Mexican construction materials firm CEMEX, through its CEMEX Ventures unit, has increased its investment in Carbon Clean by participating in the firm’s latest Series C funding round, in which it raised $150 million.
Carbon Clean provides advanced carbon capture technologies and solutions for industrial decarbonization. To date it has captured more than 1.5 million metric tons of CO2 and the firm intends to scale the breakthrough modular technology to facilitate industrial carbon capture on a gigaton scale.
The investment aligns with CEMEX's strategy to develop breakthrough decarbonization technology to achieve its climate action goals. CEMEX and Carbon Clean are also working on a pilot of Carbon Clean’s modular technology at CEMEX's Victorville, California plant. The pilot project is partially funded by the United States Department of Energy.
Earlier, the firms developed and implemented carbon capture technologies at CEMEX´s cement operations. In 2021, CEMEX Ventures participated in Carbon Clean’s Series B funding round.
The Series C funding round was led by Chevron. Existing investors, including CEMEX, Marubeni Corporation and WAVE Equity Partners and new investors, including AXA Investment Managers, Samsung Ventures, Saudi Aramco Energy Ventures and TC Energy, also participated in the funding round.
As part of the new investment made during this round, Carbon Clean and Chevron are seeking to develop a technology demonstration pilot that will test CycloneCC at one of Chevron’s co-generation plants in San Joaquin Valley, California.
