The carbon removal technology company is among the first investments of BDC’s Climate Tech Fund II
Montreal, November 15, 2022 – CarbiCrete announced today that it has secured $5M USD in secure convertible note financing from BDC Capital’s newly launched Climate Tech Fund II. This funding is in addition to CarbiCrete’s previously announced $23.5M Series A financing round and $3.4M in grant funding from NGen – Canada’s Advanced Manufacturing Supercluster. The funds will be used for working capital, product development, and building out business development and marketing operations.
CarbiCrete’s process for the production of precast concrete replaces cement in concrete with industrial by-products and cures it with carbon dioxide, avoiding the GHG emissions associated with cement production, while permanently sequestering CO2. For every tonne of concrete produced using this process, 150 kg of CO2 are abated/removed.
“We are tremendously proud to be among the first financing recipients of BDC’s new Climate Tech Fund II,” says Chris Stern, CarbiCrete’s CEO. “Canada is a global leader in CCUS technology development and investments like these indicate clearly that BDC believes that carbon removal technologies like ours are essential to the decarbonization of the built environment.”
“Enabling the scale-up of CarbiCrete’s technology, which delivers truly innovative carbon-negative building materials that permanently sequester carbon dioxide, is exactly what BDC’s Climate Tech Fund II was designed to do. This type of technology is critical to reducing GHG emissions and helping Canada reach its net zero goals,” said Pascal Lanctot, Principal, Investments in BDC Capital’s Cleantech Practice.
On November 2, BDC announced the launch of its new $400M Climate Tech Fund II, a renewed commitment to play a leadership role in creating world-class Canadian cleantech champions. The new envelope brings the Fund’s committed investments in the innovative cleantech/climate tech sector to $1 billion.
In the coming weeks, CarbiCrete will begin commercial operations at its pilot facility housed at hardscape manufacturer Patio Drummond’s precast plant in Drummondville, Quebec. The project will yield the world’s first commercially-available carbon-negative concrete blocks.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s Business Development Bank. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. bdc.ca/capital.
CarbiCrete is a Montreal-based carbon removal technology company whose patented technology enables the production of cement-free, carbon-negative concrete made with industrial by-products and captured carbon dioxide. For every ton of concrete produced using the CarbiCrete process, 150 kg of CO2 are abated/removed. CarbiCrete was named to the Cleantech Group’s Global Cleantech 100 list for the second time in January 2022. CarbiCrete.com