CarbonCure raises more than $100M in latest investment round

Key Takeaways:

• CarbonCure’s equity round was led by Blue Earth Capital and saw support from many existing shareholders.
• The new funding also features the participation of strategic investors BH3 Growth Equity (BH3) and Samsung Ventures.
• CarbonCure plans to use the capital injection to accelerate its product roadmap and expand geographically.

The Whole Story:

CarbonCure Technologies, a Halifax-based tech company committed to reducing carbon emissions in the concrete sector, has raised more than $100 million in its latest investment round.

The equity round was led by Blue Earth Capital and saw with strong support from existing shareholders, including Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund, and 2150. Citigroup served as a financial advisor to CarbonCure during the financing process.

Notably, the new funding also features the participation of strategic investors BH3 Growth Equity (BH3) and Samsung Ventures, who contribute not only financial support but also actively engage in new product development and stimulate market demand.

CarbonCure stated that its expansion plans and product roadmap will be significantly accelerated thanks to the new capital.

Robert Niven, chair and CEO of CarbonCure Technologies, expressed enthusiasm about the investment, stating, “The financial backing of this special syndicate of investors is an exciting endorsement of CarbonCure as a go-to solution for low embodied carbon concrete, a leader in carbon removal technologies, and a provider of the highest quality carbon credits in the voluntary carbon market.”

Niven emphasized the growing demand for effective solutions and impactful strategies to drive industrial decarbonization and facilitate immediate, permanent, and verifiable carbon removal pathways.

Blue Earth Capital, a globally active investment firm committed to sustainability, played a key role in leading the investment round. Through its Climate Growth Strategy, the firm supports companies that possess the potential to generate measurable impact alongside attractive financial returns. Blue Earth Capital provides equity capital to businesses that facilitate the global energy transition and decarbonize crucial economic sectors, including large-scale production and consumption.

“CarbonCure’s technologies achieve both, on the one hand enabling concrete production with less carbon-intensive cement and on the other creating less solid waste and using less fresh water,” said Kayode Akinola, head of private equity at Blue Earth Capital. “Solutions like these are urgently needed to help meet global climate goals.”

CarbonCure plans to use the capital injection to accelerate its product roadmap and expand geographically.

Robert Niven further emphasized the positive impact of CarbonCure’s solutions:

“Our solutions help concrete producers deliver high-quality, lower carbon concrete in an efficient, economical, and non-disruptive way,” he said. “With more than 750 systems sold, this latest investment will drive CarbonCure’s deployment across the global concrete industry as the private sector doubles down on sustainability in new construction and as federal, state, and even municipal procurement policies requiring green building materials continue to multiply.”

To date, CarbonCure’s technologies have been utilized in the production of nearly five million truckloads, equating to over 37 million cubic yards of lower carbon concrete. This has resulted in saving approximately 290,000 metric tons of carbon dioxide emissions, equivalent to removing more than 64,000 gas-powered cars from the road for an entire year.