Chestnut Carbon Announces $160 Million Series B Raise to Scale Carbon Removal Projects

NEW YORK, Feb. 12, 2025 /PRNewswire/ -- Chestnut Carbon ("Chestnut"), a nature-based carbon removal developer, today announced that it has completed a raise of $160 million in a Series B financing. The proceeds will be used to grow its afforestation capacity and sequester an estimated 100 million tons of carbon over the life of Chestnut's Sustainable Restoration Project. The financing round includes existing investor Canada Pension Plan Investment Board, as well as new investors, Cloverlay and DBL Partners. Additional participation came from limited partners of Chestnut's founding firm, Kimmeridge, including university endowments, family offices, funds of funds, and other institutional investors.

Chestnut develops new forests on marginal crop and pasture lands and is distinguished among afforestation project developers given its U.S. focus and emphasis on creating long-lasting ecosystems and extensive co-benefits. The Sustainable Restoration Project generates rigorous, Gold Standard® verified carbon credits to support sustainability-oriented corporations committed to decarbonization and net zero goals.

"When we launched Chestnut in 2022, we endeavored to fill a critical void by offering high-integrity, nature-based carbon offset solutions. It is extremely rewarding to see what we have achieved since then, bringing a differentiated offering to the market," said Ben Dell, CEO of Chestnut and Founder and Managing Partner of Kimmeridge. "The Series B financing allows us to continue to build out our platform to meet the growing needs of sustainability-conscious organizations and advance our position as a leading provider in the international carbon markets."

The capital raised will primarily fund: 

• Land purchases: Land purchases enable rapid project execution. Since 2022, Chestnut has acquired over 35,000 total acres of underutilized agricultural and pastureland in 6 states (Arkansas, Louisiana, Alabama, Mississippi, Oklahoma, and Texas).
• Technological innovation: Chestnut utilizes data models that predict growth patterns by species, ensuring forests deliver the expected carbon removal credits. Its integrated suite of proprietary data tools and patented technology streamlines land acquisition, member enrollment, forest inventory collection, and carbon modeling. Continued investment in this platform enables Chestnut to operate cost-effectively and maintain its high standards of data accuracy.
• Talent investment: Chestnut's expertise comes from a seasoned team, whose diverse backgrounds include forestry, carbon regulation, environment, finance, and land management. As the project expands, more experienced talent will be needed to support Chestnut's growth and high standards for quality.

"With our investment in Chestnut, we see the potential to raise the bar by helping to create the industry leader in providing high-quality carbon offsets at scale, delivering economic and quality-of-life benefits to rural communities, and opportunities to strengthen the health and resilience of our land," said Nancy Pfund, Founder and Managing Partner at DBL Partners.

"Chestnut's innovative approach to carbon removal solutions and measurable environmental impact are paving the way for a more sustainable future, and we are proud to partner with them to help scale their efforts and drive meaningful progress," said Kendra Corbett, Partner at Cloverlay.

About Chestnut Carbon

Chestnut Carbon ("Chestnut") is a leading developer of nature-based carbon removal credits. Founded in 2022 with the support of energy-focused alternative asset manager Kimmeridge, Chestnut generates high-quality, U.S.-based forest carbon offsets that are additional and verifiable to accelerate the path to net zero across a range of industries. Chestnut uses a proprietary approach to developing forest carbon offset projects on family-owned forestland and marginal crop and pastureland. Chestnut's expertise is driven by an experienced team, whose diverse backgrounds include forestry, carbon regulation, environment, finance and land management. For additional information on Chestnut, its strategies and environmental stewardship, please visit https://chestnutcarbon.com/. 

Media Contact for Chestnut Carbon:
Chris Allieri
Mulberry & Astor
[email protected]

About Kimmeridge

Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management, proven sustainability track record and proprietary research and data gathering.

Media Contact for Kimmeridge:
Daniel Yunger / Hallie Wolff / Emma Cloyd
Kekst
[email protected]
917.574.8582 / 917.842.1127

SOURCE Chestnut Carbon