Carbon Upcycling raises US$26m funding for CCUS projects

Carbontech startup Carbon Upcycling has raised US$26m, with proceeds from the Series A funding round supporting the first commercial-scale carbon capture and utilisation deployments at cement plants in North America and Europe.

Founded in 2014, Calgary-based Carbon Upcycling delivers solutions aimed at decarbonising hard-to-abate industries. The company’s all-electric solution mineralises CO₂ and combines it with industrial byproducts from sources including coal, steel and glass production plants, and natural materials, to create new materials with improved performance and a lower emissions footprint, including cement and concrete. 

Apoorv Sinha, founder and CEO of Carbon Upcycling, said: “Closing this round is a major milestone on the road to becoming the most impactful carbon tech company of this decade. Over the next year, our mission is to demonstrate our technology’s versatility, scalability, and operational elegance. Proving significant, cost-effective decarbonisation potential in the cement industry is possible without a green premium.”

The financing was led by BDC Capital’s Climate Tech Fund and Climate Investment. CRH Ventures and CEMEX Ventures also participated in the financing, alongside Clean Energy Ventures, Amplify Capital, and Oxy Low Carbon Ventures.