CarbonCure Technologies, a Halifax, Nova Scotia-based developer of carbon dioxide removal solutions for the concrete industry, has raised undisclosed funding. The new investors are Carbon Direct and Mitsubishi Corp. 2150 and GreenSoil Investments, which participated in the company’s 2020 financing, increased their investment.
Halifax, NS — January 28, 2021: CarbonCure Technologies, a Canadian cleantech company that develops carbon dioxide removal (CDR) solutions for the concrete industry, today announces an investment by new and existing strategic global investors.
Carbon Direct and Mitsubishi Corporation are new investors in CarbonCure, while 2150 and GreenSoil Investments increased their participation in the company. The investment announcement follows the recent financing co-led by Amazon Climate Pledge Fund and Breakthrough Energy Ventures.
The latest round of investments represents the growing recognition of CarbonCure’s leadership in CDR technologies to tackle the immense carbon footprint of concrete, the most abundant human-made material in the world after drinking water. Cement — the key ingredient that gives concrete its strength — is the largest industrial emitter of carbon dioxide accounting for 8% of global greenhouse gas emissions. CarbonCure’s technology enables concrete producers to continue manufacturing the same reliable concrete while permanently removing carbon dioxide from the atmosphere.
“This investment by new and existing strategic partners is yet another endorsement of CarbonCure as one of the leading CDR solutions in the construction industry,” said Robert Niven, CEO and Founder of CarbonCure Technologies.
Carbon Direct is a strategic advisor to partners with carbon removal commitments and an investor in an array of carbon removal, utilization, and low-carbon technologies. The company’s investment fund supports companies that are helping to build the negative emissions industry and enabling the clean energy transition.
“Carbon Direct’s mission is to scale carbon removal and utilization into a major global industry, so CarbonCure is an ideal fit for our investment portfolio. The company’s growth equity fund makes private investments in leading technology providers to the carbon removal and utilization ecosystem,” said Jonathan Goldberg, CEO of Carbon Direct.
Mitsubishi Corporation has 10 business groups that operate across virtually every industry and represent 1,700 different companies. The group is dedicated to tackling sustainability issues while delivering societal, economic, and environmental value.
“We are thrilled to work together with CarbonCure and support its deployment in Japan and Asian region. Climate change is no exception, and we strive to lead the low carbon transition of the global cement and concrete industry with advanced CO₂ technologies like CarbonCure,” said Yusuke Tsuji, Leader, Low Carbon Taskforce, Mitsubishi Corporation.
CarbonCure intends to use the capital investment to accelerate the commercialization of a growing portfolio of CDR innovations and the international expansion timelines — particularly in Europe and Asia — to meet its goal of removing 500 megatonnes (500 million metric tonnes) of carbon dioxide annually from the concrete industry by 2030.
CarbonCure is already used by nearly 300 concrete producers to supply low embodied carbon concrete to construction projects around the world.
“The latest investment in CarbonCure presents a wonderful opportunity for the global ready mix industry to capitalize on the increasing demand for sustainable concrete and enable the low carbon construction of sustainable cities,” said Niven.
About CarbonCure Technologies
Architects, structural engineers, owners and developers are seeking proven ways to reduce the embodied carbon of their building projects. Recognizing concrete as a solution, CarbonCure Technologies, a fast-growing, clean tech company, has developed an easy-to-adopt carbon removal technology that enables concrete producers to use captured carbon dioxide to produce reliable, low-carbon concrete mixes and achieve market differentiation. Available from hundreds of concrete plants, CarbonCure-based mixes are transforming the built environment and have permanently removed more than 100 metric tonnes of carbon emissions from the atmosphere. CarbonCure’s investors include Amazon, Breakthrough Energy Ventures, Microsoft, Shopify, Mitsubishi Corporation and Carbon Direct.
About Carbon Direct
Carbon Direct LLC provides both scientific advisory services and investment capital to the carbon removal & utilization ecosystem. Our advisory business works for clients to fulfill their carbon removal & utilization commitments. Our team of world renowned carbon scientists has a nuanced understanding of the true risks and opportunities of emerging and mature carbon removal & utilization technologies. Our investment business makes direct investments into leading carbon removal & utilization companies. Carbon Direct was founded in 2019 by Jonathan Goldberg and has offices in New York City.
About Mitsubishi Corporation
Mitsubishi Corporation, founded in 1954, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.