Calgary-based Carbon Upcycling has secured up to USD $10 million in asset-secured financing from ATEL Ventures, marking a key step in the company’s push toward commercial-scale clean cement manufacturing.
The agreement supports Carbon Upcycling’s flagship project at the Ash Grove Mississauga Cement Plant, where the company is deploying technology that permanently sequesters CO₂ from cement kiln emissions. The captured carbon is then used to transform locally sourced industrial byproducts into high-quality, low-carbon supplementary cementitious materials (SCMs).
Once operational, the facility is expected to produce up to 30,000 tonnes of SCMs annually, helping strengthen regional construction supply chains.
“Our partnership with ATEL signals Carbon Upcycling’s technology is entering a new phase of commercial readiness,” said Suzy Taherian, CFO of Carbon Upcycling. “This agreement aligns the right financing with the right assets, helping us advance our first commercial project while laying the groundwork for repeatable growth.”
The financing is secured by Carbon Upcycling’s assets and includes an option for ATEL Ventures to make a future equity investment in the company.
ATEL Ventures says the investment reflects confidence in Carbon Upcycling’s ability to convert industrial byproducts and captured CO₂ into valuable cement materials while improving economics for producers and supporting localized supply chains.
With the Mississauga facility expected to begin operations in the second half of 2026, Carbon Upcycling is positioning itself to scale localized, low-carbon cement manufacturing infrastructure across North America and beyond.
Carbon Upcycling’s platform is designed to strengthen domestic supply chains, enable industrial onshoring, and accelerate the transition to low-carbon infrastructure by turning emissions and waste into usable construction materials.
The company is backed by a group of strategic investors including Builders Vision, the Business Development Bank of Canada, Climate Investment, Oxy Low-Carbon Ventures, Amplify Capital, and Clean Energy Ventures, along with cement industry players such as CRH Ventures, Cemex Ventures, and TITAN Group.
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