Mombak, a Brazilian startup specializing in atmospheric carbon removal through reforestation, announced on Monday that it had achieved the first close of its second reforestation fund while simultaneously signing a new carbon credit purchase agreement with enterprise software company Salesforce. The company is positioning itself to capitalize on growing demand for carbon credits beyond the technology sector that initially established the market. The company's Amazon Reforestation Fund II targets a total of $150 million in capital for restoration projects across Brazil's Amazon region.
In addition to direct investment, Mombak has secured access to a 200 million-real credit line, equivalent to $38.88 million, from Brazil's Climate Fund, which is operated by the state development bank BNDES. Mombak's first fund had raised $120 million from institutional investors including AXA, CPP Investments, and Bain Capital. Capital from that fund was deployed across 15 Amazon farms where the company planted approximately 15 million native trees.
With the second fund now in motion, Mombak CEO Gabriel Silva stated: "We only raised this second fund because over the past five years we have proven that there's a business, an industry, and a market for our product." The Salesforce agreement marks a significant milestone in the company's customer expansion. Salesforce joins an established roster of technology sector buyers that includes Google, Microsoft, and McLaren Racing in committing to multi-year carbon offtake agreements. Mombak issued its first carbon credits for reforestation earlier in 2026 and expects to issue approximately 80,000 metric tonnes of credits by year-end 2026.
Market observers note that interest in carbon removal credits has been driven substantially by major technology companies seeking to offset emissions associated with the rapid expansion of artificial intelligence infrastructure and energy-intensive data centers. However, both Mombak and BNDES expect the demand for high-quality carbon removal to extend into new industrial sectors moving forward. BNDES director of socio-environmental affairs Tereza Campello observed that technology firms have begun reassessing their climate targets as the costs associated with energy-intensive data centers have become clearer.
She added that inquiry from traditionally less interested sectors such as oil, mining, and steelmaking has intensified. "In the future, you can expect to see announcements from companies who aren't Big Techs," Silva noted, attributing this expansion partly to improved productivity and reforestation methodologies that are lowering per-unit carbon credit pricing and broadening market access. Campello stated that "we have received inquiries from sectors that did not previously have as much interest in carbon credits." Carbon credits function as a mechanism allowing companies to offset greenhouse gas emissions by financing activities that either reduce or remove emissions elsewhere in the economy.
Source: energynews.oedigital.com