Climos, a company that plans to grow plankton to capture carbon from the atmosphere, is in the process of raising an initial round of $4 million in venture funding.
San Francisco-based Climos plans to announce the series A funding on Monday or Tuesday, CEO and founder Dan Whaley told CNET News.com on Thursday.
The funding comes only a few weeks after Planktos, another ocean fertilization venture, shut down because of a lack of money and what it called a "highly effective disinformation campaign."
The goal of these ventures is to stimulate the growth of large amounts of plankton in the sea by "seeding" it with an iron compound.
During plankton "blooms," which happen naturally, the plankton take the greenhouse gas carbon dioxide out of the atmosphere as they grow.
After this growth phase, some of the plankton sink several hundred meters, at which point the carbon is considered sequestered and taken out of the atmosphere.
Climos intends to make money by selling carbon credits, which represent reductions in carbon dioxide emissions that are sold on voluntary and regulated markets.
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