Carbon Upcycling Technologies announce that it has entered an agreement with ATEL Ventures ("ATEL") for up to US$10 million in asset-secured financing.
The agreement marks an important milestone in Carbon Upcycling's commercialisation journey by reinforcing the financeability of its technology. It will support the company's flagship project at the Ash Grove Mississauga Cement Plant, which will permanently sequester CO2 from the cement kiln and utilise it to transform locally produced industrial byproducts into high-quality, low-carbon supplementary cementitious materials (SCMs). Once operational, the facility will have the capacity to produce up to 30 000 tpy of SCMs, supporting regional construction supply chains.
"Our partnership with ATEL signals Carbon Upcycling's technology is entering a new phase of commercial readiness," said Suzy Taherian, CFO of Carbon Upcycling. "Capital discipline is vital to building the next generation of clean, competitive industrial infrastructure. This agreement aligns the right financing with the right assets, helping us advance our first commercial project while laying the groundwork for repeatable growth."
Under the agreement, the financing is secured by Carbon Upcycling's assets, and ATEL receives an option to make a future investment in the company.
"Carbon Upcycling exemplifies the kind of breakthrough technology we seek to support in venture-backed companies," said Sam Cash, VP & Director at ATEL Ventures. "Their platform converts industrial byproducts and captured CO2 into valuable cement materials, improving economics for producers while onshoring critical construction supply chains. We're pleased to support the company's first commercial deployment and look forward to seeing this technology scale across industrial infrastructure globally."
With its flagship project set to begin operations in the second half of 2026 and new financing in place, Carbon Upcycling is establishing the financial and commercial foundation necessary to scale localised, clean cement manufacturing infrastructure in North America and beyond.
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