Chestnut Carbon, a nature-based carbon removal firm, has completed its series B funding round, raising US$160 million.

The funding aims to enhance the company’s capacity to generate carbon credits through afforestation and reforestation efforts in degraded farmlands across the southeastern United States.

Investors in this funding round include the Canada Pension Plan Investment Board, Cloverlay, DBL Partners, and other institutional investors such as university endowments.

This financing follows a prior commitment of up to US$200 million from private equity firm Kimmeridge, which continues to support the company.