Carbon Upcycling Technologies Secures $6 Million to Scale Carbon-Resilient Infrastructure
Carbon Upcycling Technologies, a carbon utilization company that produces a CO2-embedded cement and concrete additive, today announced the closing of $6 million in financing led by Clean Energy Ventures, a venture capital firm funding early-stage climate tech innovations, with participation from CEMEX Ventures, the corporate venture capital of CEMEX, Amplify Capital, a leading impact venture fund that invests in early-stage startups addressing the world’s most complex and urgent problems, and Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (Oxy) focused on advancing cutting-edge, low-carbon technologies and business solutions. The round includes participation from Zero Carbon Partners, Purpose ESG, Clean Energy Venture Group, Fund for Sustainability and Energy, Prithvi Ventures, Bryan Trudel, and Mark and Faye McGregor.
Carbon Upcycling is the first company to achieve a 30 percent emissions reduction in concrete production - more than double the industry standard - and is ready to scale. The company will leverage the funding to grow its team and build its second commercial-scale facility in North America, capable of manufacturing more than 200 tons per day of low-carbon cement and concrete additive.
The foundation of infrastructure globally, cement is among the most widely used construction materials in both residential and commercial applications. Between rapidly urbanizing populations in developing countries and unprecedented infrastructure spending in developed countries, it presents a $750 billion annual global market opportunity and a massive decarbonization challenge simultaneously, accounting for 8 percent of global CO2 emissions.
“The U.S. desires to invest at an extraordinary level to improve its infrastructure while simultaneously addressing ambitious climate goals. Our aim is to support growth objectives while lowering carbon emissions both in the U.S. and internationally, and Carbon Upcycling’s extraordinary team, game-changing technology and partnerships with the leading industry participants in the building materials sector fit squarely within our strategy,” says Daniel Goldman, co-founder and managing partner of Clean Energy Ventures. “Our investment in Carbon Upcycling is premised on the potential for its technology to dramatically mitigate carbon emissions and we estimate that with wide scale deployment, over four gigatons of carbon emissions can be mitigated through 2050, a critical milestone required for a sector that is notoriously hard to decarbonize.”
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