TD Bank has entered into a 10 year agreement with Deep Sky, a Montreal based carbon removal company. The deal involves purchasing carbon removal credits from Deep Sky's direct air capture and storage projects. This is one of the longer term corporate offtake agreements in the Canadian carbon removal space, signaling growing bank interest in durable carbon credits. Deep Sky is developing multiple direct air capture facilities in Quebec, leveraging the province's low carbon hydroelectric grid to power the energy intensive process. The 10 year contract provides revenue certainty for Deep Sky's buildout while giving TD a long term supply of verified carbon removal credits for its net zero commitments. Financial terms were not disclosed.
