Cemex increase investment in Carbon Upcycling
Company planning to roll out additional carbon mitigation projects with innovative carbon tech firm
CEMEX have announced that Cemex Ventures, the company’s corporate venture capital and open innovation unit, has increased its stake in Carbon Upcycling, whose patented technology injects CO2 into industrial by-products and natural minerals to create clinker substitutes, thereby reducing the carbon footprint of cement.
Cemex first invested in Carbon Upcycling in February 2022 and have been working with the carbon utilization company to support their scale-up since early 2020. In June 2022, the companies began working to establish the world’s first commercial-scale plant that produces cement additives by sequestering CO2 in glass by-products.
This project, located at Cemex’s Rugby cement plant, is expected to sequester more than 1,600 tonnes of CO2 annually and was awarded £2.3 million in funding from UK Research and Innovation.
Cemex now aim to roll out additional carbon mitigation projects in partnership with Carbon Upcycling in selected cement plants across Cemex’s EMEAA, US, and Mexico operations.
‘Cemex are committed to supporting decarbonization for the built environment, and our follow-on investment in Carbon Upcycling demonstrates such ambition,’ said Gonzalo Galindo, head of Cemex Ventures.
‘Carbon Upcycling provide a scalable solution that effectively reduces the carbon footprint of cement. Increasing the supply and use of cementitious materials aligns with Cemex’s goals of reducing CO2 emissions and becoming fully net zero by 2050.’
Apoorv Sinha, chief executive officer of Carbon Upcycling, said: ‘We are thrilled by Cemex Venture’s decision to further invest in Carbon Upcycling. The investment signals Cemex’s dedication to achieving carbon neutrality and their confidence in our capabilities to help them achieve their 2030 decarbonization targets through immediate implementation of our technology.
‘Our joint flagship project in the UK is a prime example of the collective impact possible when innovative companies and industry leaders convene.’
