Montreal-based cleantech startup Exterra Carbon Solutions has raised CAD $20 million (USD $14.5 million) to scale up its technology platform that transforms one of the most hazardous byproducts of industrial mining—asbestos mine tailings (AMT)—into low-carbon resources for the energy transition.

Exterra’s innovation sits at the intersection of environmental remediation and mineral recovery. The company specializes in extracting strategic minerals like nickel concentrate, essential for electric vehicle batteries, and amorphous silica, used in low-carbon concrete and green construction. These elements are pulled from leftover asbestos-laced rock—typically deemed dangerous waste—offering a circular solution to an otherwise toxic legacy.

Founded in 2021, Exterra is developing what it calls the world’s largest asbestos mitigation facility, with plans to process more than 300,000 tons of AMT per year. This flagship project is not only a technological milestone but also a regional transformation plan. With an estimated 800 million tons of AMT across Quebec, the company believes it can unlock a strategic domestic supply of battery materials—without extracting a single new ore.

Quebec’s mining past, reimagined

Asbestos mining once defined parts of Quebec's industrial landscape. Communities that grew around these mines are now burdened by the environmental and health legacy of AMT. Instead of abandoning these sites, Exterra is proposing a path forward—where waste becomes wealth, and remediation drives innovation.

By reprocessing legacy waste, Exterra reduces the need to build new mines, which are often ecologically disruptive and politically contentious. The company also helps eliminate the long-term environmental risks posed by aging tailings facilities, including groundwater contamination, airborne fibers, and soil toxicity.

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Olivier Dufresne, CEO of Exterra, framed the company's mission as both ecological and economic:

“Exterra pioneers a revolutionary approach to transforming mining waste into valuable low-carbon products and solutions. With this funding, we’ll accelerate commercializing our dual-pronged platform that valorizes over 90% of minerals from asbestos residues while creating one of the shortest nickel supply chains for EV electrification in North America. This Series A marks a pivotal moment as we move toward commercial operations and demonstrates how mining can enable an equitable, sustainable net-zero future.”

Scaling circular mineral solutions

Exterra’s process is unique in its dual outputs. It extracts battery-grade nickel—a high-demand material for electric vehicle manufacturers—and silica, which is a key ingredient in concrete and insulation. This creates both upstream and downstream climate benefits: electrifying transportation while also decarbonizing buildings.

What makes the platform more impactful is its scalability and replicability. The technology can be deployed at other legacy mining sites globally, offering a new paradigm for circular resource extraction—one that adds value while cleaning up the past.

The startup’s proprietary technology reportedly captures and converts over 90% of the minerals within AMT. In an era of geopolitical competition for critical minerals, such high-yield recovery from waste could redefine how countries think about mineral security.

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Climate-aligned capital, strategic partners

The CAD $20 million Series A was co-led by climate-focused investment firms Clean Energy Ventures and BDC Capital. Other investors include the Government of Quebec, Investissement Québec, MOL Switch, and Kinetics, a clean energy initiative by Karpowership. The backing of public institutions alongside private climate funds signals growing confidence in the economic viability of circular mining.

As part of the deal, Clean Energy Ventures and BDC Capital will join Exterra’s board, supporting its strategic and international expansion. The company has also secured technology and commercialization partnerships with BASF, Énergir, WSP, and Winsome Resources, indicating growing industrial buy-in.

Daniel Goldman, Co-Founder and Managing Partner at Clean Energy Ventures, said:

“Exterra represents the future of responsible circular resource utilization. It’s rare to see a process like Exterra’s which can transform environmental liabilities into valuable assets through an innovative, scalable technology replicable globally. Along with our co-investors, we are excited to support the company’s growth as they scale this critical technology.”

With financial, technical, and regulatory support, Exterra is positioning itself not just as a Canadian cleantech innovator, but as a global leader in sustainable mining solutions.

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