Carbon removal technology company CarbonCure Technologies announced today that it has raised $80 million in a new equity round, with proceeds aimed at scaling the company’s emissions reduction solutions for the concrete sector and growing its supply of carbon credits.
Buildings are a key source of environmental and climate impact, generating nearly 40% of annual global greenhouse gas (GHG) emissions, and embodied carbon, or carbon emitted from the manufacturing of building materials and construction accounting for around half of carbon emissions from new construction. Cement production, a key ingredient in concrete, accounting for approximately 8% of global carbon dioxide emissions, with over 900 kg of CO2 emissions generated for every 1000 kg of material produced.
Founded in 2012, Halifax, Nova Scotia-based CarbonCure provides solutions that let concrete producers use captured carbon dioxide to produce low carbon concrete mixes. The company’s technology is retrofitted into concrete plants to allow producers to inject captured CO2 into fresh concrete during mixing, in a process that mineralizes the CO2 while also increasing the concrete’s strength.
According to the company, its technologies have already produced almost five million truckloads of low-carbon concrete, saving about 290,000 metric tons of CO2, equivalent to removing over 64,000 gas-powered cars from the road for a year.
Robert Niven, Chair and CEO of CarbonCure Technologies, said:
“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.”
The financing round was led by specialist impact investor Blue Earth Capital, and included participation from existing investors including Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund, and 2150, as well as new investors BH3 Growth Equity (BH3) and Samsung Ventures (Corporate VC fund backed by Samsung C&T).
Kayode Akinola, Head of Private Equity at Blue Earth Capital, said:
“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. Solutions like these are urgently needed to help meet global climate goals.”