Ocean seeding startup Climos said back in March that it had become the world’s first venture capital-backed startup planning to attempt the controversial technique of fertilizing the oceans with iron to fight climate change; Climos was able to convince Tesla Chairman Elon Musk and Braemar Energy Ventures to fund its carbon-storing plan. Now Climos’ CEO Dan Whaley (who we named in our 25 Who Ditched Infotech for Cleantech) tells us the company is looking to raise another round in the fall to help it meet regulatory hurdles to start testing its project.
According to a pamphlet from the Dow Jones Environmental Ventures conference, Climos is aiming to raise between $8 million and $10 million in a Series B funding round that it will look to close in the first quarter of 2009. The round will be open to new investors. Whaley told us in March that its next round could be as high as $12 million to $14 million.
Research into iron ocean seeding has been largely done by government scientists in the past, and another startup, Planktos, which had similar aims as Climos, actually went dead in the water because it was unable to raise any funding.
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