Chestnut Carbon Valuation, Funding & Investors

Chestnut Carbon is valued at $450M as of September 2025.

Last Chestnut Carbon valuation

$450M

Series B · Sep 2025

Last Chestnut Carbon funding round

$90M

Series B · Sep 2025

Cumulative funding Chestnut Carbon raised

$450M

across 3 funding rounds

Key investors in Chestnut Carbon

  • CPP Investments
  • Kimmeridge
  • DBL Partners
  • Cloverlay

Chestnut Carbon Overview

About Chestnut Carbon

Chestnut Carbon is a developer of afforestation projects generating verifiable carbon removal credits in the United States. The company plants hardwood forests on marginal lands secured by conservation easements, using satellite imagery and AI for sequestration monitoring. Chestnut Carbon partners with landowners in Appalachia to restore ecosystems and sell Gold Standard-certified credits to corporations pursuing net-zero targets.


Founded

2022

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$450M (Sep 2025)

Chestnut Carbon Valuation

Chestnut Carbon is currently valued at $450M, based on its Series B in September 2025.

The $90M round included CPP Investments.

Chestnut Carbon valuation by funding round

Chestnut Carbon valuation by funding round
DateStageValuation
Sep 2025Series B$450M

Chestnut Carbon Funding History

Chestnut Carbon has raised a total of $450M across 3 funding rounds.

Chestnut Carbon's first fundraising round was a $200M seed round in March 2022. The most recent completed round was a $90M Series B in September 2025.

Chestnut Carbon funding rounds

Chestnut Carbon funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2025Series BCPP Investments$90M$450MChestnut Carbon is a nature-based carbon removal developer founded in 2022 with support from Kimmeridge, specializing in high-quality, U.S.-based forest carbon offsets through reforestation and conservation across southern states. On September 16, 2025, it raised an additional $90 million from CPP Investments for its Series B round, bringing the total Series B to $250 million from the prior $160 million announced earlier in 2025. This marks one of the voluntary carbon market's largest raises year-to-date. The funds will primarily support land purchases, having already enabled acquisition of over 60,000 acres across eight southern states, and technological innovations like proprietary data tools and patented systems for forest modeling and efficiency. Alongside the equity, Chestnut closed a $210 million non-recourse project finance facility, the first for a U.S. voluntary carbon afforestation project without sponsor balance sheet recourse, to accelerate planting, expand teams, and enhance its platform. Investors include CPP Investments as a follow-on participant, with earlier mentions of J.P. Morgan and CoBank in some reports, alongside Kimmeridge.
Feb 2025Series BDBL Partners; Cloverlay; CPP Investments; Kimmeridge$160M-Chestnut Carbon is a nature-based carbon removal developer founded in 2022 by alternative asset manager Kimmeridge. The company focuses on purchasing marginal and degraded farmland in the southeastern United States, restoring it with native trees, and generating verified carbon credits to help enterprises meet decarbonization goals. Chestnut emphasizes high-integrity credits through U.S.-based projects with robust property rights and transparent ownership structures, utilizing Gold Standard and Verra certification frameworks. The company has already acquired over 60,000 acres across eight southern states and generates high-quality, U.S.-based forest carbon offsets designed to be additional and verifiable. Chestnut closed its Series B financing in two tranches: an initial $160 million announced in February 2025, followed by an additional $90 million in September 2025, bringing the total Series B to $250 million. The round was led by Canada Pension Plan Investment Board (CPP Investments), with participation from new investors Cloverlay and DBL Partners, as well as limited partners of Kimmeridge including university endowments, family offices, and other institutional investors. The Series B proceeds fund land acquisitions and technological innovation including proprietary data tools and patented systems for forest modeling and operational efficiency. Alongside the equity raise, Chestnut secured a landmark non-recourse project finance credit facility of up to $210 million from a syndicate led by J.P. Morgan, CoBank, Bank of Montreal, and East West Bank—marking the first time a U.S. voluntary carbon removal afforestation project received dedicated bank financing without recourse to the sponsor. This facility was backed by a carbon removal supply agreement with Microsoft Corporation, one of the largest carbon removal agreements in the United States, and is expected to support the sequestration of an estimated 100 million tons of carbon over the life of Chestnut's Sustainable Restoration Project. The combined equity and project financing positions Chestnut to accelerate planting schedules, expand operational teams, and move more quickly from land acquisition to tree planting and long-term forest management.
Mar 2022SeedKimmeridge (lead)$200M-Kimmeridge Energy Management, a private-equity firm focused on energy solutions, committed up to $200 million to launch Chestnut Carbon LLC in March 2022. Chestnut Carbon is a nature-based carbon removal developer focused on generating high-quality forest carbon offsets through afforestation projects on marginal crop and pasture lands across the United States. The company was founded with Kimmeridge's backing to fill a gap in the market for verifiable, additional carbon offset solutions to help organizations meet net-zero goals. Chestnut's afforestation projects target the sequestration of 100 million metric tons of carbon over time and generate Gold Standard verified carbon credits. The company acquired Forest Carbon Works, a credit facilitator, as part of its early development. By 2025, Chestnut had significantly expanded its funding base, completing a Series B round that raised $250 million total (initial $160 million in early 2025, plus an additional $90 million in September 2025) from investors including Canada Pension Plan Investment Board, Cloverlay, and DBL Partners, alongside support from university endowments, family offices, and institutional investors. As of September 2025, Chestnut had acquired approximately 60,000 acres across eight southern U.S. states and secured a landmark $210 million non-recourse project finance credit facility from banks—the first of its kind for a U.S. voluntary carbon removal afforestation project.

