Canada-based CarbonCure Technologies, a company that provides CO2 removal technologies for the concrete industry, announced that it has secured $80M (nearly €71.45M) in a fresh round of funding.
Investors supporting CarbonCure
The round was led by Blue Earth Capital, as part of a broader collaborative investment.
Existing investors Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund and 2150 also participated in this round.
Additionally, the round also included new strategic investors BH3 Growth Equity (BH3) and Samsung Ventures (Corporate VC fund backed by Samsung C&T Engineering and Construction Group).
In addition to financial support, these companies also claim to be force multipliers of sustainability and innovation, participating directly in new product development and serving as market demand accelerators.
Kayode Akinola, Head of Private Equity at Blue Earth Capital, says, “Blue Earth Capital seeks to address pressing environmental and social challenges globally.”
“To achieve this and as part of our Climate Growth Strategy, we look to support promising technologies and companies enabling the redesign or supplementation of major industrial processes by using lower carbon-intensive materials and/or enabling raw materials to be reused.”
“CarbonCure’s technologies achieve both, on the one hand enabling concrete production with less carbon-intensive cement and on the other creating less solid waste and using less fresh water. Solutions like these are urgently needed to help meet global climate goals,” adds Akinola.
Capital utilisation
CarbonCure says it will use the money to accelerate its mission to reduce and remove millions of metric tons of CO2 emissions from the atmosphere each year.
The funds will help the company, which now has operations in 30 countries, achieve its expansion goals and accelerate the development of its product roadmap.
As a result, CarbonCure’s hardware and software platform will be able to provide concrete manufacturers with commercial value and sustainability advantages while also helping the world achieve its climate goals.
Robert Niven, Chair and CEO of CarbonCure, says, “Our solutions help concrete producers deliver high quality, lower carbon concrete in an efficient, economical and non-disruptive way.”
“With more than 750 systems sold, this latest investment will drive CarbonCure’s deployment across the global concrete industry as the private sector doubles down on sustainability in new construction and as federal, state and even municipal procurement policies requiring green building materials continue to multiply,” adds Niven.
“Concrete That Matters”
Founded in 2012, CarbonCure Technologies aims to make concrete a climate solution, lower embodied carbon emissions in the built environment and transform concrete plants into a worldwide network of carbon removal factories.
The company has developed solutions that allow concrete producers to use captured CO2 to produce reliable, low-carbon concrete mixes and achieve market differentiation in the face of rising demand for greener building materials from architects, engineers, owners and developers.
With hundreds of CarbonCure systems in operation across the world, about five million truckloads of this concrete have been used to supply a wide range of sustainable building projects.
CarbonCure’s technologies have already been used to produce nearly five million truckloads carrying more than 37 million cubic yards (28 million cubic metres) of lower carbon concrete, saving nearly 290,000 metric tonnes of CO2, the equivalent of taking more than 64,000 gas-powered cars off the road for a year.
