Exterra Carbon Solutions Raises $20M Series A to Transform Mining Waste into Low-Carbon Critical Minerals & CO2 Sequestration Français
MONTRÉAL, May 6, 2025 /CNW/ - Exterra Carbon Solutions (Exterra), a Canadian cleantech innovator transforming legacy mining waste into high-value, sustainable materials, today announced the closing of a CAD $20 million Series A financing round. The round was co-led by Clean Energy Ventures and BDC Capital, with the participation of the Government of Quebec, Investissement Quebec, MOL Switch, and Kinetics, a Karpowership initiative. This financing will enable Exterra to accelerate the integration of the mining industry into the circular economy and bring its total raised investment to CAD $32 million.
Exterra's commercialization strategy centres on its upcoming Hub I project, scheduled to begin construction in 2027, in Quebec. Hub I will become the world's largest asbestos mitigation plant, with an annual capacity to process over 300,000 tonnes of asbestos mine tailings (AMT) annually. The facility will fully destroy any remaining asbestos fibres and enable the rehabilitation of mining sites. The company has derisked its technologies through pre-commercial pilot operations in Val-des-Sources, Quebec, and aims to be the first company globally to commercialize carbon-neutral mineral production from mine tailings.
After the inauguration of Hub I, which is set to become one of the largest mine residue valorization initiatives in North America, Exterra aims to integrate key pieces of its technologies into larger-scale mining and mineral processing applications internationally. This includes areas such as acid recycling, mineralization of emissions, and beyond.
The Dual Core of Exterra's Waste-to-Value Processes
Exterra's technology platform consists of two distinct yet complementary processes: the Low-carbon Oxide from Waste (LOW TM) process produces low-carbon metal oxides (like magnesium oxide) alongside valuable by-products; and the Reactive Oxide to Carbonate (ROC TM) process leverages these low-carbon oxides to permanently mineralize CO₂ in a single step, without the need for carbon capture, creating substantial market opportunities. These breakthrough technologies are the first to produce carbon-neutral magnesium oxide by converting AMT into valuable minerals.
Leveraging Quebec's low-carbon hydroelectric grid, Exterra's process also generates high-demand co-products including nickel concentrate used for batteries in electric vehicles and amorphous silica used for low-carbon building materials. With a regional supply capacity of up to 800 million tonnes of AMT, the Province has the potential to become the leading producer of advanced battery materials for electric vehicles derived from mine tailings, thereby developing one of the shortest nickel supply chains for transportation electrification.
A recent pre-purchase agreement with Frontier Climate for carbon removal applications further validates the market potential of Exterra's low-carbon magnesium oxide, demonstrating a compelling story of environmental benefit and financial value.
Exterra's strategic partnerships further underscore its market-leading approach. Its collaboration with BASF, Énergir, WSP, and Winsome Resources aims to accelerate technology adoption and bolster business opportunities in carbon mineralization. As part of this financing round, Clean Energy Venture and BDC Capital will gain seats on Exterra's board of directors.
Quotes
"Exterra pioneers a revolutionary approach to transforming mining waste into valuable low-carbon products and solutions. With this funding, we'll accelerate commercializing our dual-pronged platform that valorizes over 90% of minerals from asbestos residues while creating one of the shortest nickel supply chains for EV electrification in North America. This Series A marks a pivotal moment as we move toward commercial operations and demonstrates how mining can enable an equitable, sustainable net-zero future." — Olivier Dufresne, CEO of Exterra.
"Exterra represents the future of responsible circular resource utilization. It's rare to see a process like Exterra's which can transform environmental liabilities into valuable assets through an innovative, scalable technology replicable globally. Along with our co-investors, we are excited to support the company's growth as they scale this critical technology." — Daniel Goldman, Co-Founder and Managing Partner at Clean Energy Ventures.
