Carbon Upcycling Technologies Secures $6M in Financing
Carbon Upcycling Technologies, a Calgary, AB, Canada-based carbon utilization company, raised $6M in funding.
The round was led by Clean Energy Ventures, with participation from CEMEX Ventures, Amplify Capital, Oxy Low Carbon Ventures, Zero Carbon Partners, Purpose ESG, Clean Energy Venture Group, Fund for Sustainability and Energy, Prithvi Ventures, Bryan Trudel, and Mark and Faye McGregor.
The company intends to use the funds to grow its team and build its second commercial-scale facility in North America, capable of manufacturing more than 200 tons per day of low-carbon cement and concrete additive.
Led by CEO Apoorv Sinha, Carbon Upcycling was formed to use the waste of today to build the materials of tomorrow by converting CO2 gas into advanced material additives. Its carbon-enhanced additives primarily service the concrete industry but have complementary additives that are used in plastics manufacturing, coatings, and consumer products. Since 2014, Carbon Upcycling has scaled its ability to utilize CO2 emissions from point sources, such as power plants, by over 10 million times in reactor size.