The new funding will boost the global scale of CarbonCure’s carbon removal technologies across the concrete industry & expand its supply of high quality carbon credits.
Michelle Ma, Bloomberg, 11/07/2023
Green concrete startup CarbonCure Technologies Inc., backed by investors including Breakthrough Energy Ventures LLC, Amazon.com Inc. and Microsoft Corp., has raised another $80 million and plans to expand globally.
A bulk of the new investment will be made in Europe, the Middle East, Latin America and Southeast Asia, said CarbonCure Founder and Chief Executive Officer Robert Niven.
Read the full article on Bloomberg: https://www.bloomberg.com/news/articles/2023-07-11/green-concrete-company-carboncure-raises-80-million-to-expand-globally#xj4y7vzkg
Halifax, Nova Scotia, July 11, 2023 — CarbonCure Technologies, the global leader in carbon dioxide removal technologies for the concrete industry, today announces a major investment led by Blue Earth Capital, as part of a broader collaborative investment round totaling more than $80 million USD.
The new funding also includes strong and substantial support from existing shareholders, including Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund and 2150. New strategic investors include BH3 Growth Equity (BH3) and Samsung Ventures (Corporate VC fund backed by Samsung C&T). In addition to their financial backing, these firms are force multipliers of sustainability and innovation, with direct involvement in new product development and acting as market demand catalysts.
The investment will enable CarbonCure to accelerate toward its mission to reduce and remove millions of metric tons of carbon dioxide emissions from the atmosphere each year. Already operating in 30 countries, this funding will support CarbonCure in achieving its growth plans and accelerating its product roadmap, allowing its hardware and software platform to deliver commercial value and sustainability benefits to concrete producers while meeting global climate goals.
“The financial backing of this special syndicate of investors is an exciting endorsement of CarbonCure as a go-to solution for low embodied carbon concrete, a leader in carbon removal technologies and a provider of the highest quality carbon credits in the voluntary carbon market,” said Robert Niven, Chair and CEO of CarbonCure Technologies.
“This latest investment underscores the growing appetite across the public and private sectors for proven solutions and the most impactful strategies to advance industrial decarbonization and accelerate carbon removal pathways that are immediate, permanent and verifiable,” Niven said.
Blue Earth Capital is a mission-driven, global investment firm. It is an advocate for sustainability through its growth investments, supporting companies that have the potential to deliver measurable impact alongside attractive financial returns. Via its Climate Growth Strategy, Blue Earth Capital provides equity capital to help businesses scale, focusing on companies that offer products and services to facilitate the global energy transition as well as decarbonising key economic sectors including large scale production and consumption.
“Blue Earth Capital seeks to address pressing environmental and social challenges globally. 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,” said Kayode Akinola, Head of Private Equity at Blue Earth Capital.
CarbonCure intends to use the capital investment to accelerate its product roadmap and geographical expansion to meet its mission to reduce and remove millions of metric tons of carbon dioxide from the atmosphere each year. Supporting these efforts, Citi acted as a financial advisor to CarbonCure during its financing.
“Our solutions help concrete producers deliver high quality, lower carbon concrete in an efficient, economical and non-disruptive way,” said Niven. “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.”
To date, CarbonCure’s technologies have already been used to produce nearly five million truckloads carrying more than 37 million cubic yards (28 million cubic meters) of lower carbon concrete, saving about 290,000 metric tons of carbon dioxide, the equivalent to taking more than 64,000 gas-powered cars off the road for a year.
CarbonCure Technologies, a fast-growing carbon dioxide removal tech company, has developed easy-to-adopt solutions that enable concrete producers to use captured carbon dioxide to produce reliable, low carbon concrete mixes and achieve market differentiation amid surging demand for greener building materials among architects, engineers, owners and developers. With hundreds of CarbonCure systems operating around the world, roughly five million truckloads of this concrete have supplied a broad spectrum of sustainable construction projects. CarbonCure’s cutting-edge research and innovation have garnered global recognition and prestigious titles, most notably Carbon XPRIZE Grand Prize Winner, 2022 CNBC Disruptor 50 List Company and Cleantech 100 Hall of Fame Company. CarbonCure’s investors also include Amazon, BDC Capital, Breakthrough Energy Ventures, Carbon Direct, GreenSoil Investments, Microsoft Climate Innovation Fund, Mitsubishi Corporation, Pangaea, 2150 and Taronga Group.