Carbon Clean raises $8 million through Series B extension with CEMEX as a new investor
Press release from Carbon Clean
Carbon Clean, a leader in developing cost-effective carbon dioxide capture and separation technology, announced today it has raised $8 million from new investor CEMEX and existing investors Equinor Ventures, ICOS Capital, and WAVE Equity Partners. The capital raise extends Carbon Clean’s successful $22 million Series B investment round announced in July 2020, bringing the total value of the round to $30 million.
San Pedro, Mexico-based CEMEX, a global leader in the building materials industry, announced earlier this year its US operations were awarded a grant from the US Department of Energy (“DOE”) to research, engineer, and develop a pilot for a breakthrough carbon capture unit. The project, anchored to CEMEX’s Victorville, California, cement plant, will also work in tandem with Carbon Clean on cost-competitive solutions to completely close the loop on current carbon emissions.
“We’re delighted to have CEMEX as an investor and its backing further confirms the growing value of our technology proposition, as well as expanding confidence of strategic investors.” said Aniruddha Sharma, Carbon Clean’s CEO. “It has been an exceptional 12 months and investors sense that we’re delivering on our business strategy.”
Carbon Clean works with hard-to-abate industries, such as cement, iron and steel, refineries and energy from waste, to reduce their carbon emissions and make a positive impact on climate change.
“We are committed to leading the industry in addressing carbon emissions,” said Gonzalo Galindo, Head of CEMEX Ventures. “Our Victorville plant will demonstrate the power of Carbon Clean’s technology at scale and with this investment we are doubling down on our belief that carbon capture is essential to addressing our industry’s impacts.”
“WAVE is committed to making strategic investments in global essential markets, such as water, waste, energy and food. We are very excited with the significant advancements Carbon Clean brings to the industrial carbon capture marketplace.” said Praveen Sahay, Co-founder and Managing Director of WAVE Equity Partners.
Carbon Clean’s North America footprint currently includes operations in California, Chicago, Illinois and at the University of Kentucky.