The financing is being led by California-based FS Investors and will support the continued development and commercialization of carbon-negative concrete products
Montreal, March 24, 2022 – CarbiCrete has announced the first close of its Series A financing round, securing $12M USD. A second close is anticipated in the coming weeks.
CarbiCrete’s carbon-negative 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 within the resulting concrete products. For every tonne of concrete produced using this process, 150 kg of CO2 are abated/removed.
CarbiCrete secured its first close from a strong and diverse investor base led by FS Investors, a private investment entity based in La Jolla, California. Other investors include Arc Energy Fund 9, Something Good Ventures, New Climate Ventures and Innovobot.
“Concrete is one of the most heavily used substances on Earth but production of its key ingredient, cement, accounts for 8% of global greenhouse gas emissions,” says Kevin Rahill, Vice-President of FS Investors. “We are excited to partner with CarbiCrete and by the prospect of its carbon-negative processes to turn a global climate problem into a global climate solution.”
“We believe CarbiCrete’s process and cost competitiveness relative to traditional concrete manufacturing are unique advantages that will allow CarbiCrete to scale rapidly and we are very pleased to partner with a company providing a clear path to reducing global greenhouse gas emissions,” says Nishka Gupta, Senior Vice-President of ARC Financial. “ARC is committed to supporting high quality businesses that are addressing the world’s energy and sustainability needs.”
CarbiCrete’s CEO, Chris Stern, says that the current financing will allow CarbiCrete to continue growing its team, its product portfolio and its commercialization efforts.
“In the last year,” says Stern, “We’ve tripled our staff and moved into a state-of-the-art R&D facility where our team is working hard to find ways of maximizing the amount of CO2 we can remove from the atmosphere and use in high-quality but affordable construction and landscaping products.”
In 2020, CarbiCrete raised a $10M USD in equity and grants.
Commercialization Project Underway in Quebec
In December, CarbiCrete announced the launch of its commercial pilot housed at hardscape manufacturer Patio Drummond’s precast facility in Drummondville, Quebec that will yield 2,400 CMUs per day. These will be the world’s first commercially-available carbon-negative concrete blocks. The pilot will subsequently be scaled up to full scale production
“We’re seeing a huge appetite for our solution which can make a substantial impact in decarbonizing the built environment, and we are working with a number of concrete producers to develop carbon-negative versions of the CMUs, landscaping products and retaining walls they currently produce. This new injection of funding will accelerate our ability to achieve our goals with identified customers in Quebec, Ontario, and Europe.” says Stern.
In August of 2021, CarbiCrete sold a portion of the abatement and removal credits that will be generated by the commercial pilot to Spin, the micromobility subsidiary of Ford Motor Company.
CarbiCrete is a Montreal-based carbon removal technology company developing innovative, low-cost building solutions that reduce greenhouse gas emissions. CarbiCrete’s 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 Cleantech Global 100 list for the second time in January 2022. Carbicrete.com
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