CEMEX Ventures invests in Carbon Clean Solutions Limited (“Carbon Clean”), the developer of one of the most promising and advanced carbon capture technologies.
The investment aims to support CEMEX´s new and aggressive climate action targets, reinforcing its commitment to lead the industry in decarbonization.
CEMEX Ventures joins a select group of leading global investors supporting Carbon Clean.
CEMEX, S.A.B. de C.V. (“CEMEX”) and its subsidiary CEMEX Ventures, CEMEX’s corporate venture capital and open innovation unit, announced today its investment in Carbon Clean, a global leader in cost-competitive modular CO2 capture and separation technology.
This investment is part of CEMEX’s strategy to achieve its new ambitious climate action goals, including being net carbon neutral in concrete by 2050, under its Future in Action program. The development of carbon capture technology to make it more accessible and efficient would be an unprecedented achievement for the cement sector.
In 2020, CEMEX Ventures signed an agreement with Carbon Clean, which allowed both companies to outline a roadmap for jointly developing and implementing carbon capture technologies across cement operations.
Over the last 5 years, Carbon Clean has developed a novel technology (CycloneCC), which can efficiently 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 6 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 metric ton 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 Series B investment round to US$30 million.
Under its Future in Action program, CEMEX recently announced a new, more aggressive climate action target, to be below 475 kg CO2 per metric ton, an approximate >40% reduction in CO2 emissions, by 2030. This new goal is aligned to the Well Below Two Degree scenario of the Science Based Target initiative (“SBTi). CEMEX is bringing forward its previous 2030 carbon goal of 520 kg of CO2 per metric ton, equivalent to a 35% reduction in emissions, by 5 years to 2025.
In addition, CEMEX committed to reduce its CO2 emissions in its ready-mix concrete business by 35%, reaching 165 Kg of CO2 per cubic meter, by 2030. Finally, the company reaffirmed to its 2050 goal of being net-zero carbon in concrete.
About Carbon Clean
Carbon Clean is a global leader in cost-effective CO2 capture technology. The company’s patented technology significantly reduces the costs and environmental impacts of CO2 separation, when compared to existing techniques.
The technology has been proven at scale in over 10 locations, including the UK, USA, Germany, India, Norway and the Netherlands. It is currently in use at the world’s largest industrial-scale carbon capture and utilization plant in Tuticorin, India. The UK Government has supported Carbon Clean’s development of its technology through competitive grants.
The company was awarded a ‘Technology Pioneer’ award by the World Economic Forum in 2015 and was featured in the ‘BGF 10 Green Tech to Watch’ list in The Sunday Times in 2020. Carbon Clean is headquartered in London, UK and also operates offices in India and the United States. For information about Carbon Clean, please visit: www.carbonclean.com.
About CEMEX Ventures
Launched in 2017, CEMEX Ventures focuses on helping to solve the main challenges and capitalize on the opportunity areas in the construction ecosystem through sustainable solutions. CEMEX Ventures has created an open and collaborative platform to lead the revolution of the construction industry by engaging startups, entrepreneurs, universities, and other relevant actors to tackle the industry’s toughest challenges and shape tomorrow’s value ecosystem.
CEMEX (NYSE: CX) is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, please visit: cemex.com.
Note: Percentage variations related to kilograms of CO2 emissions per ton of cementitious materials or cubic meters of concrete are compared to the company´s 1990 baseline.
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations. CEMEX assumes no obligation to update or correct the information contained in this press release. The content of this press release is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. The information contained in this press release is subject to change without notice, and CEMEX is not obligated to publicly update or revise any forward-looking statements. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.