CarbonCure aims to eliminate 500 million metric tonnes per year of carbon dioxide from the concrete industry by 2030
Amazon’s investment in CarbonCure is in line with its commitment to become net-zero carbon by 2040. (Credit: Nicolas DEBRAY from Pixabay)
Canadian cleantech company CarbonCure Technologies has secured an investment from Amazon and Breakthrough Energy Ventures (BEV) co-led syndicate.
The companies providing the investment include Microsoft, BDC Capital, 2150, Thistledown Capital, Taronga Ventures, and GreenSoil Investments.
CarbonCure develops carbon dioxide removal (CDR) solutions for the concrete industry. The investment is aimed at tackling the carbon footprint of concrete, which is claimed to be the most abundant human-made material in the world.
CarbonCure Technologies CEO and co-founder Robert Niven said: “This collaborative investment by technology and property development firms is a great endorsement of CarbonCure as the go-to CDR solution for the growing tech construction space and the overall shift towards low embodied carbon construction materials.
“We witnessed the tech industry setting climate change trends with their adoption of renewable energy sources like wind and solar.
“This investment in CDR signals a broader change for public and private infrastructure projects as industries and governments turn their focus toward the reduction of embodied carbon.”
CarbonCure to use funding for its geographical expansion
The company is planning to utilise the investment to accelerate its product roadmap as well as in the geographical expansion
It aims to eliminate 500 million metric tonnes per year of carbon dioxide from the concrete industry by 2030.
Amazon’s investment in CarbonCure is in line with its commitment to become net-zero carbon by 2040.
According to CarbonCure, around 300 concrete producers have used its technology to provide low embodied carbon concrete to construction projects.
Niven added: “Our solutions help producers deliver low embodied carbon concrete in an efficient, non-disruptive, and profitable way.
“The latest investment presents a wonderful opportunity for the global concrete industry to capitalize on the increasing demand for sustainable concrete.”
In May this year, Amazon has announced five new renewable energy projects in China, Australia and the US.