Old Asbestos Mines Get a New Solution from Exterra
Let's dive into the world of Exterra Solutions Carbone, a Montreal-based startup ready to shake things up with a whopping $500 million (yep, you heard that right!) venture. Their goal? Transforming asbestos-laden mining residues into gold - not the shiny kind, but carbon capture materials, reducing greenhouse gas emissions in the process. Gather 'round, folks, because things are about to get interesting!
Their fearless leader, Olivier Dufresne, announced on Tuesday that they've secured $20 million in venture capital funding. This cash injection will speed things up, allowing Exterra to conduct tests and de-risk their technology for those big-time investments. The funding round was co-led by Clean Energy Ventures and BDC Capital, each dropping in a cool $7 million. Investissement Québec contributed $2 million, with the Quebec government adding $750,000 through the Impulsion PME program.
Now, the fun part begins. Exterra aims to rejuvenate controversial asbestos mining sites while tackling greenhouse gas reduction with two ingenious processes. The first process churns out minerals from mining residues, using asbestos residues in the initial tests. This magic trick destroys those pesky asbestos fibers before extracting silica, nickel, and magnesium oxide from the asbestos-laced mining dregs.
The second process takes magnesium oxide (again, produced from asbestos) and blends it with CO² from industrial emitters. Voilà! Magnesium carbonate is born, and carbon dioxide is sent packing from our atmosphere.
The ultimate plan? Launch a factory in 2027, with an official opening in 2028. But here's the kicker - this factory will be the world's largest when it comes to processing asbestos-containing mining residues. The company has yet to decide whether this mega-factory will be situated in Val-des-Sources or Thetford Mines, but a second hub is definitely on the cards for the long run.
As for Quebec's history with asbestos - well, it's a bit of a mixed bag. The two cities in question have been associated with asbestos production, which has led to lung diseases and cancers. But fear not, as Exterra's mission is to clear the environmental burden from these regions, foster economic development, and makeQueuebec a greener, healthier place.
In case you're curious, an IPO might be on the table to finance the company's expansion. But you'll have to keep an eye on the market conditions and sentiment towards recycling to see if Exterra decides to go public. For now, it seems they're keeping things tight-knit, with the comfort of private investors and their long-term vision guiding them.
So there you have it, folks. Exterra Solutions Carbone is on a roll, turning the clocks back on controversial asbestos sites and pushing us one step closer to a greener future. Buckle up, because this is just the beginning!
- The investment in Exterra Solutions Carbone, a Montreal-based startup, exceeds $500 million, with Olivier Dufresne announcing $20 million venture capital funding, including contributions from Clean Energy Ventures, BDC Capital, Investissement Québec, and the Quebec government.
- Exterra plans to use asbestos-laden mining residues to create carbon capture materials, aiming to transform two controversial asbestos mining sites while reducing greenhouse gas emissions.
- Their innovative processes involve first extracting minerals like silica, nickel, and magnesium oxide from the asbestos residues and then blending magnesium oxide with CO₂ from industrial emitters, producing magnesium carbonate and reducing CO₂ levels in the atmosphere.
- The company hopes to launch a factory in 2027, with an official opening in 2028, aiming to be the world's largest processor of asbestos-containing mining residues and potentially locating it in Val-des-Sources or Thetford Mines, with a second hub set for the future.
- Exterra Solutions Carbone may consider an IPO to finance expansion, but for now, they are focused on private investments and long-term growth, with the goal of clearing the environmental burden from Quebeck's asbestos-associated regions, fostering economic development, and making Quebec a greener, healthier place.
