The UK’s largest carbon capture provider, Carbon Clean, announced today it has raised $8m from its new investor CEMEX as part of a new carbon capture project in Victorville, California, working alongside existing investors Equinor Ventures, ICOS Capital, and WAVE Equity Partners.
Mexico-based building material company CEMEX’s participation brings Carbon Clean’s total investment round capital to $30m.
As part of its strategy to achieve its new climate action goals, the company see this investment as contributing towards its target of becoming net carbon neutral in concrete by 2050, under its Future in Action programme.
This programme will see CEMEX attempting to reduce its carbon dioxide (CO2) emission total 40% by 2030, with another target being a 35% reduction by 2025. In addition to these goals, the company intend to become net-zero carbon in concrete by 2050.
In 2020, CEMEX and Carbon Clean signed an agreement which will see the two creating a roadmap for developing and implementing carbon capture technologies within the cement industry.
Gonzalo Galindo, Head of CEMEX Ventures, spoke about the company’s goals and how it attempts to meet them, saying, “We are committed to leading the industry in addressing carbon emissions.”
“Our Victorville plant will demonstrate the power of Carbon Clean’s technology at scale and with this investment we are doubling down on our belief that carbon capture is essential to addressing our industry’s impacts.”
CEMEX’s efforts have seen it being awarded a grant from the US Department of Energy to research, engineer, and develop a pilot for a carbon capture unit. This will align with the work undertaken by Carbon Clean on cost-competitive solutions to reduce carbon emissions.
Commenting on the investment, Aniruddha Sharma, CEO, Carbon Clean, said, “we’re delighted to have CEMEX as an investor and its backing further confirms the growing value of our technology proposition, as well as expanding confidence of strategic investors.”
“It has been an exceptional 12 months and investors sense that we’re delivering on our business strategy.”
In addition to this investment, over the last five years Carbon Clean has developed its pioneering technology Cyclone CC, which can efficiently and cost-efficiently capture carbon dioxide (CO2) from industrial processes.
Co-investor WAVE Equity Partners also made a statement, with Praveen Sahay, Co-Founder and Managing Director, stating that the company is very excited with the significant advancements Carbon Clean brings to the industrial carbon capture marketplace.