Vaulted Deep - Mediobanca debt facility

Terms

Announced

21 Sept 2026

Instrument

Debt

Amount

US$35.0mReported as $35 million debt facility

Source

prnewswire.com

Parties

Project developer

Vaulted Deep

Country

United States

Capital providers

Capital providers and the amount counted for each

Party	Role	Amount	Basis
Mediobanca	Lender	US$35.0m	Sole provider: the whole transaction

Arranged by

Arrangers and what each arranged

Party	Role	Arranged	Basis
CFP Energy	Arranger	US$35.0m	Sole arranger: the whole transaction

Carbon

Pathway

Bio-oil / biomass burial

Backed by offtakes from

• Frontier (coalition)
• Google
• Shopify
• Stripe Climate

· signed before this financing

Structure and cover

Structure flag

Non-carbon collateral

Insurance type

Delivery

Insurance provider

Artio

What happened

Vaulted Deep secured a US$35m debt facility to fund new waste disposal sites across the United States and continued investment in its site development platform. Mediobanca is the lender and CFP Energy arranged the facility. The facility is supported by Vaulted's waste service agreements and its contracted carbon removal revenue, including its offtakes with Frontier buyers. Artio, a carbon insurance provider, supported the transaction by de-risking the investment. Vaulted Deep describes it as the largest publicly disclosed US commercial debt deal in durable carbon removal secured by long-term purchase contracts.

Kumo note

Security on this deal comes from tipping fees from municipalities and feedlots (investment grade-ish, non carbon, contracted, paid regardless of credit issuance) sitting alongside the carbon offtake (with Frontier specifically named). That is closer to a waste infrastructure credit with a carbon upside than a pure CDR deal, which fits commercial bank lending structures more closely. Great to see a new lender in Mediobanca in the carbon markets. Artio wrote carbon insurance over the delivery risk.

Next step