Sumitomo Mitsui Trust Bank Makes Substantial Investment In Australia’s MCi Carbon

Mizuho Bank Invests $5M In Clean Tech Company MCi Carbon - Carbon Herald

MCi Carbon, an Australian clean technology platform revolutionising the carbon recycling industry, proudly announces the addition of esteemed Japanese investor, Sumitomo Mitsui Trust Bank, to its investor roster. This significant investment from the Japanese giant, with assets under management totalling $617 billion marks a pivotal moment in MCi Carbon’s journey towards global leadership in carbon capture and utilisation and underscores the growing international recognition of Australia’s role in the transition to a zero-carbon world economy.

On February 16 in Newcastle, Australia’s Prime Minister Anthony Albanese gave special mention to MCi Carbon, outlining the opportunities for Australia to decarbonise global industries.

“I want to see more Australian research incorporating Australian resources into technology made here in Australia. Like at MCi, where they are using technology developed at the University of Newcastle to transform captured carbon dioxide emissions into carbonate rock that can be used in building materials,” said Mr. Albanese

“We can be an exporter of clean energy technology and clean energy itself. Helping our neighbours reduce their emissions and bolster their energy security. There is a huge prize on offer here, across every sector of our economy and in every market in our region.”

MCi Carbon’s solutions align with Japan’s Green Growth Strategy, which prioritises carbon recycling technologies as key enablers of carbon neutrality by 2050. Launched at the 2022 Quad Leaders Meeting in Tokyo, the Quad Climate Change Adaptation and Mitigation Package (Q-CHAMP) aims to enhance and accelerate the clean energy transition through knowledge sharing on clean hydrogen and clean ammonia, methane reduction in the natural gas sector, and Carbon Capture, Utilisation, and Sequestration (CCUS) and Carbon Recycling.

SuMi Trust Bank joins existing MCi Carbon investors ITOCHU Corporation, with a market capitalisation of US $64.5 billion, and Mizuho Bank, with assets under management exceeding US $1.5 trillion. The recent stream of investment from Japan not only reflects confidence in MCi Carbon’s innovative technology but also signifies a shared commitment to fostering sustainable industrial practices across the Asia Pacific. Due to the high value of the outputs created, the company’s technology does not rely on a carbon price to be viable. MCi Carbon has successfully developed decarbonisation pathways for hard-to-abate industries such as steel and cement that are also profitable business models.

“We are thrilled to welcome SuMi Trust Bank as investors in MCi Carbon,” said Marcus Dawe, CEO, and co-founder of MCi Carbon. “Their support not only validates our commitment to Japan’s carbon recycling efforts but also strengthens our position as a global leader in mineral carbonation.”

MCi Carbon’s groundbreaking technology transforms carbon dioxide (CO2) into building materials and other valuable products. The company has been developing their engineered mineral carbonation technology for over a decade, and the solid output materials, such as calcium and magnesium carbonates, will contribute to decarbonising the built environment and fuelling the circular carbon economy.

In 2021, MCi secured AU$14.6m from the Australian Government CCUS Development Fund to build Australia’s CCU Flagship, and the next scale-up of the technology, ‘Myrtle’. The facility is currently under construction at Orica’s Kooragang Island manufacturing plant in Newcastle, Australia. Scheduled to be operational in Q1 2025 In 2022, MCi Carbon formed a three-way collaboration agreement with ITOCHU and Taisei Corporation to accelerate Japan’s transition to net zero emissions.

In January this year, MCi commenced preliminary engineering work for their first industrial large-scale plant in collaboration with world-renowned refractories leader RHI Magnesita. Alongside an additional multi-million-dollar investment from RHI Magnesita, this accelerates MCi Carbon’s mission to scale-up and commercialise their carbon capture and utilisation technology in Europe. Previously, RHI Magnesita signed a long-term strategic cooperation agreement with MCi to decarbonise components of their operations. This partnership was formed alongside an initial multi-million-dollar investment made in February 2023 in MCi’s carbon capture and utilisation technology.

MCi Carbon’s success has been further underscored by recent accolades, including winning #1 Global Cleantech at COP26 in Glasgow and receiving recognition at COP28 for MCi Carbon’s latest plant, ‘Myrtle’, as part of the Mission Innovation Net Zero Industries Awards.

Read more: Mizuho Bank Invests $5M In Clean Tech Company MCi Carbon

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