Calgary carbon company raises $34M in Series A funding

Key Takeaways:

• The funding round included participation from Clean Energy Ventures, its angel investor collective CEVG, Amplify Capital, and strategic investors, Oxy Low Carbon Ventures, CRH Ventures, and Cemex Ventures and others.
• The funding will be utilized to deploy multiple commercial projects, including two co-located directly at cement plants.
• Carbon Upcycling’s technology sequesters industrial CO₂, reduces the carbon footprint of cement, and improves concrete performance. 

The Whole Story:

Calgary-based decarbonization company Carbon Upcycling Technologies Inc. has closed a $34 million Series A funding round co-led by BDC Capital’s Climate Tech Fund and Climate Investment.

The syndicate includes participation from existing financial investors, Clean Energy Ventures, its angel investor collective CEVG, Amplify Capital, and strategic investors, Oxy Low Carbon Ventures, CRH Ventures, and Cemex Ventures, which are all enhancing their financial support with commitments to strategically-relevant projects. 

Company officials explained that the funding will be utilized to deploy multiple commercial projects, including two co-located directly at cement plants. They expect the projects to demonstrate the cost-effectiveness of Carbon Upcycling’s all-electric solution that mineralizes CO2 emissions from industrial facilities and upcycles industrial byproducts into materials that reduce the carbon footprint of cement and concrete. 

“Closing this round is a major milestone on the road to becoming the most impactful carbon tech company of this decade,” said Apoorv Sinha, founder and CEO of Carbon Upcycling. “Over the next year, our mission is to demonstrate our technology’s versatility, scalability, and operational elegance. Proving significant, cost-effective decarbonization potential in the cement industry is possible without a green premium.”

Pascal Lanctot, a partner with BDC Capital’s Climate Tech Fund said that Carbon Upcycling is a prime example of a Canadian company addressing a high-emitting sector.

“BDC’s role is to drive economic benefits for Canada by growing one business at a time. Apoorv and his team have positioned Carbon Upcycling for rapid growth,” said Lanctot. “The scale-up of the company’s technology will enable cross-industrial collaboration between cement, steel, mining, and other heavy industries and help build a clean, low-carbon, circular economy. This is exactly what our Climate Tech Fund II aims to do.”