Carbon Upcycling Technologies Raises $26 Million in Series A Financing
Carbon Upcycling Technologies, a member of STSA member incubator Rev: Ithaca Startup Works that is working to reduce the carbon footprint of concrete, recently raised $26 million in Series A financing.
The Calgary-based startup is working to minimize the carbon impact of industrial processes, divert industrial materials from landfills, and enable a more circular economy. Through the use of enhanced additives for low-carbon cement and concrete, Carbon Upcycling can produce a “greener” concrete that is up to 40% stronger than conventional concrete.
Climate Investment and BDC Capital’s Climate Tech Fund led the round. Other participants included Clean Energy Ventures, its angel investor collective CEVG, Amplify Capital, and strategic investors Oxy Low Carbon Ventures, CRH Ventures, and Cemex Ventures.
Mike Bishop, the investment director at Climate Investment, explained, “Scaleable, verifiable carbon reduction technology that can be implemented globally is crucial. Eight percent of global CO2 emissions result from the production of cement and concrete. Carbon Upcycling’s technology could decarbonize a sizable portion of these sector emissions…”
CEO Apoorv Sinha launched Carbon Upcycling in 2014 with the mission of helping the cement and concrete industry reach net zero by 2050. The new financing will be crucial in achieving this goal. Carbon Upcycling will use the funds to deploy multiple commercial projects, including two co-located directly at cement plants.