CEMEX ramps up investment in carbon capture technology
Published by David Bizley,
CEMEX has announced that CEMEX Ventures, its corporate venture capital and open innovation unit, is increasing its investment in Carbon Clean. CEMEX Ventures has been an early-stage investor in Carbon Clean and used the opportunity of the latest Series C funding round to further increase its investment. This investment is part of CEMEX's strategy to develop breakthrough decarbonisation technology to achieve its ambitious climate action goals under its Future in Action programme.
Carbon Clean focuses on tackling industrial decarbonisation, providing advanced carbon capture technologies and solutions. Having captured over 1.5 million metric t of CO2 to date, Carbon Clean will scale its breakthrough modular technology to achieve industrial carbon capture on a gigaton scale. CEMEX and Carbon Clean are additionally developing a pilot of this technology at CEMEX's Victorville, California, cement plant, with funding partially granted by the United States Department of Energy.
"We are happy to increase our investment in Carbon Clean, recognising its significant contribution to scaling carbon capture technology and the decarbonisation of our industry. Its revolutionary modular technology promises to deliver industrial decarbonisation at gigaton scale in a cost-effective manner," said Gonzalo Galindo, Head of CEMEX Ventures. "We continue enhancing our low-carbon investment portfolio and looking for new technologies to create a more sustainable industry."
In 2020, CEMEX Ventures signed a collaboration agreement with Carbon Clean to jointly develop and implement carbon capture technologies across cement operations. In 2021, CEMEX Ventures made an initial investment in Carbon Clean participating in the startup’s Series B.
This new investment is part of a Series C funding round in Carbon Clean, led by Chevron, with the participation from existing investors, including CEMEX, Marubeni Corporation and WAVE Equity Partners, as well as new investors such as AXA Investment Managers, Samsung Ventures, Saudi Aramco Energy Ventures and TC Energy.
Read the article online at: https://www.worldcement.com/product-news/16052022/cemex-ramps-up-investment-in-carbon-capture-technology/
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