Exterra raises $20M Series A to turn asbestos mining waste into climate tech gold
Summary
Montr\xe9al-based cleantech startup Exterra has raised $20 million in Series A funding to scale its technology that repurposes asbestos mine tailings into critical minerals and carbon capture materials.The all-equity round was co-led by Clean Energy Ventures and BDC Capitals Climate Tech Fund, with participation from Investissement Qu\xe9bec, MOL Switch, and Karpowership, bringing the companys total funding to $32 million.Extracting value from waste while mitigating health risksExterras process extracts industrial-grade silica, nickel, and magnesium oxide from asbestos-contaminated mining waste. CEO Olivier Dufresne emphasized that circularity in mining is essential to fighting the climate crisis.With the new funding, Exterra aims to launch Hub One, the worlds largest asbestos tailings mitigation plant, by 2027. The plant will process up to 400,000 tonnes of tailings annually.To prepare, Exterra is scaling its pilot operations and engineering studies while onboarding more industrial clients. Its current team of 13 is expected to grow to 20 in the next 18 months.The company will generate revenue by selling magnesium oxide to industrial partners, nickel to EV battery supply chains, and carbon credits to buyers like Frontier Climate and MaRS. Dufresne says well need every possible way to store carbon, reinforcing the collaborative rather than competitive nature of the emerging sector.With its transformative technology and fresh capital, Exterra is poised to redefine mining waste as a critical tool in the global decarbonization effort.