CarbonCure Technologies garners $80m in Blue Earth-led funding

• Other participants in the round included existing investors Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund and 2150
• New strategic investors BH3 Growth Equity and Samsung Ventures also signed on
• The round’s proceeds will support CarbonCure in meeting its growth plans and accelerating its product roadmap

CarbonCure Technologies, a Halifax-based provider of carbon removal technologies for the concrete industry, has secured $80 million in new equity financing.

Blue Earth Capital led the round. Other participants included existing investors Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund and 2150, as well as new strategic investors BH3 Growth Equity and Samsung Ventures.

CarbonCure has developed solutions that enable concrete producers to use captured carbon dioxide to produce reliable, low-carbon concrete mixes amid increasing demand for greener building materials from architects, engineers, owners and developers.

The company’s technologies have been used to produce nearly five million truckloads of lower-carbon concrete, saving about 290,000 metric tons of carbon dioxide.

The round’s proceeds will support CarbonCure in meeting its growth plans and accelerating its product roadmap.

“Blue Earth Capital seeks to address pressing environmental and social challenges globally,” said Kayode Akinola, head of private equity at Blue Earth Capital, in a statement. “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,” he added.

Headquartered in Switzerland, Blue Earth Capital is a specialist impact investor.