23, new Natural Resources Minister Tim Hodgson delivered a message aimed squarely at Canada's western provinces. "In the new economy we are building, Canada will no longer be defined by delay, we will be defined by delivery," Hodgson said during his first public appearance in Alberta's corporate oil capital since joining Carney's cabinet, Reuters reports.
Petre said she believes Canada has the potential to lead in both conventional and clean energy production. 'There's lots of really interesting developments (in Canada) that seem to be on the table that I think will really help us,' Petre told Reuters.
Read Next: Here's what Americans think you need to be considered wealthy.
Image: Shutterstock
Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
APPLE (AAPL): Free Stock Analysis Report
This article 'Spotlight On Canada': Deep Sky's $40M DAC Hub Backed By Bill Gates Draws Global Carbon Tech Surge After Trump Fuels U.S. Climate Uncertainty originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Thinking of buying a cottage? You might want to think again: FP video
This week FP video takes a close look at Canada's housing market and explains why home prices aren't going to rise anytime soon and why you might want to rethink buying a cottage. Plus, how Canada's mining industry can capitalize on the energy transition and why U.S. investors are eyeing oil deals in Western Canada. Canada has potential to be global mining leader Monica Banting, national mining leader and partner at PwC Canada, talks with Financial Post's Larysa Harapyn about how the mining industry can attract new investment in Canada. Don't look for a home price spike any time soon: Royal LePage Phil Soper, chief executive of Royal LePage, talks about how Canada's housing market is faring. U.S. investors are quietly shopping for oil and gas deals in Western Canada A growing number of U.S. investors — and even some American producers — are quietly shopping for oil and gas deals in Canada, say industry insiders, as top-tier drilling prospects south of the border become harder to find. Why buying a cottage may not be a great idea Dreaming of a peaceful cottage escape? Rising costs and shifting work trends may turn that dream into a burden. With Ontario's economy cooling and the resale market stalling, it's time to think twice. Here are three reasons why buying a cottage might not be the best move right now. When can Canadians expect interest rate relief? FP video Why Trump's new tariffs will hurt the U.S. more than anybody else: FP Video Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Best CD rates today, August 2, 2025 (best account provides 5.5% APY)
Find out how much you could earn by locking in a high CD rate today. The Federal Reserve cut its federal funds rate three times in 2024, so now could be your last chance to lock in a competitive CD rate before rates fall further. CD rates vary widely across financial institutions, so it's important to ensure you're getting the best rate possible when shopping around for a CD. The following is a breakdown of CD rates today and where to find the best offers. Overview of CD rates today Generally, the best CD rates today are offered on shorter terms of around one year or less. Online banks and credit unions, in particular, offer the top CD rates. As of August 2, 2025, the highest CD rate is 5.5% APY, offered by Gainbridge® on its 5-year CD. There is a $1000 minimum opening deposit required. Here is a look at some of the best CD rates available today: This embedded content is not available in your region. How much interest can I earn with a CD? The amount of interest you can earn from a CD depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (CD interest typically compounds daily or monthly). Say you invest $1,000 in a one-year CD with 1.81% APY, and interest compounds monthly. At the end of that year, your balance would grow to $1,018.25 — your initial $1,000 deposit, plus $18.25 in interest. Now let's say you choose a one-year CD that offers 4% APY instead. In this case, your balance would grow to $1,040.74 over the same period, which includes $40.74 in interest. The more you deposit in a CD, the more you stand to earn. If we took our same example of a one-year CD at 4% APY, but deposit $10,000, your total balance when the CD matures would be $10,407.42, meaning you'd earn $407.42 in interest. Read more: What is a good CD rate? Types of CDs When choosing a CD, the interest rate is usually top of mind. However, the rate isn't the only factor you should consider. There are several types of CDs that offer different benefits, though you may need to accept a slightly lower interest rate in exchange for more flexibility. Here's a look at some of the common types of CDs you can consider beyond traditional CDs: Bump-up CD: This type of CD allows you to request a higher interest rate if your bank's rates go up during the account's term. However, you're usually allowed to "bump up" your rate just once. No-penalty CD: Also known as a liquid CD, type of CD gives you the option to withdraw your funds before maturity without paying a penalty. Jumbo CD: These CDs require a higher minimum deposit (usually $100,000 or more), and often offer higher interest rate in return. In today's CD rate environment, however, the difference between traditional and jumbo CD rates may not be much. Brokered CD: As the name suggests, these CDs are purchased through a brokerage rather than directly from a bank. Brokered CDs can sometimes offer higher rates or more flexible terms, but they also carry more risk and might not be FDIC-insured. This embedded content is not available in your region.
