Cemex Ventures boosts investment in Carbon Upcycling
Cemex announced today that Cemex Ventures, its corporate venture capital and open innovation unit, has increased its stake in Carbon Upcycling.
Carbon Upcycling’s patented technology injects CO2 into industrial by-products and natural minerals to create clinker substitutes, thereby reducing the carbon footprint of cement.
Cemex first invested in Carbon Upcycling in February 2022 and has been working with the carbon utilization company to support their scale-up since early 2020. In June of 2022, the companies began working to establish the world’s first commercial-scale plant that produces cement additives by sequestering CO2 in glass by-products.
This project, located at Cemex’s Rugby cement plant, is expected to sequester over 1,600 metric tons of CO2 annually and was awarded £2.3 million in funding from UK Research and Innovation.
Cemex aims to roll out additional carbon mitigation projects in partnership with Carbon Upcycling in selected cement plants across Cemex’s EMEAA, U.S., and Mexico operations.
“Cemex is committed to supporting decarbonization for the built environment, and our follow-on investment in Carbon Upcycling demonstrates such ambition,” says Gonzalo Galindo, Head of Cemex Ventures. “Carbon Upcycling provides a scalable solution that effectively reduces the carbon footprint of cement. Increasing the supply and use of cementitious materials aligns with Cemex’s goals of reducing CO2 emissions and becoming fully net-zero by 2050”.
“We are thrilled by Cemex Venture’s decision to further invest in Carbon Upcycling. The investment signals Cemex’s dedication to achieving carbon neutrality and their confidence in our capabilities to help them achieve their 2030 decarbonization targets through immediate implementation of our technology,” says Apoorv Sinha, CEO of Carbon Upcycling. “Our joint flagship project in the UK is a prime example of the collective impact possible when innovative companies and industry leaders convene.”
This investment is part of Cemex’s Future in Action program, which focuses on achieving sustainable excellence through climate action, circularity, and natural resource management with the primary objective of becoming a net-zero CO2 company by 2050.
