Calgary’s Carbon Upcycling has closed a $34.3 million Series A funding round co-led by BDC Capital’s Climate Tech Fund and Climate Investment.
Carbon Upcycling is a leader in circular decarbonization solutions for hard-to-abate sectors, including cement, steel, and mining.
This new funding will be utilized to deploy multiple commercial projects, including two co-located directly at cement plants. These projects will continue to validate the cost-effectiveness of Carbon Upcycling’s all-electric solution that mineralizes CO2 emissions from industrial facilities and upcycles industrial byproducts into materials that reduce the carbon footprint of cement and concrete.
“Closing this round is a major milestone on the road to becoming the most impactful carbon tech company of this decade,” said Apoorv Sinha, Founder and CEO of Carbon Upcycling (pictured).
“Over the next year, our mission is to demonstrate our technology’s versatility, scalability, and operational elegance. Proving significant, cost-effective decarbonization potential in the cement industry is possible without a green premium.”
Carbon Upcycling’s commercial project deployments with, CRH in Canada and CEMEX in the United Kingdom, will be the first to integrate carbon capture and utilization at a cement plant.
The company’s projects and research are also being supported by grants from the Government of Canada, UK Research and Innovation, and the US Department of Energy through work with the Colorado National Renewable Energy Laboratory.
“CEMEX is committed to supporting decarbonization for the built environment and our follow-on investment in Carbon Upcycling demonstrates such ambition,” said Gonzalo Galindo, Head of Cemex Ventures.
“Carbon Upcycling provides a scalable solution that effectively reduces the carbon footprint of cement, and we are proud to play a part in the global scaleup of Carbon Upcycling’s technology and the largest mineralization project of its kind at our integral cement plant at Rugby, United Kingdom. Increasing the supply and use of cement replacements aligns with Cemex’s goals of reducing CO2 emissions, and becoming fully net-zero by 2050 through its Future in Action sustainability program.”
The investment syndicate included strong participation from existing financial investors, Clean Energy Ventures, its angel investor collective CEVG, Amplify Capital, and strategic investors, Oxy Low Carbon Ventures, CRH Ventures, and Cemex Ventures, which are all enhancing their financial support with commitments to strategically-relevant projects.
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