The Atmospheric Fund (TAF) has invested $1 million to clean up municipal and industrial wastewater in the Greater Toronto and Hamilton Area. The solution will also help reduce carbon emissions in the region.
TAF’s investment in CLEARAS Water Recovery, through the Montcalm Capital Fund I LP, aims to commercialize a proven solution for treating wastewater. CLEARAS has developed a biological-based treatment solution that adds algae and captured carbon dioxide to wastewater in a closed, greenhouse-like controlled environment. While the algae grows, it consumes, nutrients like carbon, nitrogen, and phosphorus. The process results in reuse-quality water, algae for fertilizer, and lower carbon emissions.
“TAF is pleased to be the first Canadian funder of this innovative company, which is leveraging a further US$9 million,” said Tim Stoate, vice president of impact investing at TAF. “This investment will help commercialize a carbon-reducing technology and catalyze greater investment in low-carbon solutions.”
The CLEARAS technology meets the strictest U.S. and Ontario Water Resources Act wastewater regulations at significantly lower cost than the alternatives, according to TAF. With significant market penetration, this technology could reduce 1.5 million tonnes of carbon emissions in the GTHA over the next 20 years.
The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions for the Greater Toronto and Hamilton Area and helps scale them up for broad implementation.
Through the Montcalm Capital Fund I LP, Montcalm Capital provides innovative capital solutions that support the long-term sustainability of inspiring companies.