Clean-Tech Firm That Turns CO2 Into Rock Secures New Capital

Clean-tech startup Exterra Carbon Solutions raised C$20 million ($14.5 million) from several investors, another milestone for a Canadian company that has signed an early-stage agreement with chemicals giant BASF SE.

The new financing round, led by Boston-based Clean Energy Ventures and BDC Capital, will help Exterra start commercializing its carbon-sequestration process, with the goal of having a small-scale plant running in southern Quebec by the end of 2028.

Exterra’s complex process creates magnesium oxide, which is then combined with carbon dioxide that’s captured by industrial emitters to create rocks that can be put back in the ground or used ...