Climate tech startup 44.01 has secured $37 million in Series A funding to advance its innovative CO2 mineralisation technology
July 15, 2024
Climate tech startup 44.01 has secured $37 million in Series A funding to advance its innovative CO2 mineralisation technology. This substantial investment will enable 44.01 to refine its technology, develop commercial-scale projects, and expand its global reach.
Founded in Oman in 2020, 44.01 aims to address climate change by permanently eliminating CO2. The company’s technology dissolves captured CO2 in water, creating an acidic solution that reacts with rock to mineralise the CO2. This fluid is then injected deep underground, where high pressure, temperature, and CO2 concentration expedite the mineralisation process.
44.01's technology converts CO2 into rock, significantly accelerating the natural process of mineralisation. This process ensures the permanent removal of captured CO2 within twelve months. The presence of mafic and ultramafic rock formations on every continent positions 44.01's technology as a global solution for climate change. The company’s mineralisation projects can be rapidly and modularly built, offering a cost-effective alternative to traditional carbon storage methods.
Lars Klevier, Head of Equinor Ventures, expressed his support: "Equinor Ventures is proud to announce the investment in 44.01, a company specializing in CO2 mineralisation technology. This investment represents another step in Equinor's commitment to exploring innovative climate solutions. We are excited to support 44.01 as they continue to break new ground in CO2 mineralisation and look forward to working together to mature the technology and verify its potential."
Equinor Ventures led the funding round, with Shorooq Partners, Air Liquide Venture Capital, Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, and Sumitomo Corporation also participating. Existing investors, including Breakthrough Energy Ventures, have recommitted to supporting 44.01’s mission.
Talal Hasan, Founder and CEO of 44.01, shared his vision: "We believe mineralisation can play a significant role in protecting and repairing our climate. We are grateful to our investors for committing to that mission and for demonstrating their confidence in our technology. Our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralise CO2 at scale worldwide."
Mahmoud Adi, Founding Partner of Shorooq Partners, highlighted the significance of this investment: "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 playing a vital role in advancing climate tech initiatives, and we are proud to contribute to this mission. We believe in the transformative potential of 44.01’s mineralisation technology, which offers a safe, permanent, and scalable solution to CO2 elimination. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future."
Jamey Mulligan, Head of Carbon Neutralization at Amazon, emphasized Amazon's commitment to decarbonization: "Amazon remains committed to our decarbonization efforts and supporting efforts that aim to help remove carbon from our atmosphere. Carbon mineralisation, such as that developed by 44.01, is a promising technology that can help advance the carbon removal industry at scale. This investment complements Amazon’s existing efforts in carbon reduction, including investments in electric vehicles, renewable energy, lower-carbon fuels, and hydrogen. We are excited to support the growth of 44.01, a company at the forefront of unlocking effective, durable, and verifiable carbon sequestration."
Cindi Bough, Managing Director of Ventures at Climate Investment, remarked on the potential impact of 44.01's technology: "We are pleased to announce our investment in 44.01. We believe 44.01’s innovative carbon mineralisation technology could contribute to efficient industrial decarbonisation around the world. Climate Investment is well-placed to help commercialise and scale this technology through our unique partner network and significant experience in CCUS, and we are looking forward to working closely with the 44.01 team."
The successful $37 million funding round marks a significant milestone for 44.01 and the broader climate tech industry. With robust support from international investors and a clear vision for the future, 44.01 is poised to make a substantial impact on global CO2 reduction efforts.