Gizmodo
an hour ago
- Gizmodo
‘Sleeping Giant' Fault Under Canada Shows Major Earthquake Potential
After 12 millennia of relative inactivity, a geologic fault that stretches across the territory of Yukon, Canada, and Alaska now appears capable of producing a major earthquake, according to a new study. The findings point to an underrecognized source of seismic hazard in northwestern Canada. Scientists previously believed that the Tintina fault, which extends roughly 620 miles (1,000 kilometers) from northeast British Columbia through the Yukon and Alaska, remained quiet for the last 40 million years. These new findings, published July 15 in the journal Geophysical Research Letters, challenge that theory. Using high-resolution topographic data, a team of researchers identified an 81-mile-long (130-kilometer-long) segment of the Tintina that produced multiple large earthquakes far more recently. The last one occurred about 12,000 years ago, and stress has been building on the fault ever since. When it ultimately ruptures, the quake could be powerful—potentially exceeding magnitude 7.5. Such a quake would threaten small Yukon communities situated near the Tintina, particularly Dawson City, home to over 1,500 people. Severe shaking could trigger landslides and damage near highways and mining infrastructure. Over the last 20 years, there have been a few small earthquakes of magnitude 3 to 4 along the Tintina, but no large ruptures, according to Finley. He and his colleagues set out to determine whether this fault is capable of producing larger quakes. 'In the last couple of years, there's been a much more widespread availability of high-resolution topographic data,' Finley told Gizmodo. His team used data collected from satellites, airplanes, and drones to scan the area near the Tintina for fault scarps. These features form when earthquakes rupture Earth's surface, serving as evidence of past quakes. The researchers found an 81-mile-long (130-kilometer-long) series of fault scarps passing within 12 miles (20 kilometers) of Dawson City. To determine the timing of the earthquakes that created them, they observed landforms left by glacial incursions that occurred 12,000, 132,000, and 2.6 million years ago. This revealed that the fault has produced multiple large earthquakes over the last 2.6 million years, likely slipping several meters each time. However, the 12,000-year-old landforms were not offset by the fault, indicating that there hasn't been a major rupture since then. Over these millennia, the Tintina has been accumulating strain at a rate of about 0.2 to 0.8 millimeters per year, according to the study. Based on this, Finley and his colleagues estimate that roughly 20 feet (6 meters) of total slip deficit have built up. Eventually, the building strain will cause the fault to rupture and potentially produce a major earthquake, Finley said. However, that does not mean this region is in immediate danger. 'Although large earthquakes can occur on this fault, they likely occur with many thousands of years between them,' Finley said. 'It's impossible to say, from our current understanding, whether one is imminent or thousands of years away.' Still, the possibility of a major Tintina quake warrants some reconsideration of the seismic hazard in Northwestern Canada. The nation's National Seismic Hazard Model (NSHM)—which informs seismic building codes and other engineering safety standards—does not currently recognize the Tintina as a discrete seismogenic fault source, according to a UVic release. Finley's findings will eventually be integrated into the NSHM and shared with local governments and emergency managers to improve earthquake preparedness. 'What our information does is refine the location of where some of the largest hazards would be in this seismic hazard model,' he said.