Who has invested in Chestnut Carbon?

4 investors have backed Chestnut Carbon across its funding rounds, including CPP Investments, Kimmeridge, DBL Partners and Cloverlay.

Lead investors include Kimmeridge.


Chestnut Carbon Investors

Investors in Chestnut Carbon by funding rounds participated
InvestorHQRoundsRoleFirst check
CPP InvestmentsCanadaToronto2ParticipantFeb 2025
KimmeridgeUnited StatesNew York City, NY2LeadMar 2022

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Chestnut Carbon Competitors

Chestnut Carbon competitors include listed companies like NYAB and JinkoSolar, and private ones like Renovate America, Arbor Energy, HIF Global and Fulcrum Bioenergy.

Public and private companies comparable to Chestnut Carbon
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Renovate AmericaUnited StatesSan Diego, CAPrivate--$500M-
NYABSwedenSwedenPublicly listed$630M$41M$521M0.7x
JinkoSolarChinaChinaPublicly listed$9.8B($44M)$564M0.6x
Arbor EnergyUnited StatesLos Angeles, CAPrivate--$340M-
HIF GlobalChileSantiagoPrivate--$600M-
Fulcrum BioenergyUnited StatesSan Francisco, CAPrivate--$603M-

Chestnut Carbon Public Comps

Chestnut Carbon is still privately-owned, but its public comps include Aduro Clean Technologies, Sterling and Wilson, Hansen Technologies, Energiekontor, Kalyon Güneş Teknolojileri, Lydia Yeşil Enerji, Gevo, NYAB, Akfen Yenilenebilir Enerji and Chrysos Corp..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aduro Clean Technologies$120K($19M)3534.2x3228.7x(22.6x)(52.6x)
Sterling and Wilson$787M($15M)0.7x0.7x(37.6x)15.3x
Hansen Technologies$275M$52M1.9x1.9x9.8x6.3x
Energiekontor$193M$99M3.5x2.7x6.8x8.0x
Kalyon Güneş Teknolojileri------
Lydia Yeşil Enerji$1M-367.9x---
Gevo$161M$7M3.2x2.7x71.7x10.7x
NYAB$630M$41M0.8x0.7x12.3x9.8x

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Common questions about Chestnut Carbon

When was Chestnut Carbon founded?Chestnut Carbon was founded in 2022.
Where is Chestnut Carbon headquartered?Chestnut Carbon is headquartered in New York City, NY, United States.
Is Chestnut Carbon publicly listed?No, Chestnut Carbon is a private, VC-backed company.
What is Chestnut Carbon's valuation?Chestnut Carbon was last valued at $450M in its Series B in September 2025.
How much funding has Chestnut Carbon raised?Chestnut Carbon has raised $450M across 3 funding rounds.
What was Chestnut Carbon's last funding round?Chestnut Carbon's last funding round was a $90M Series B in September 2025.
Who are Chestnut Carbon's investors?Chestnut Carbon's investors include CPP Investments, Kimmeridge, DBL Partners and Cloverlay.
Which companies are comparable to Chestnut Carbon?Companies comparable to Chestnut Carbon include Renovate America, NYAB, JinkoSolar, Arbor Energy, HIF Global and Fulcrum Bioenergy.

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