Vaulted Deep, a waste management company focused on underground infrastructure for organic waste, has secured a $35 million debt facility from Mediobanca to expand its operations across the US.
The financing was arranged by CFP Energy and is described as the largest publicly disclosed US commercial debt deal in durable carbon removal backed by long-term purchase contracts.
The financing is supported by Vaulted Deep’s waste service agreements and contracted carbon removal revenue, including purchase agreements with buyers through Frontier, an advance market commitment backed by companies such as Stripe, Shopify and Google.
Vaulted Deep delivered more than 20,000 tons of carbon removal to Frontier buyers in the first half of 2026 exceeding the total amount delivered during 2025. The company has also increased its weekly waste volume sixfold since 2023.
The new funding will help Vaulted Deep develop more projects through its AI-Accelerated Site Development Platform. The platform uses technology and operational data to identify potential sites, support permitting and improve injection operations.
“Waste operators across the country need new options as traditional disposal options become limited. This financing lets us take on more projects and invest in the tools that help us evaluate and develop new sites faster,” said Julia Reichelstein, CEO and Co-Founder of Vaulted Deep. “This is a meaningful milestone for Vaulted as we move into the next phase of building infrastructure at a much larger scale.”
The company uses geology, regulatory and waste-supply data to identify suitable locations. It also uses standardized processes and monitoring technology to speed up project development and improve the safe use of underground storage capacity.
The debt facility adds to the $48 million in equity funding Vaulted Deep has raised so far, along with its $8 million XPRIZE Carbon Removal award.
Carbon insurance company Artio also supported the transaction by helping reduce investment risks.
“Frontier’s theory of change is that robust demand for carbon removal, in the form of large, multi-year offtake agreements, gives companies the ability to raise the capital required to build and expand their businesses,” said Frontier spokesperson Hannah Bebbington Valori. “Vaulted raising institutional debt to expand their site development capabilities is a great example of this theory in practice.”
Tyler Manchester, Head of Voluntary Carbon, CFP Energy said: “By facilitating these types of transactions, we connect institutional capital with innovative climate technologies, helping accelerate the deployment of high-integrity carbon removal solutions. It reflects growing investor confidence in these solutions, driven by rising demand from corporate buyers seeking permanent pathways to support net-zero commitments and long-term climate strategies.”
Vaulted Deep uses deep-well injection technology to store organic waste underground in stable geological formations. The company works with municipalities, industrial operators and agricultural producers to manage waste that can be difficult to handle through traditional methods such as land application, landfilling and incineration.
The company says its underground approach can reduce the potential impact of waste disposal on local land, air and water while also supporting permanent carbon removal.
