MONTERREY, MEXICO. DECEMBER 21, 2022 – CEMEX, S.A.B. de C.V. (“CEMEX”) and CEMEX Ventures (CEMEX’s corporate venture capital unit) announced today their investment in Waste to Energy Advanced Solutions (“WtEnergy”), a clean energy startup that has developed a novel process to transform solid waste into synthesis gas (“Syngas”) for industrial purposes.
WtEnergy converts biomass and non-recyclable waste into a lower-carbon energy solution, which can be used in the short term as a fossil fuel alternative or be upgraded in the medium and long term to gases such as biomethane or pure hydrogen. CEMEX intends to incorporate this clean energy source into its clinker and cement manufacturing process, looking to further reduce the carbon footprint of its operations. CEMEX aims to increase its fossil fuel substitution rate by 20 percentage points by 2030.
“This investment aligns with our strategy to find innovative clean fuel and energy sources for the cement industry,” said Gonzalo Galindo, Head of CEMEX Ventures. “We have outlined an ambitious rollout strategy across multiple operations, starting with Spain and other European countries before expanding to other international markets”.
This investment is part of CEMEX’s Future in Action program to build a more sustainable, circular future, with the primary objective of becoming a net-zero CO2 company. Since the launch of Future in Action, the company has achieved record-breaking CO2 reductions. Innovation is a key component of the program.
Alternative fuels are an important lever of CEMEX’s ambitious 2030 decarbonization roadmap, which has been validated by the Science-Based Targets initiative for alignment under their new 1.5ºc scenario, the most ambitious pathway defined for the industry. One of the main levers for achieving its targets is using alternative fuels with high biomass content.
Deep Dive: WtEnergy x CEMEX Ventures
Waste to Energy Advanced Solutions (WtEnergy) was born in 2017 thanks to 20 years of experience of its founder Andrés Ponce on gasification, biofuels and clean energy generation (thermal and electric). In 2019, Antonio Crous joins the project as co-founder, to scale the business commercially and develop the implementation of technology within strategic industries and sectors. WtEnergy has developed a unique cleantech technology, with a wide know-how and large number of projects behind it, impossible to find in the gasification and waste to energy market. Both founders have extensive experience in both the technical and business aspects, accompanied by a large team of engineers and experts in gasification plants. For more information, please visit: www.wte-as.com
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: www.cemex.com
About CEMEX Ventures
Launched in 2017, CEMEX Ventures focuses on helping to solve the main challenges and capitalise 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. For more information about CEMEX Ventures, please visit www.cemexventures.com
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, uncertainties, and assumptions that could cause actual results to differ materially from CEMEX’s expectations, including, among others, risks, uncertainties, and assumptions discussed in CEMEX’s most recent annual report and detailed from time to time in CEMEX’s other filings with the Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to the announced investment to not produce the expected results or CEMEX not being able to incorporate this clean energy source into its operations. These factors may be revised or supplemented, but CEMEX is not under, and expressly disclaims, any obligation to update or correct this press release or any forward-looking statement contained herein, whether as a result of new information, future events or otherwise. Any or all of CEMEX’s forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice.