CarbonCure Snags $80 Million in Funding Round

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by | Jul 12, 2023

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(Credit: Pixabay)

CarbonCure Technologies, a carbon removal company in the concrete industry, announced it has raised $80 million in investments in its latest funding round.

CarbonCure plans to use the funding to accelerate its product roadmap. The company uses captured carbon dioxide to produce low-carbon concrete mixes that can be used in construction. CarbonCure inked an important deal in 2020 with Compass Datacenters to build data centers using its concrete. The company has supplied roughly five million truckloads of lower-carbon concrete to a variety of sustainable construction projects, accounting for about 290,000 metric tons of carbon dioxide. According to CarbonCure, that’s equivalent to taking 64,000 gas-powered cars off the road for a year. 

The funding round was led by Blue Earth Capital, a global investment firm based in Switzerland, and also includes support from existing shareholders, including Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund, and 2150. New investors in the round include BH3 Growth Equity and Samsung Ventures (Corporate VC fund backed by Samsung C&T).

“The financial backing of this special syndicate of investors is an exciting endorsement of CarbonCure as a go-to solution for low embodied carbon concrete, a leader in carbon removal technologies and a provider of the highest quality carbon credits in the voluntary carbon market,” CarbonCure Chair and CEO Robert Niven said in a statement.

The investment round leader, Blue Earth Capital, supports sustainability with its Climate Growth Strategy to provide growth investments for companies that offer products and services focused on clean energy and decarbonization in key economic sectors.

“CarbonCure’s technologies achieve both, on the one hand enabling concrete production with less carbon-intensive cement and on the other creating less solid waste and using less fresh water,” Kayode Akinola, head of private equity at Blue Earth Capital, said in a statement. “Solutions like these are urgently needed to help meet global climate goals.”

The funding announcement comes as more global investment portfolios are looking to include more environment, social, and corporate governance strategies this year. ESG factors have become a priority for the majority of asset managers for the remainder of 2023, particularly as other areas of the economy have stalled.

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