Novacem has entered a Creditors’ Voluntary Liquidation after it was unable to raise the funds required to continue operations. The UK-based carbon negative cement company carried out research into the use of magnesium silicate raw material in its cement. More CO2 is absorbed than emitted during the production of carbon negative cement. Novacem had several backers from industry as well as innovation and environmental-based organisations, and even featured in MIT Technology Review’s top ten emerging technologies in 2010.
Novacem is to sell its technology and intellectual property to an as yet undisclosed buyer.
“Novacem has been tackling an enormous opportunity but unfortunately we have not been able to raise the necessary capital to continue developing the technology. We had built a terrific team that had made significant progress, but now have no option but to suspend operations and close the company. We have valuable proprietary Technology and Intellectual Property and hope to sell this to a company that can take it forward to full development and commercialisation,” said the firm’s Co-Founder Stuart Evans.
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/europe-cis/12102012/cement_novacem__liquidation_sale_uk_carbon_negative_164/