Carbon Upcycling Technologies has raised $26 million for developing and installing its carbon capture and utilization technology across cement plants in North America and Europe. The Series A round was led by together by BDC Capital and UK venture capital company Climate Investments, joined by Cemex Ventures, the corporate venture capital of the leading global conglomerate for building materials.
The round also attracted fresh investment from Local Investing YYC and saw other previous investors Clean Energy Ventures Group, Amplify Capital, Oxy Low Carbon Ventures, CRH Ventures increasing their funding.
Carbon Upcycling is an innovative technology company that harnesses the power of CO2 to promote sustainability in various industries. Their unique platform utilizes carbon dioxide emissions from any industry and combines them with natural materials or industrial wastes like coal plants, steel plants, and glass manufacturing, among others.
This move comes as part of Cemex Ventures’ ongoing commitment to investing in sustainable and environmentally friendly solutions within the construction industry and demonstrates the company’s commitment to decarbonization and the development of a circular economy.
The sustainable production of cement is where the common interests of the two companies intersect. The technology employed by Carbon Upcycling can effectively address the current and future shortage of clinker substitute, which is a crucial method for decreasing the overall environmental impact of cement production and capturing formerly released CO2 emissions from industrial processes.
With an almost $3 million investment from the UK government, Carbon Upcycling, along with Cemex, is set to deliver the world’s first commercial-scale cement additive plant upcycling glass waste, which would make the largest mineralization project of this kind. The facility will have the capacity to sequester 1,600 tonnes of CO2 annually and will aim to decrease emissions by 15,000 tonnes through cement abatement.
Back in 2021 Carbon Upcycling also started developing consumer products through its Oco brand. A recent partnership with Adidas created 400,000 pairs of trail running shoes produced with carbon-captured ink.