Calgary-based Carbon Upcycling Technologies Inc. (“Carbon Upcycling”), a carbontech company delivering technology to decarbonise hard-to-abate sectors, announced that it has raised $26M (nearly €23.76M) in a Series A round of funding.
The investment was co-led by Climate Investment and BDC Capital’s Climate Tech Fund.
The investors also include Clean Energy Ventures, its angel investor collective CEVG, Amplify Capital, Oxy Low Carbon Ventures, CRH Ventures, and Cemex Ventures.
Together, these investors are supporting and enhancing projects relevant to the clean energy sector and sustainable practices.
Mike Bishop, Investment Director at Climate Investment says, “Scaleable, verifiable carbon reduction technology that can be implemented globally is crucial. Eight percent of global CO2 emissions result from the production of cement and concrete.”
“Carbon Upcycling’s technology could decarbonise a sizeable portion of these sector emissions, and importantly, the next round of projects will validate that the technology can outperform ordinary Portland cement on both cost and performance,” adds Bishop.
Brief about Carbon Upcycling
Founded in 2014 by Apoorv Sinha, Carbon Upcycling is a waste and carbon utilisation company that focuses on transforming industrial byproducts and natural materials into superior additives.
The company’s technology platform helps hard-to-decarbonise industries, starting with the cement and concrete sector, to sequester industrial CO2, reduce carbon emissions, and improve concrete performance.
By creating locally available, carbon-sequestering cement replacements, Carbon Upcycling offers a solution for producers to create a superior product while addressing climate change and industrial waste challenges.
Capital utilisation
Carbon Upcycling says the funds will be used to deploy multiple commercial projects, two of which will be co-located at cement plants.
The projects will demonstrate the cost-effectiveness of Carbon Upcycling’s all-electric solution, converting CO2 emissions from industrial facilities into materials that reduce the carbon footprint of cement and concrete.
This innovative approach aims to promote sustainability in the cement and concrete industries while helping to mitigate greenhouse gas emissions.
Founder Apoorv Sinha says, “Over the next year, our mission is to demonstrate our technology’s versatility, scalability, and operational elegance. Proving significant, cost-effective decarbonisation potential in the cement industry is possible without a green premium.”
Project deployments with CRH and CEMEX
Carbon Upcycling will deploy commercial projects with CRH in Canada and CEMEX in the UK, marking the first integration of carbon capture and utilisation at cement plants.
The company’s efforts are supported by grants from the Government of Canada, UK Research and Innovation, and the US Department of Energy in collaboration with the Colorado National Renewable Energy Laboratory.
Eduardo Gomez Mendoza, Head of CRH Ventures says, “We have chosen to further develop our existing partnership with Carbon Upcycling as its technology solution aligns directly with our circular, zero-waste sustainability values.”
“The cement plant integration we are supporting means this technology will be deployed at commercial scale in one of the largest cement plants in Canada, demonstrating a cost-effective, circularity-based method of producing low-carbon cement.”
Gonzalo Galindo, Head of Cemex Ventures adds, “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 programme.”
