Only a few weeks after ocean iron fertilization venture Planktos folded, rival Climos is set to announce a first round of venture funding totaling $4 million.
Climos CEO and founder Dan Whaley said Thursday that the company will announce funding early next week.
Iron stimulates the growth of plankton, which consumes the greenhouse gas carbon dioxide. Once the plankton sinks several hundred meters, it is considered sequestered from the atmosphere.
The practice of ocean iron fertilization, which has been experimented with since the 1990s, has been condemned by some environmental groups and remains controversial.