• Mombak is targeting $150 million for its second Amazon reforestation fund, backed by access to a $38.88 million credit line from Brazil’s Climate Fund.
• Salesforce has signed a multiyear carbon removal offtake agreement, joining Google, Microsoft and McLaren Racing among Mombak’s buyers.
• Demand for carbon removals is beginning to extend beyond Big Tech, with Brazil’s BNDES reporting increased interest from oil, mining and steel companies.

Brazilian carbon removal company Mombak has secured the first close of its second reforestation fund and added Salesforce as a carbon credit buyer. The expansion comes as the company prepares for demand to spread beyond the technology groups that helped establish the market.

The Amazon Reforestation Fund II is targeting $150 million to finance restoration projects across the Brazilian Amazon. It will also have access to a $38.88 million credit line from Brazil’s Climate Fund, operated by state development bank BNDES.

The combination of private capital, public financing and corporate carbon purchases gives Mombak several sources of funding as it expands its reforestation portfolio.

“We are only raising this second fund because we proved over the last five years that there is a business, there is an industry and there is a market for this product,” Mombak CEO Gabriel Silva told Reuters.

Building a larger Amazon restoration portfolio

Mombak’s first fund raised $120 million from investors including an AXA fund, CPP Investments and Bain Capital. That capital has financed restoration projects across 15 Amazon farms.

The company has planted nearly 15 million native trees through those projects.

Its model converts reforestation activity into carbon removal credits that companies can purchase to address emissions. Unlike credits tied to avoided emissions, removal credits are linked to activities that take carbon dioxide out of the atmosphere.

Mombak issued its first reforestation carbon removal credits earlier this year. It expects a second and substantially larger issuance of about 80,000 metric tons by the end of 2026.

The new Salesforce agreement provides another source of long-term demand. Mombak described it as a multiyear carbon removal offtake agreement, adding the software company to a buyer roster that already includes Google, Microsoft and McLaren Racing.

Corporate offtake agreements can give project developers greater visibility over future revenue. For investors, that can help address one of the central financing challenges facing emerging carbon removal projects: uncertainty over future buyers.

RELATED ARTICLE: Mombak Delivers Amazon Carbon Credits Two Years Early

Carbon demand moves beyond Big Tech

Technology companies have become major buyers of high-quality carbon removals as they seek to manage emissions associated with rapidly expanding AI and data center infrastructure.

Mombak and BNDES now expect the buyer base to widen.

“Over time, you can expect announcements involving companies that are not Big Techs,” Silva said, adding that productivity gains and improved reforestation techniques are lowering costs and making credits accessible to a wider range of buyers.

BNDES is seeing similar shifts in corporate interest.

Socio-environmental director Tereza Campello said technology companies are reassessing climate targets as the costs associated with energy-intensive data centers become clearer. At the same time, demand from other emissions-intensive industries is growing.

“We have been approached by sectors that previously did not have as much appetite for carbon credits,” she said.

Oil, mining and steelmaking are among the sectors showing increased interest, according to BNDES.

Public finance strengthens Brazil’s carbon strategy

The involvement of Brazil’s Climate Fund adds a policy dimension to Mombak’s expansion. Its $38.88 million credit line gives the fund access to state-backed financing alongside institutional capital.

For corporate buyers and investors, the next test will be whether reforestation projects can scale while maintaining credible measurement, permanence and environmental integrity.

That question becomes more important as carbon removal moves deeper into corporate climate strategies. Buyers increasingly face scrutiny over the quality of credits and the role removals should play alongside direct emissions reductions.

Mombak’s second fund puts the Brazilian Amazon at the center of that developing market. If demand broadens beyond technology companies, restoration finance could draw capital from some of the world’s most emissions-intensive sectors.

For Brazil, that would connect forest restoration, climate finance and corporate decarbonization more closely, while testing whether high-quality carbon removals can develop into a larger institutional asset class.