Omani startup 44.01 has announced the completion of a $37 million Series A funding round, led by Equinor Ventures and Shorooq Partners, on Monday.
This capital injection includes investments from prominent entities such as Air Liquide Venture Capital (ALIAD), Amazon’s Climate Pledge Fund, and Siemens Financial Services, among others.
Existing investors like Breakthrough Energy Ventures also participated, demonstrating continued confidence in 44.01’s technology.
The funds will be used to advance the startup’s carbon dioxide (CO2) mineralization technology, which has already seen successful pilots in Oman and the United Arab Emirates (UAE).
This technology offers a safe, permanent, and scalable solution for carbon sequestration, with the potential for global application due to the presence of suitable rock formations on every continent.
Talal Hasan, Founder and CEO of 44.01, emphasized the significant role of mineralization in climate protection and expressed gratitude to the investors for their support.
“Our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralize CO2 at scale worldwide,” the chief executive said.
Lars Klevier, Head of Equinor Ventures, praised the investment as a testament to Equinor’s commitment to innovative climate solutions.
Mahmoud Adi from Shorooq Partners expressed excitement about their first major investment in climate tech, aligning with the UAE’s leadership in advancing climate initiatives.
Relevant: 44.01 And ADNOC Begin Carbon Mineralization Project In The UAE
44.01’s innovative technology accelerates the natural CO2 mineralization process, permanently turning captured CO2 into rock within twelve months.
By sequestering CO2 from the air and industrial processes, the startup helps decarbonize critical industries, offering a safe, scalable, and enduring solution for reducing atmospheric CO2 levels.
44.01’s achievements include winning the Earthshot Prize in 2022 and being named a Top 20 Finalist in the XPRIZE Carbon Removal competition for their Project Hajar in Oman.
Read more: 44.01 And Aircapture Announce DAC + Mineralization Collaboration In Oman
