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 pioneers a revolutionary approach to transforming mining waste into valuable low-carbon products and solutions,” said Olivier Dufresne, CEO of Exterra. “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 advance toward commercial operations and demonstrate how mining can enable an equitable, sustainable net-zero future.”
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 minerals production from mine tailings. With this funding, Exterra will advance the engineering of its Hub I commercial project, double its team, and accelerate its mission of integrating the mining industry into the circular economy to help advance the decarbonization goals. This round of financing brings Exterra’s total funding to date to CAD $32 million.
Exterra’s commercialization strategy centers 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 (LOWTM) process produces low-carbon metal oxides (like magnesium oxide) alongside valuable by-products; and the Reactive Oxide to Carbonate (ROCTM) 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.
“Exterra represents the future of responsible circular resource utilization,” said Daniel Goldman, Co-Founder and Managing Partner at Clean Energy Ventures. “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.”
“Finding new ways to mine critical minerals is essential to the energy transition,” said Pascal Lanctot, Partner at BDC Capital’s Climate Tech Fund. “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’s Climate Tech Fund wants to support.”
