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Carbon Clear fetches $150m Series C

Carbon Clean, a provider of modular CO2 capture and separation technology. has raised $150 million in Series C funding.

Carbon Clean, a provider of modular CO2 capture and separation technology. has raised $150 million in Series C funding. Chevron led the round with participation from other backers that included Cemex Ventures.

MONTERREY, MEXICO. MAY 12, 2022 – CEMEX, S.A.B. de C.V. (“CEMEX”) announced today that CEMEX Ventures, its corporate venture capital and open innovation unit, is increasing its investment in Carbon Clean. CEMEX Ventures has been an early-stage investor in Carbon Clean and used the opportunity of the latest Series C funding round to further increase its investment. This investment is part of CEMEX’s strategy to develop breakthrough decarbonization technology to achieve its ambitious climate action goals under its Future in Action program.

Carbon Clean focuses on tackling industrial decarbonization, providing advanced carbon capture technologies and solutions. Having captured over 1.5 million metric tons of CO2 to date, Carbon Clean will scale its breakthrough modular technology to achieve industrial carbon capture on a gigaton scale. CEMEX and Carbon Clean are additionally developing a pilot of this technology at CEMEX’s Victorville, California, cement plant, with funding partially granted by the United States Department of Energy.

“We are happy to increase our investment in Carbon Clean, recognizing its significant contribution to scaling carbon capture technology and the decarbonization of our industry. Its revolutionary modular technology promises to deliver industrial decarbonization at gigaton scale in a cost-effective manner,” said Gonzalo Galindo, Head of CEMEX Ventures. “We continue enhancing our low-carbon investment portfolio and looking for new technologies to create a more sustainable industry.”

In 2020, CEMEX Ventures signed a collaboration agreement with Carbon Clean to jointly develop and implement carbon capture technologies across cement operations. In 2021, CEMEX Ventures made an initial investment in Carbon Clean participating in the startup’s Series B.

This new investment is part of a Series C funding round in Carbon Clean, led by Chevron, with the participation from existing investors, including CEMEX, Marubeni Corporation and WAVE Equity Partners, as well as new investors such as AXA Investment Managers, Samsung Ventures, Saudi Aramco Energy Ventures and TC Energy.

About Carbon Clean
Carbon Clean is a global leader in carbon capture solutions for hard-to-abate industries such as cement, steel, refineries and energy from waste. The company’s patented technology significantly reduces the costs of carbon capture when compared to conventional solutions.

The company is leading innovation in the CCUS market and has developed a fully modular technology – CycloneCC – that is set to disrupt the sector. The company’s solutions will help deliver the necessary scaling up of carbon capture to achieve global net zero targets. The technology has been proven at scale in over 44 sites around the world, including plants in the UK, U.S., Japan, Germany, India, Norway and the Netherlands. It has delivered the world’s largest industrial-scale carbon capture and utilisation plant for Tuticorin Alkali Chemicals & Fertilizers Ltd, India.