Carbon Upcycling secures $10M for first commercial project

Key Takeaways:

• Carbon Upcycling Technologies received up to $10 million in financing from ATEL Ventures to fund its first commercial deployment at a cement plant in Mississauga.
• The facility is expected to be operational by the second half of 2026 and will produce 30,000 tonnes of low-carbon cement materials annually using captured carbon dioxide and industrial waste.
• This agreement marks a shift toward commercial readiness for the technology and includes an option for ATEL Ventures to make further investments in the company in the future.

The Whole Story:

Carbon Upcycling Technologies has secured up to USD $10 million in asset-backed financing from ATEL Ventures to support its flagship project at the Ash Grove Mississauga Cement Plant, the company said in a news release Thursday.

The facility will capture CO₂ from the cement kiln and convert it into low-carbon supplementary cementitious materials (SCMs) using locally produced industrial byproducts. Once operational in the second half of 2026, the plant will produce up to 30,000 tonnes of SCMs annually, supporting regional construction supply chains.

The financing agreement marks a key milestone in commercializing the company’s technology platform, which transforms industrial waste and captured carbon into cement materials. Under the deal, ATEL Ventures receives an option to make a future investment in Carbon Upcycling.

“Our partnership with ATEL signals Carbon Upcycling’s technology is entering a new phase of commercial readiness. Capital discipline is vital to building the next generation of clean, competitive industrial infrastructure,” said Suzy Taherian, chief financial officer of Carbon Upcycling, in the release.

The Mississauga project is the company’s first commercial deployment. Carbon Upcycling is backed by strategic investors including Builders Vision, the Business Development Bank of Canada, Climate Investment, Oxy Low-Carbon Ventures, Amplify Capital, and Clean Energy Ventures, as well as three major cement manufacturers: CRH Ventures, Cemex Ventures, and TITAN Group.

Sam Cash, VP and director at ATEL Ventures, said the company “exemplifies the kind of breakthrough technology we seek to support in venture-backed companies. Their platform converts industrial byproducts and captured CO₂ into valuable cement materials, improving economics for producers while onshoring critical construction supply chains.”

ATEL Ventures provides growth capital and equipment financing to venture-backed startups. The firm is part of ATEL Capital Group, a private credit company that has supported more than 1,000 businesses globally.