Mast Reforestation Raises $25 Million to Remove Carbon Emissions After Wildfires
Post-wildfire restoration company Mast Reforestation announced that it has raised $25 million in a Series B funding round, with proceeds aimed at scaling its expansion into Biomass Carbon Removal & Storage (BiCRS).
Founded in 2016, Seattle-based Mast manages and finances reforestation projects after forests are destroyed in fires or other events, and the company has been specializing in carbon-financed reforestation in the U.S. and Canada since 2020.
The new capital will support the company’s expansion into biomass burial, in which fire-destroyed trees are buried, rather than burned, which would be typical after a wildfire, and would release greenhouse gas emissions. The burial allows for the reforesting of the area, and generates carbon removal credits from buried trees that would otherwise release stored carbon as they are piled and burned.
Mast is currently launching its first restorative biomass burial project, Mast Wood Preserve MT1, which will see the removal of fire-killed trees in central Montana as part of the effort to restore 900 acres of forestland that experienced a severe fire in 2021.
Removing trees is the first and most expensive step in post-wildfire recovery, Mast says, as it mitigates risks to replanting crews and make way for new seedlings. Mast’s reforestation operations for this property will include the restoration of native species cultivated from wild-collected seed, grown in-house, and matched to the project area’s elevation and climate to re-establish ecological function, biodiversity, and resilience, the company said.
Grant Canary, CEO of Mast Reforestation, said:
“Wildfire-destroyed trees pose both a hazard and an opportunity. By burying this biomass, we lock away additional carbon, clear the way for new seedlings to thrive, and reduce the risk of these trees fueling future wildfires. This advancement, coupled with Mast’s progress in expanding the wild seed and seedling supply for urgent reforestation needs across the West, takes us to the next frontier of the challenge of scaling responsible reforestation and carbon removal in a way that’s never been done before.”
In addition, the company said, the Montana project offers a unique opportunity for organizations to finance post-wildfire restoration while locking in carbon credits for their efforts. Mast said that according to its estimates Montana alone contains 2.3 million tons of dead trees from wildfires that occurred in the last four years, and its new project provides a significant opportunity to permanently remove these trees from the carbon cycle.
Mast plans to begin burial activities in 2025 and the project is expected to generate up to 30,000 tons of removal credits through 2026, now available for presale.
The round was led by new investor Pulse Fund and existing investor Social Capital, with participation from the Series A co-lead Seven Seven Six. Additional investors in the Series B round include Elemental Impact, Spero Ventures, Thistledown Capital, Julius Genachowski, former Chairman of the U.S. Federal Communications Commission, and Resilience Reserve. Returning investors include Gaingels, Climate Avengers and Climate Capital, Drone.vc, Asymmetry Ventures and Massive Capital Partners.
Tenzin Seldon, Founder and Managing Partner of the Pulse Fund, said:
“With wildfires worsening and communities being devastated faster than recovery has been able to keep pace, supporting Mast’s work was a clear choice for the Pulse Fund. We are committed to restoring the most vulnerable ecosystems through Mast’s ambitious and holistic approach to forest restoration.”