Terms
- Announced
- 16 Mar 2021
- Instrument
- Grants
- Amount
- US$1.60m
- Source
- prnewswire.com
Parties
- Project developer
- Project Vesta
- Recipient type
- Grant recipient
- Country
- United States
- Capital providers
Capital providers and the amount counted for each Party Role Amount Basis Additional Ventures Investor US$1.60m Sole provider: the whole transaction
Carbon
- Pathway
- Ocean alkalinity / marine CDR
What happened
- A philanthropic grant, not equity. Made in December 2020 and announced 16 March 2021. The recipient was the non-profit that later converted to Vesta PBC in 2022.
Kumo note
- Philanthropic research funding into coastal enhanced weathering, made to a non-profit more than a year before the organisation converted to a public benefit corporation. Grant capital doing the early scientific de-risking that later equity rounds priced off.
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