Wednesday, May 21, 2008

Ocean Seeding Startup Climos Looking to Raise More Funds

UPDATE: I am a junkie for stock scam stories so we have an inordinate number of Planktos posts.
Here they are in reverse chron. order.

I don't think this stuff should be done by for-profit entities.
That said, if there is anything to this, I'd expect to see the S.S. Marcus Goldman* setting sail.

From earth2tech:

Ocean seeding startup Climos said back in March that it had become the world’s first venture capital-backed startup planning to attempt the controversial technique of fertilizing the oceans with iron to fight climate change; Climos was able to convince Tesla Chairman Elon Musk and Braemar Energy Ventures to fund its carbon-storing plan. Now Climos’ CEO Dan Whaley (who we named in our 25 Who Ditched Infotech for Cleantech) tells us the company is looking to raise another round in the fall to help it meet regulatory hurdles to start testing its project.

According to a pamphlet from the Dow Jones Environmental Ventures conference, Climos is aiming to raise between $8 million and $10 million in a Series B funding round that it will look to close in the first quarter of 2009. The round will be open to new investors. Whaley told us in March that its next round could be as high as $12 million to $14 million....

*Perhaps custom built by Bavaria Yachtbau GmbH:

Goldman Takes EUR35M Hit On Bavaria Yachtbau Loans-Source