Cemex Ventures has made an investment in Carbon Clean, a provider of modular CO2 capture and separation technology. No financial terms were disclosed.
MONTERREY, MEXICO. AUGUST 3, 2021 – CEMEX, S.A.B. de C.V. (“CEMEX”) and its subsidiary CEMEX Ventures, CEMEX’s corporate venture capital and open innovation unit, announced today its investment in Carbon Clean, a global leader in cost-competitive modular CO2 capture and separation technology.
This investment is part of CEMEX’s strategy to achieve its new ambitious climate action goals, including being net carbon neutral in concrete by 2050, under its Future in Action program. The development of carbon capture technology to make it more accessible and efficient would be an unprecedented achievement for the cement sector.
In 2020, CEMEX Ventures signed an agreement with Carbon Clean, which allowed CEMEX Ventures and Carbon Clean to outline a roadmap for jointly developing and implementing carbon capture technologies across cement operations.
Over the last 5 years, Carbon Clean has developed a novel technology (CycloneCC), which can efficiently and cost-efficiently capture CO2 from industrial processes. The goal of this breakthrough scalable modular technology is to provide carbon capture at a 10 times smaller installation footprint and 6 times shorter build time, adding up to 50% savings in capital expenditures associated with carbon capture. Additionally, the technology would target operating expenditures as low as US$30 per metric ton of CO2 at an industrial scale.
This investment by CEMEX Ventures, along with previously announced investors Equinor Ventures, ICOS Capital, and WAVE Equity Partners, brings the total capital raised by Carbon Clean in the Series B investment round to US$30 million.
Under its Future in Action program, CEMEX recently announced a new, more aggressive climate action target, to be below 475 kg CO2 per metric ton, an approximate >40% reduction in CO2 emissions, by 2030. This new goal is aligned to the Well Below Two Degree scenario of the Science Based Target initiative (“SBTi). CEMEX is bringing forward its previous 2030 carbon goal of 520 kg of CO2 per metric ton, equivalent to a 35% reduction in emissions, by 5 years to 2025.
In addition, CEMEX committed to reduce its CO2 emissions in its ready-mix concrete business by 35%, reaching 165 Kg of CO2 per cubic meter, by 2030. Finally, the company reaffirmed to its 2050 goal of being net-zero carbon in concrete.
About Carbon Clean
Carbon Clean is a global leader in cost-effective CO2 capture technology. The company’s patented technology significantly reduces the costs and environmental impacts of CO2 separation, when compared to existing techniques.
The technology has been proven at scale in over 10 locations, including the UK, USA, Germany, India, Norway and the Netherlands. It is currently in use at the world’s largest industrial-scale carbon capture and utilization plant in Tuticorin, India. The UK Government has supported Carbon Clean’s development of its technology through competitive grants.
The company was awarded a ‘Technology Pioneer’ award by the World Economic Forum in 2015 and was featured in the ‘BGF 10 Green Tech to Watch’ list in The Sunday Times in 2020. Carbon Clean is headquartered in London, UK and also operates offices in India and the United States. For information about Carbon Clean, please visit: www.carbonclean.com