The financing strengthens the company’s balance sheet as it further develops its cleantech solution to GHG emissions through the production of cement-free, carbon-negative concrete
Montreal, December 17, 2020 – CarbiCrete has announced that it has secured $2M ($1.5 USD) in funding from U.S.-based SQN Venture Partners, LLC. to help support a variety of R&D and commercialization activities.
CarbiCrete’s CEO, Chris Stern, says that the financing will lengthen the company’s runway significantly. “This venture debt cash injection following our equity financing further underlines the thesis that the financial markets are believing in value-added, carbon-negative technologies such as CarbiCrete that mitigate CO2 in our atmosphere. We are proud to have SQNVP as an investor in our company.”
Within the last year, CarbiCrete has announced a $3M investment from the Environmental division of Harsco Corporation (NYSE: HSC), $3.15M in funding through the Technoclimat program administered by the Quebec Ministry of Energy and Natural Resources, and a $2.1M grant awarded to CarbiCrete by Sustainable Development Technology Canada (SDTC).
CarbiCrete is commercializing a carbon-negative process for the production of precast concrete. The company’s technology replaces cement in the concrete mix with steel slag and cures it with carbon dioxide, avoiding the GHG emissions associated with cement production, while permanently sequestering CO2 within the resulting concrete products.
“CarbiCrete has demonstrated to us the value of implementing their process to make a broadly deployed product such as concrete. The patented technology will utilize and permanently sequester significant amounts of CO2,” says Ryan McCalley, Managing Partner at SQN Venture Partners. “We firmly believe in embodied carbon in the building industry as one of the solutions to address the growing climate crisis.”
The new financing will be used to support R&D activities at the company’s new 10,000 sq ft lab in Lachine, Quebec as well CarbiCrete’s industrial-scale pilot project housed at hardscape manufacturer Patio Drummond’s precast facility in Drummondville, Quebec.
CarbiCrete is a Montreal-based cleantech company developing innovative, low-cost building solutions that contribute to the reduction of greenhouse gas emissions. CarbiCrete’s breakthrough patented technology enables the production of cement-free, carbon-negative concrete made with industrial by-products and captured carbon dioxide. Carbicrete.com
About SQN Venture Partners
SQN Venture Partners was founded in 2015 by serial entrepreneurs and seasoned finance professionals to creatively utilize alternative debt financing structures to help grow and scale the next generation of early to mid-stage transformative companies. We have invested over $150 Million since inception and our mission remains unchanged. sqnvp.com
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