Low-emissions industrial technology developer Calix is raising US$25m to accelerate the commercialisation of its decarbonisation solutions for the cement, lime, iron, steel and lithium industries. The company has completed a US$20m institutional placement and launched a share purchase plan for existing investors to raise an additional US$5m.
The funding will expedite the engineering development of Calix’s 'Leilac' cement and lime technologies, 'ZESTY' iron and steel technology, and the restart of its mid-stream joint venture with Pilbara Minerals, focussing on low-emission lithium processing.
Calix’s Leilac technology employs a novel kiln design, heated externally by electricity rather than internally through traditional coal combustion, significantly reducing CO2 emissions. The European Union is supporting the construction of a second-generation Leilac-2 plant at HeidelbergCement’s facility in Hannover, Germany.
The ZESTY technology, recognised at COP29 as a renewably powered hydrogen direct reduced iron solution, uses minimal hydrogen and offers a promising pathway for decarbonising steel production.
Calix has previously secured US$80m in funding to support low-emission cement and lime plants in collaboration with Australian building products companies Boral and Adbri.
Despite recent challenges in capital markets and demand declines in lithium and cement sectors, Calix stated that the placement and share purchase plan will provide an 18-month runway to execute its commercialisation strategy. “A strengthened balance sheet and increased runway will enable commercial opportunities to be further developed, while also supporting patient execution on subsidiary capital raisings for Leilac and ZESTY,” the company noted.
In addition, Calix’s direct air capture partner, Heirloom, has closed a US$150m funding round, further highlighting the potential applications of Calix’s technologies in tackling carbon emissions across multiple industries.
