Calgary-based Carbon Upcycling secured a significant milestone, closing a USD $26 million Series A funding round, co-led by BDC Capital’s Climate Tech Fund and Climate Investment. The company specializes in circular decarbonization solutions for hard-to-abate sectors like cement, steel, and mining.
The funding will support multiple commercial projects, including two co-located at cement plants, validating the cost-effectiveness of Carbon Upcycling’s all-electric solution. The technology mineralizes CO2 emissions from industrial facilities and converts industrial byproducts into materials that reduce the carbon footprint of cement and concrete.
Carbon Upcycling’s projects with CRH in Canada and CEMEX in the UK will pioneer carbon capture and utilization at cement plants, driving decarbonization efforts in the built environment.
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