MaRS backs six Canadian startups with $120,000 in carbon removal credit pre-purchases
MaRS Discovery District pre-purchased $120,000 in carbon removal credits from six Canadian companies, aiming to help early-stage carbon removal ventures gain traction and attract future investment.
The initiative supports Canada’s clean technology sector as it works toward global net-zero targets.
As Canada’s largest urban innovation hub, MaRS launched the purchase through its Mission from MaRS: Carbon Management program, which focuses on commercialising negative-emission solutions.
The organisation had already committed to this initiative in April 2024 when it pre-purchased credits from five Canadian ventures.
With the latest round, MaRS becomes one of the first Canadian charitable organisations to buy carbon removal credits.
To select participants, MaRS opened a national call for applications, with support from M-Lab, a Japanese consortium made up of Mitsubishi Corporation (Americas), ENEOS Americas Inc., Mitsubishi Research Institute, Inc., Tokio Marine Holdings Inc., and Yazaki Innovations, Inc.
Over a period of up to three years, the six selected ventures will provide carbon removal credits and demonstrate market validation to attract further buyers.
The carbon removal startups employ a range of technologies including direct air capture (DAC), biomass carbon removal and storage, and ex-situ mineralisation:
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NULIFE GreenTech (Saskatoon) uses hydrothermal liquefaction to convert wet waste biomass into bio-oil for permanent storage in underground geological formations.
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Skyrenu (Sherbrooke, Québec) combines DAC systems with rock carbonation using treated asbestos mine tailings.
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Exterra Carbon Solutions (Québec) accelerates carbon mineralisation with mineral residues.
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TerraFixing (Ottawa) developed an adsorption-based DAC solution for remote, cold climates where other DAC systems operate less efficiently.
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CarbonRun (Halifax) works on restoring polluted rivers by adding natural limestone, capturing carbon in the process.
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Arca (Vancouver) processes nickel mine tailings to enhance their reactivity to carbon dioxide, speeding up natural carbon mineralisation.
Alongside the credit purchase, MaRS ran a carbon dioxide removal (CDR) credit purchase and educational program over the past six months with participation from M-Lab.
The program provided the Japanese consortium with tools, strategies, and knowledge to initiate their own carbon credit purchases. This effort supports Japan’s national goal of reaching net-zero emissions by 2050.
“For the M-Lab companies, this is an early step in their corporate journey to meet net-zero goals through Canadian carbon removal technology,” said Reina Ozaki, manager, strategic partnership and business development at Mitsubishi Corporation (Americas)' Silicon Valley Branch.
“We’ve emerged from this partnership with MaRS with the know-how to begin making our own purchases in the future.”
Tyler Hamilton, senior director of climate at MaRS, emphasised the urgency of early adoption. “Investing in carbon removal technology is no longer an option, it is now essential,” he said.
He added that without early adopters, the industry won’t be able to scale fast enough and drive down cost.
Hamilton added, “MaRS is well-equipped to educate and collaborate with corporations to ensure they make informed, impactful investments that will drive real climate action.”
MaRS aims to grow corporate engagement in carbon removal markets. According to the organisation, many companies do not know how to begin purchasing carbon credits.
Through its Mission from MaRS initiative and collaborations like M-Lab, it plans to build awareness, educate stakeholders, and strengthen the carbon removal ecosystem across Canada.
