Mexican cement maker Cemex SAB de CV announced yesterday that it will provide Carbon Clean Solutions Ltd. funding to further develop its technology.
The investment in the London-based startup is a step towards achieving Cemex’ target of producing net-zero concrete by the year 2050. And although it was reluctant to share the exact size of the investment, the cement manufacturer did reveal the total capital raised by Carbon Clean Solutions with the help of Cemex and other investors – $30 million.
Carbon Clean and Cemex had entered into an agreement in 2020 to develop and launch carbon capture technologies in the production of cement, as Carbon Clean aims to reduce the cost of capturing CO2 by as much as by 50%.
According to Cemex, the startup has developed ground-breaking modular carbon capture technology that is more compact and easier to install than existing alternatives, which is what brings its costs down tremendously. The installation footprint of Carbon Clean’s product is 10 times smaller and its build time is 6 times shorter.
As a result, the price per metric ton of CO2 may come down to as low as $30.
These new developments are a critical step towards sustainability, as cement is among the most challenging industries to decarbonize. And according to experts in the field, without such breakthrough tech becoming available, the only way to neutralize the industry’s greenhouse gas emissions will be via carbon offsets and industrial carbon capture.
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