CEMEX Ventures, the corporate venture capital and open innovation unit of CEMEX, has launched the 7th edition of the Construction Startup Competition. It’s called “Builders of the Future Now” and wants to find startups working in the areas of productivity, supply chain and sustainability.
The annual competition is held by CEMEX with the intention of finding innovative solutions for global issues in the construction industry, particularly those related to decarbonization, alternative fuels & new energy sources, sustainable materials, water conservation and environmental damage mitigation.
CEMEX Ventures is interested in startups and early-stage companies with promising solutions that are already on the market.
Ibon Iribar, Investment and Open Innovation Advisor at CEMEX Ventures, specified: “We are looking for early stage companies but with market proven solutions, plus other solutions that could be in an earlier phase, like MVPs or ideas that need support validating the solutions. We also have an accelerator program where these companies could fit in in the next months.”
Applicants from around the world are welcome to enter the Construction Startup Competition, although CEMEX will prefer countries or geographies where it has a presence or operations.
We asked Ibon Iribar whether this year’s edition of the competition would focus on carbon capture technologies, to which the answer was a strong affirmative.
“It’s a direct fit for CEMEX Ventures. It’s one of the hottest spaces we’re investing in. In the past we’ve invested in a couple of technologies in the CCUS space but also in alternative fuels and hydrogen,” Iribar said.
Iribar shared that alternative fuel projects are also of interest, as are all electrification projects.
The competition is open until July 2, 2023, and those accepted will instantly start working with CEMEX Ventures and will gain access to an internal audience at CEMEX, providing the potential for their projects to be evaluated at one of the company’s plants.
“The top management for sustainability initiatives on a regional and company levels is involved in the competition. There is a dedicated team for CO2 initiatives, CCU, alternative fuels, hydrogen,” Iribar told the Carbon Herald.
Winners of the Construction Startup Competition will get access to investment to finance their solution and help with piloting and testing their technology in real markets.