Climate tech company 44.01, a climate tech eliminating CO2 by turning it into rock using the natural power of mineralisation, announced the successful completion of a €33.9 ($37) million Series A funding round. Equinor Ventures led this round, with significant participation from Shorooq Partners in the UAE.
Additional investors include (in alphabetical order): Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation, and several others. Existing investors, including Breakthrough Energy Ventures, have also recommitted to supporting 44.01’s technology by participating in this round.
44.01 eliminates CO2 by turning it into rock. The company’s pioneering technology accelerates the natural process of CO2 mineralisation to remove captured CO2 permanently in less than twelve months. 44.01 takes CO2 captured directly from the air, or from hard-to-abate industrial processes, helping decarbonise vital industries and ultimately return the atmosphere to sustainable levels of CO2. The process is safe, scalable, and lasts forever.
Talal Hasan, founder and CEO of 44.01, said: “We believe mineralization can play a significant role in protecting and repairing our climate. We are grateful to our investors for committing to that mission and demonstrating their confidence in our technology. In addition to providing finance, our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralize CO2 at scale worldwide.”
This substantial round of funding underscores the growing confidence in 44.01’s mineralization technology’s potential to eliminate CO2 safely, permanently, and at scale. The capital raised will allow 44.01 to further refine its technology, develop commercial-scale projects, and expand its deployment internationally.
Mahmoud Adi, founding partner of Shorooq Partners, commented: “We are thrilled to make our first lead investment in climate tech with 44.01, a company at the forefront of innovative carbon sequestration solutions globally. The UAE has been vital in advancing climate tech initiatives, and its leadership is paving the way for them. We are proud to contribute to this mission. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future.”
Cindi Bough, managing director at Climate Investment, added: “We believe 44.01’s innovative carbon mineralization technology could contribute to efficient industrial decarbonisation worldwide. Climate Investment is well-placed to help commercialize and scale this technology through our unique partner network and significant CCUS experience, and we look forward to working closely with the 44.01 team.”
44.01 has completed successful pilot projects in Oman and the UAE. The company was awarded the prestigious Earthshot Prize in 2022 for the “Fix our Climate” category, and its Project Hajar in Oman was recently announced as an XPRIZE Carbon Removal Top 20 Finalist.
Read the orginal article: https://www.eu-startups.com/2024/07/london-based-climate-tech-44-01-nabs-e33-9-million-to-eliminate-co2-by-turning-it-into-rock/
