Carbon Upcycling raises US$18M

Calgary-based Carbon Upcycling Technologies has closed an $18 million USD investment round led by Builders Vision, marking a significant milestone for the local cleantech company as it advances its carbon capture and utilization technology.

The funding round attracted strong participation from existing investors, including the Business Development Bank of Canada, Climate Investment, Amplify Capital, and strategic partners CRH Ventures, Oxy Low Carbon Ventures, and TITAN Group. The continued backing from returning investors signals growing market confidence in the company's commercial viability.

Carbon Upcycling has developed what it describes as a first-of-its-kind technology that "produces high-performance, sustainable supplementary cementitious products by utilizing and upcycling locally sourced, low-value materials and captured CO₂ emissions." The process addresses two environmental challenges simultaneously: reducing carbon emissions while repurposing industrial waste.

The Calgary company's approach localizes building material production, which could strengthen construction supply chains while significantly reducing cement-related emissions.

The investment announcement coincides with significant project developments for Carbon Upcycling. The company is currently developing its first-of-its-kind carbon capture and utilization technology project at the Ash Grove Mississauga Cement Plant. Additionally, Carbon Upcycling has signed a memorandum of agreement with TITAN Group to evaluate potential projects at two of the international cement manufacturer's facilities.

"Builders Vision's investment, along with the continued support of our partners, is a powerful signal that the market is ready for scalable, science-based solutions like Carbon Upcycling," said Apoorv Sinha, CEO of Carbon Upcycling. "We are setting the foundation for low-carbon construction, demonstrating that it is not just possible — but practical, profitable, and available today."

James Lindsay, investment director at Builders Vision, highlighted the technology's market potential, emphasizing its versatility in working with various local feedstocks and its ability to integrate quickly with existing production facilities.

Carbon Upcycling's investor base reflects strong industry confidence, including three of the world's leading cement manufacturers: CRH, Cemex, and TITAN Group, alongside financial investors focused on climate solutions.

With this latest investment, Carbon Upcycling is positioned to scale its operations and potentially establish new industry standards for low-carbon cement production.