Mitsubishi UBE Cement Corporation (MUCC) has invested $5 million in Australian cleantech firm MCi Carbon (MCi), marking its first venture into mineral carbonation and carbon capture and utilization (CCU).
This move strengthens MUCC’s position as a leader in low-carbon cement innovation and makes it the fourth major Japanese partner to back MCi, alongside ITOCHU Corporation, Mizuho Bank, and Sumitomo Mitsui Trust Bank.
Investors have pledged over $20 million in this funding round, bringing the company’s post-money valuation to more than $200 million, MCi Carbon said in a statement last week.
The investment from MUCC includes a long-term collaboration agreement leveraging MUCC’s cement expertise and MCi’s mineral carbonation technology.
Additionally, MUCC and ITOCHU have signed a three-way Memorandum of Understanding (MoU) with MCi to accelerate adoption in Japan.
MCi Carbon Founder and CEO Marcus Dawe highlighted the significance of the partnership, stating that it adds significant momentum to the integration of mineral carbonation in the Japanese cement industry.
“As we strengthen our ties with forward-looking partners like MUCC, ITOCHU, and Taisei, we move closer to large-scale deployment that reduces emissions, delivers profitable outcomes, and firmly aligns with Japan’s climate ambitions,” Dawe added.
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In turn, MUCC Managing Executive Officer Hisanobu Tanaka said that collaborating with MCi Carbon would create new value by enabling long-term carbon stabilization from cement plants and other sources.
The funding supports the launch of MCi’s “Myrtle” Demonstration Plant in Australia, showcasing mineral carbonation’s commercial viability.
MUCC is also researching direct carbonation methods using waste concrete under Japan’s Green Innovation Fund initiative.
Japan’s Ambassador to Australia, Suzuki Kazuhiro, stressed the importance of advancing carbon capture, utilization and storage (CCUS) technologies, recognizing their significant potential.
He noted that MCi Carbon’s technology offers a stable method for capturing CO2 in minerals, providing a promising solution for reducing emissions in hard-to-abate sectors like cement and concrete production.
Read more: Sumitomo Mitsui Trust Bank Makes Substantial Investment In Australia’s MCi Carbon
