CEMEX Ventures invest in Carbon Clean
Investment in carbon capture technology of the future supports new and aggressive climate action targets
CEMEX and their subsidiary corporate venture capital and open innovation unit, CEMEX Ventures, have invested in Carbon Clean Solutions Ltd, a global leader in cost-competitive modular CO2 capture and separation technology.
The investment is part of CEMEX’s strategy to achieve their new ambitious climate action goals, including being net carbon neutral in concrete by 2050, under their Future in Action programme.
In 2020, CEMEX Ventures signed an agreement with Carbon Clean which allowed the two businesses to outline a roadmap for jointly developing and implementing carbon-capture technologies across cement operations, to make them more accessible and efficient.
Over the last five years, Carbon Clean have developed a novel technology (CycloneCC) that can effectively and cost-efficiently capture CO2 from industrial processes.
The goal of this breakthrough scalable modular technology is to provide carbon capture at a 10 times smaller installation footprint and six times shorter build time, adding up to 50% savings in capital expenditures associated with carbon capture.
Additionally, the technology would target operating expenditures as low as US$30 per tonne of CO2 at an industrial scale.
This investment by CEMEX Ventures, along with previously announced investors Equinor Ventures, ICOS Capital, and WAVE Equity Partners, brings the total capital raised by Carbon Clean in the last year to US$30 million.
Under their Future in Action programme, CEMEX recently announced a new, more aggressive climate action target, to be below 475kg of CO2 per tonne, an approximate 40% or more reduction in CO2 emissions, by 2030. This new goal is aligned to the Well Below 2°C scenario of the Science Based Target initiative (SBTi).
CEMEX are also bringing forward their previous 2030 carbon goal of 520kg of CO2 per tonne, equivalent to a 35% reduction in emissions, by five years to 2025.
In addition, CEMEX have committed to reduce CO2 emissions in their ready-mixed concrete business by 35%, reaching 165kg of CO2 per cubic metre by 2030, and have reaffirmed their commitment to their 2050 goal of being net zero carbon in concrete.