Canadian cleantech innovator Exterra Carbon Solutions has closed a CAD $20 million Series A funding round, with a bold vision to turn legacy mining waste into sustainable, high-value materials. The round was co-led by Clean Energy Ventures and BDC Capital, and included investments from the Government of Quebec, Investissement Québec, MOL Switch, and Kinetics, a Karpowership initiative. With this latest round, Exterra’s total funding reaches CAD $32 million, bolstering its mission to embed the mining industry into the circular economy.
Flagship Hub I Set to Become World’s Largest Asbestos Mitigation Plant
Central to Exterra’s commercialization roadmap is Hub I, a facility slated for construction in 2027 in Quebec. Once operational, Hub I will become the world’s largest asbestos mitigation plant, processing over 300,000 tonnes of asbestos mine tailings (AMT) annually. The plant will eliminate residual asbestos fibers, enabling the safe rehabilitation of contaminated mining sites.
Having successfully de-risked its technology through pilot operations in Val-des-Sources, Quebec, Exterra is now poised to become the first company globally to produce carbon-neutral minerals from mine tailings. Hub I also stands as one of North America’s largest mine residue valorization projects, positioning Exterra as a leader in industrial decarbonization and circular resource utilization.
Dual Technology Platform: LOW™ and ROC™
At the heart of Exterra’s innovation lies a two-pronged technology platform:
*LOW™ (Low-carbon Oxide from Waste): Converts asbestos mine tailings into low-carbon metal oxides like magnesium oxide, along with other valuable by-products.
*ROC™ (Reactive Oxide to Carbonate): Utilizes these oxides to permanently mineralize CO₂—without the need for carbon capture—unlocking significant carbon removal opportunities.
*Together, these technologies are the first to deliver carbon-neutral magnesium oxide from mining waste, with broad commercial and environmental implications.
Quebec’s Strategic Advantage in Circular Mineral Supply
Exterra’s operations are strategically located in Quebec, which boasts an estimated 800 million tonnes of AMT—a vast and untapped resource. Powered by low-carbon hydroelectric energy, Exterra’s processes yield in-demand co-products such as:
*Nickel concentrate, vital for EV battery manufacturing
*Amorphous silica, used in low-carbon building materials
This supports Quebec’s ambition to lead in the electric vehicle supply chain. It also enables one of the shortest nickel sourcing routes for transportation electrification in North America.
Market Validation and Strategic Partnerships Propel Growth
Frontier Climate recently signed a pre-purchase agreement for carbon removal applications. This deal highlights growing market confidence in Exterra’s low-carbon magnesium oxide. BASF, Énergir, WSP, and Winsome Resources are forging strategic collaborations with Exterra. These partnerships aim to accelerate the global deployment of Exterra’s technologies. They focus on sectors such as acid recycling, emissions mineralization, and green materials.
Investor and Government Confidence Strengthens
In conjunction with the funding round, Clean Energy Ventures and BDC Capital will join Exterra’s board, further strengthening strategic oversight. Industry and government leaders have voiced strong support.
“This funding propels us toward commercializing a platform that valorizes over 90% of asbestos residues,” said Olivier Dufresne. He is the CEO of Exterra. “It also supports the development of a local, low-carbon EV battery supply chain.” “Exterra’s solution transforms liabilities into assets—scalable, impactful, and globally relevant,” added Daniel Goldman, Co-Founder & Managing Partner, Clean Energy Ventures.
“Exterra exemplifies the kind of innovation we need to drive the energy transition forward,” mentioned Pascal Lanctot, Partner, BDC Capital Climate Tech Fund. “Circular economy technologies like Exterra’s are critical to achieving Quebec’s 2050 carbon neutrality goals,” said Christopher Skeete. He serves as the Minister Delegate for the Economy in Quebec.
“Our $2 million investment reflects our confidence in Exterra’s ability to decarbonize,” said Bicha Ngo, CEO of Investissement Québec. “We also believe the company can help position Quebec as a leader in sustainable innovation.”
“Exterra’s breakthrough aligns with our mission to accelerate the global energy transition,” said Mehmet Katmer, General Manager of Kinetics (a Karpowership initiative). “We actively support disruptive, low-carbon technologies that drive this transformation.”
A New Era for Responsible Mining and Climate Action
As Exterra enters this next phase of growth, it stands at the forefront of a transformative shift. The company is redefining mining as a solution for climate resilience, not as a contributor. According to the press release, Exterra is setting the benchmark for circular economy innovation in critical minerals and carbon sequestration. This progress is driven by its scalable, high-impact technologies, robust partnerships, and strong investor backing.
