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Carbonova secures financing to accelerate its Commercial Demonstration project in Alberta

Saptarshi (Rishi) Chakraborty ,  Ivana Palacios
December 10, 2025

"McLeod Law was an exceptional partner to Carbonova during our oversubscribed C$5.1 million financing round. Rishi Chakraborty, along with Liam Phipps and Ivana Palacios, combined deep transactional expertise with practical, founder-friendly guidance—anticipating issues early, moving quickly under tight timelines, and keeping the process clear and efficient for our team and investors.

Their responsiveness and sound judgment were instrumental in closing this round and enabling us to move forward with our commercial demonstration project," said Dr. Mina Zarabian, CEO of Carbonova Corp.

McLeod Law assisted Carbonova Corp., an Alberta-based cleantech company transforming greenhouse emissions into high-performance carbon nanofibers (CNF), on its oversubscribed C$5.1 million equity financing round involving a syndicate of strategic and private investors.

This investment round builds on Carbonova's recent $4.38 million in grant funding from Emissions Reduction Alberta (ERA), underscoring growing investor and institutional confidence in Carbonova's technology and commercialization roadmap.

The new equity capital will enable Carbonova to advance construction of its first commercial demonstration unit (CDU-25) in Calgary, which is expected to convert captured CO₂ and natural gas into 25 tonnes of next-generation carbon nanofibers per year.

By transforming emissions into export-ready, lightweight, high-value materials, Carbonova's technology represents a significant growth opportunity for Alberta's clean technology sector. Following successful demonstration, the company plans to scale through a full-scale plant and modular licensed units deployed alongside industrial partners worldwide.

Read the full press release here. 

The team was led by Rishi Chakraborty and included Liam Phipps and Ivanna Palacios.

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