In brief: Carbon upcycling business raises $26m from Climate Investment, Canada’s BDC and others

Carbon Upcycling Technologies, a Calgary-based tech business that sequesters Carbon dioxide and uses it in materials manufacturing, has raised $26 million in Series A capital from a group of investors co-led by Climate Investment (formerly OGCI Climate Investment) and BDC Capital, the business development bank of Canada.

Existing investors that participated in the round include Clean Energy Ventures and its angel investor collective CEVG, Amplify Capital, Oxy Low Carbon Ventures and Cemex Ventures.

Carbon Upcycling’s technology is most immediately applicable to cement and concrete manufacturing. The funding will be used to “deploy multiple commercial projects, including two co-located directly at cement plants”, according to a press release. These two deployments – one in Canada and one in the UK – will be “the first to integrate carbon capture and utilisation at a cement plant”, the firm said.