UK’s 44.01 completes $37m funding round
23 July 2024
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Norwegian equity funding firm Equinor Ventures and UAE technology investor Shorooq Partners have led a $37m Series A funding for UK-headquartered geosciences startup 44.01.
44.01, whose name is derived from the molecular mass of carbon dioxide (CO2), specialises in converting atmospheric CO2 into rock formations.
Companies in the UAE and Oman have completed pilot projects using 44.01's technology.
According to 44.01's recent statement, the other companies that participated in the Series A funding include:
- Air Liquide Venture Capital (Aliad)
- Alumni Ventures
- Amazon’s Climate Pledge Fund
- Climate Investment
- Innovation Development Oman
- Planet A Ventures
- Salica Oryx Fund
- Siemens Financial Services
- Sumitomo Corporation
Existing investors including Breakthrough Energy Ventures have also recommitted to 44.01’s technology by participating in the round, the company said.
The fundraising reflects confidence in the potential of 44.01’s mineralisation technology to eliminate CO2 safely, permanently and at scale, 44.01 said.
The funding will enable the company to continue "to refine its technology, develop commercial-scale projects and expand its deployment internationally".
The firm added: "Mafic and ultramafic rock formations capable of mineralising CO2 are found on every continent, making 44.01’s mineralisation technology a truly global climate solution. Mineralisation projects can be built quickly and modularly, offering a cost-effective alternative to conventional geological carbon storage."
Jamey Mulligan, head of carbon neutralisation at US technology and e-commerce firm Amazon, said: "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," Mulligan said, referring to 44.01 as "a company at the forefront of unlocking effective, durable and verifiable carbon sequestration".
Promising technology
44.01's technology accelerates the natural process of CO2 mineralisation to remove captured CO2 permanently in less than 12 months.
It can take CO2 captured directly from the air, or from hard-to-abate industrial processes, which helps decarbonise vital sectors.
The process is safe, scalable and lasts forever, the company said.
Photo credit: Pixabay
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