CarbonCure

Founded in 2007 and an XPRIZE finalist, CarbonCure is one startup company in the CCUS space that is seeing growth. Its technology takes recycled CO2 sourced from an industrial emitter and injects it into concrete when it is mixed. This process improves the strength of the concrete. Besides strengthening the concrete, this technology is attractive to customers because it can cut costs while also reducing a company’s carbon footprint. It is now being used in over 100 concrete plants in North America. Toronto’s Brampton Brick and Virginia’s Vulcan Materials were two of the first to utilize CarbonCure’s technology.

 

CarbonCure’s advantage versus its peers is that it is more than a decade old, making it a relatively mature company in this sector, and it has received a steady stream of funding and is building a customer base. The company has received funding from a variety of sources, with the total reaching at least $9.3 million after five rounds of funding. In 2013, BDC Venture Capital – which has more than $1 billion under management – Eagle Cliff Partners, Innovacorp, 350 Capital, along with strategic investors, injected $3.5 million into CarbonCure, helping the company transition to commercialization. In 2015, Pangea Ventures funded CarbonCure with $3 million, while in September of 2018 Bill Gates’ Breakthrough Energy Ventures announced investment in the company.

 

With the funding from Breakthrough, it plans to develop international partnerships and expand its portfolio of technologies that use CO2 as a value-added material in concrete manufacturing. The company says the biggest challenge to its growth is the cement industry’s reluctance to change quickly. Currently, there are 6,500 concrete plants in the U.S. and Canada. With its technology being utilized at only 100 plants so far, the company believes it has a large upside, but the gap also reflects how few in the concrete industry have installed this technology.