UK start up Material Evolution raises £15 million in initial funding round
Published by Sol Klappholz,
Assistant Editor
World Cement,
Material Evolution, a British start up based in Middlesbrough, has raised £15 million in Series A funding to scale-up production of its low-carbon cement. The cement is composed of recycled materials and uses an ‘alkali fusion’ process for production at ambient temperatures. As such this new cement boasts an 85% reduction in carbon intensity compared to its traditional Portland-based counterparts.
Co-founder and COO, Sam Clark, had this to say, “Since closing our seed round in September 2021, Material Evolution has achieved significant market traction from advanced offtake agreements amounting to over 35,000 tonnes of our product now entering the market after selling out our first year of production. The investment will primarily be used to scale up production facilities and invest into further R&D to develop additional products for different construction use cases. The funding will also allow us to create blueprints for scaling and licensing our technology across the UK, Europe and beyond.”
The funding round was led by KOMPAS VC, an early-stage venture capital firm focused on breakthrough innovations in the decarbonisation of building and manufacturing industries.
Partner at KOMPAS VC, Sebastian Peck, commented that “Decarbonising building materials like cement and steel are core to our investment focus. The cement industry produces between 800 to 950 kg of CO2 per tonne of cement it produces, which is unacceptable. Material Evolution is the best kept secret in this space and has demonstrated that by taking a fundamentally different approach to product development”.
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Read the article online at: https://www.worldcement.com/europe-cis/29062023/uk-start-up-material-evolution-raises-15-million-in-initial-funding-round/
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