Mexico/UK: Cemex Ventures has become an investor in Carbon Clean. It joins existing investors Equinor Ventures, ICOS Capital and WAVE Equity Partners. The companies have invested US$8m in Carbon Clean extending its US$22m series B investment round, previously announced in July 2020, to US$30m in total. Cemex’s investment is part of its strategy to achieve its new climate action goals, including being net carbon neutral in concrete by 2050, under its Future in Action programme.
Carbon Clean has developed a modular CO2 capture and separation technology that it calls CycloneCC. As well as reducing the size of installation and construction time, it is aiming to reduce operating expenditures to around US$30/t of CO2 at an industrial scale. In 2020, the subsidiary of Cemex signed an agreement with Carbon Clean, which allowed the companies to outline a roadmap for jointly developing and implementing carbon capture technologies across cement operations.