Led by Clean Energy Ventures, a venture capital firm specializing in funding early-stage climate tech innovations, the round also included funding from several other climate tech venture capital funds.
This funding milestone comes just one year following the startup being named an X-Factor prize winner in the XPRIZE clean energy business competition. Carbon Upcycling Technologies utilizes a patented technology that transforms gaseous carbon waste into additives that produce greener and more durable concrete. Carbon Upcycling was also a $250,000 winner in the 2019 76West Clean Energy Competition, supported by the New York State Energy Research and Development Authority (NYSERDA).
“We are at the inflection point for the zero-carbon age, and it’s mission-critical to bring carbon-to-value innovation to scale and truly decarbonize all parts of our economy,” said Apoorv Sinha, CEO of Carbon Upcycling Technologies, in a statement. “The enthusiasm and support from both investors and cement producers for our technology have been evident this year, and with the funding, Carbon Upcycling is well on its way to becoming one of the most impactful carbon utilization companies that can contribute to a decarbonized energy transition in the coming decades.”
Read more about the financing round and participating venture capital firms in Carbon Upcycling’s recent press release.