"Finding new ways to mine critical minerals is essential to the energy transition. Exterra's technology converts asbestos tailings, an abundant resource in Canada, into minerals such as magnesium oxide that is used to sequester carbon, nickel that is used in making batteries, and silica that is used in building materials. That's exactly the type of innovative, impactful company that BDC Capital wants to support."— Pascal Lanctot, Partner at BDC Capital's Climate Tech Fund.
"We are working hard for Quebec to become a carbon-neutral state by 2050. To achieve this, we must adopt new technologies that will help decarbonize our industries. It is thanks to the innovative capacity of our companies and circular economy projects, like those developed by Exterra, that we will succeed."— Christopher Skeete, Minister Delegate for the Economy, Minister Responsible for the Fight Against Racism and Minister Responsible for the Laval Region
"With this new $2 million investment from our own funds in Exterra, Investissement Québec reaffirms its commitment to supporting the growth of local companies that contribute to decarbonizing our economy. Exterra, which offers an innovative and carbon-neutral solution to valorize mining residues and sequester carbon, is a prime example of an innovative start-up with high potential that participates in developing Quebec's expertise in this field, while promoting the circular economy."— Bicha Ngo, President and CEO, Investissement Québec
"Exterra's breakthrough approach to turning mining waste into valuable, carbon-neutral materials aligns seamlessly with Kinetics' mission to accelerate the energy transition and decarbonize the global power sector. At Kinetics, we focus on advancing technologies that can transform the energy industry through innovative low-carbon solutions. By backing pioneers like Exterra, we are not only enabling the decarbonization of carbon-intensive industries but also helping shape a cleaner, more resilient energy landscape."— Mehmet Katmer, General Manager, Kinetics, A Karpowership Initiative.
About Exterra Carbon Solutions
Exterra Carbon Solutions is a Canadian cleantech waste-to-value leader based in Quebec, Canada. The company specializes in transforming legacy mining waste into sustainable, low-carbon critical minerals and CO₂ sequestration solutions. Leveraging its proprietary LOW™ process to produce low-carbon metal oxides and valuable by-products, alongside the ROC™ process to permanently mineralize CO₂, Exterra redefines sustainable mineral production. Exterra has been awarded the prestigious 2024 Carbon Capture Canada Award in the CCUS First Adopter Award category last September. For more information, please visit www.exterracarbon.com.
About Clean Energy Ventures
Clean Energy Ventures (CEV) advances global climate solutions by backing exceptional leadership teams and game-changing technologies as they transform into market leaders that can mitigate 2.5 gigatons of CO2e by 2050. The CEV team harnesses decades of energy and climate tech operational experience to actively accelerate the commercialization of our portfolio companies. Founded in 2017, CEV manages over $415 million in assets and has funded 30 early-stage companies across North America, Europe, and Israel. For more information, visit cleanenergyventures.com.
About BDC Capital
BDC Capital is committed to supporting innovative Canadian companies in their formative phase by backing them with a full range of capital solutions and advice to accelerate their scaling journey. By collaborating closely with the ecosystem, it is creating the space for innovators to grow and succeed. For more information on BDC Capital's solutions, visit bdc.ca/en/bdc-capital.
About MOL Switch
Mitsui O. S. K. Lines, Ltd. (MOL) is a global corporate group that develops various social infrastructure businesses centering on ocean shipping with approximately 900 vessels. The group also engages in the development of oil and natural gas reserves, terminal and logistics businesses connecting sea and land, and wind power and associated businesses. The MOL Group aims to be a strong and resilient corporate group, improving daily life for people around the world, opening up bright new horizons and providing new value to all stakeholders. Learn more at mol.co.jp/en.
About Kinetics
Established in 2024, Kinetics, a Karpowership initiative, is an energy company dedicated to cleaner, flexible energy systems. It specializes in the building, development, delivery, and leasing of floating LNG assets and renewable energy platforms, including battery energy storage systems (BESS), tailored to meet the evolving needs of utilities, governments, and independent power producers. With a commitment to innovation, sustainability, and impact, Kinetics is redefining how energy infrastructure is deployed and accessed in a decarbonizing world.
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