Amazon and Breakthrough Energy Ventures Co-Lead Investment in Cleantech Company, CarbonCure
News from: Business Wire, September 17, 2020 11:10 AM Eastern Daylight Time
Investment signals a broader trend toward the use of low embodied carbon concrete in the built environment.
CarbonCure’s retrofit technology enables concrete producers to use waste carbon dioxide (CO₂) to produce stronger, more sustainable concrete and gain a competitive advantage.
HALIFAX, Nova Scotia–(BUSINESS WIRE)–CarbonCure Technologies, a Canadian cleantech company that develops carbon dioxide removal (CDR) solutions for the concrete industry, today announced an investment by leading technology and property developers.
“CarbonCure’s success in North America is validation that its cleantech solution benefits concrete producers from a commercial standpoint as well as a sustainability one”
Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures (BEV) co-led the investment syndicate comprising Microsoft, BDC Capital, 2150, Thistledown Capital, Taronga Ventures, and GreenSoil Investments.
The investment represents a commitment to tackling the carbon footprint of concrete, the most abundant human-made material in the world. Cement — the key ingredient that gives concrete its strength — is also one of the largest emitters of carbon dioxide in the built environment.
“This collaborative investment by technology and property development firms is a great endorsement of CarbonCure as the go-to CDR solution for the growing tech construction space and the overall shift towards low embodied carbon construction materials,” said Robert Niven, CEO and Co-Founder of CarbonCure Technologies.
“We witnessed the tech industry setting climate change trends with their adoption of renewable energy sources like wind and solar. This investment in CDR signals a broader change for public and private infrastructure projects as industries and governments turn their focus toward the reduction of embodied carbon,” said Niven.
In 2019, Amazon co-founded the Climate Pledge, a commitment to be net-zero carbon by 2040 — 10 years ahead of the Paris Agreement. Amazon’s investment in CarbonCure aligns with this commitment.
“We are excited to invest in CarbonCure, a company producing stronger, more sustainable concrete, which will help Amazon and other companies meet The Climate Pledge, a commitment to be net-zero carbon by 2040,” said Kara Hurst, Vice President of Sustainability, Amazon. “We are looking forward to lowering the carbon footprint of many of our buildings by using CarbonCure concrete, including in Amazon’s HQ2 building in Virginia.”
CarbonCure intends to use the capital investment to accelerate its product roadmap and geographical expansion in order to meet its goal of removing 500 megatonnes (500 million metric tonnes or 500 Mt) of carbon dioxide annually from the concrete industry by 2030.
“Our solutions help producers deliver low embodied carbon concrete in an efficient, non-disruptive, and profitable way,” said Niven. “The latest investment presents a wonderful opportunity for the global concrete industry to capitalize on the increasing demand for sustainable concrete.”
CarbonCure is already used by nearly 300 concrete producers to supply low embodied carbon concrete to construction projects.
“CarbonCure’s success in North America is validation that its cleantech solution benefits concrete producers from a commercial standpoint as well as a sustainability one,” said Dr. Carmichael Roberts from BEV. “BEV is delighted to co-lead this investment with Amazon so CarbonCure can accelerate its global expansion, enabling more producers around the world to deliver low embodied carbon concrete.”
Microsoft, another prominent tech company in CarbonCure’s investment syndicate, also has ambitious sustainability commitments.
“Achieving a net zero carbon future requires developing innovative new technologies to address carbon emissions across industries,” said Brandon Middaugh, Director of Microsoft’s Climate Innovation Fund. “Solutions like CarbonCure help to reduce carbon emissions from the concrete industry, which is a large producer of carbon, and help us meet our goal to be carbon negative by 2030.”
CarbonCure Technologies is the global leader in carbon removal technologies for concrete. CarbonCure’s retrofit technology enables concrete producers to use waste carbon dioxide (CO₂) to produce stronger, more sustainable concrete and gain a competitive advantage. CarbonCure is on a mission to reduce the embodied carbon footprint of the built environment, with the goal of reducing CO₂ emissions by 500 megatonnes annually. Hundreds of concrete plants around the world are producing concrete made with CO2 every day, supplying projects ranging from highways to high-rises and aquariums to airports.