Investments from Fonds de Solidarité FTQ, Fondaction, Fonds économie circulaire and MKB will support the continued development and commercialization of carbon-negative concrete products
Montreal, April 20, 2022 – CarbiCrete has announced that Fonds de Solidarité FTQ, Fondaction, Fonds économie circulaire, and MacKinnon, Bennett & Co. (MKB) have joined CarbiCrete’s Series A investor base with a cumulative investment of $6M USD bringing the raise total to $18M USD with more investments to be announced in the coming weeks.
On March 24, CarbiCrete announced a $12M in investments from FS Investors, Arc Energy Fund 9, Something Good Ventures, New Climate Ventures and Innovobot (also based in Quebec).
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’s technology shows that innovation can help reduce GHG emissions, even in more traditional industries such as concrete manufacturing. Thanks to such investments, the Fonds de solidarité FTQ is supporting both the fight against climate change et good quality jobs, the key elements of a just energy transition,” said Christian G. Brosseau, Vice-President, Private Capital and Impact Investment for Strategic Capital, Energy and Environment at the Fonds de solidarité FTQ.
CarbiCrete’s CEO, Chris Stern, says that ensuring that the lion’s share of incoming investments come from Canadian sources was a priority for the company.
“We’re a Quebec-based Canadian company,” says Stern, “We want to continue generating IP and developing carbon removal technology in Canada, before we share our homegrown carbontech solution with the rest of the world. Our current investor base, which includes significant contribution from Quebec-based entities, will allow us to do that.”
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 the world’s first commercially-available carbon-negative concrete blocks.
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