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Chestnut Carbon gets $160M to turn old farms into forests
The company buys marginal and degraded farmland, plants them with native trees, and harvests the resulting carbon credits.
Carbon credits have become a hot commodity, especially among tech companies looking to offset skyrocketing emissions caused in part by the breakneck expansion of data centers serving cloud and AI customers. The firm typically invests in oil and gas companies, but managing partner Ben Dell saw an opportunity to stake a claim in the growing carbon credit market. The startup is hoping to expand its carbon credit capacity to 100 million metric tons by 2030, which will require hundreds of thousands of acres to be transformed back into forests.
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