Cemex Ventures, the corporate venture capital and open innovation unit of Cemex, has increased its stake in Carbon Upcycling. Carbon Upcycling employs patented technology to inject CO₂ into industrial byproducts and natural minerals, creating clinker substitutes and reducing the carbon footprint of cement.
Cemex initially invested in Carbon Upcycling in February 2022 and has been supporting their scale-up since early 2020. Together, they have been working on establishing the world’s first commercial-scale plant that produces cement additives by sequestering CO₂ in glass byproducts. This plant, located at Cemex’s Rugby cement plant, is expected to sequester over 1,600 metric tons of CO₂ annually and received £2.3 million in funding from UK Research and Innovation.
Cemex plans to implement additional carbon mitigation projects in collaboration with Carbon Upcycling in selected cement plants across its EMEAA, U.S., and Mexico operations.
“Cemex is committed to supporting decarbonisation for the built environment, and our follow-on investment in Carbon Upcycling demonstrates such ambition,” said Gonzalo Galindo, Head of Cemex Ventures. “Carbon Upcycling provides a scalable solution that effectively reduces the carbon footprint of cement. Increasing the supply and use of cementitious materials aligns with Cemex’s goals of reducing CO₂ emissions and becoming fully net-zero by 2050”.
“We are thrilled by Cemex Venture’s decision to further invest in Carbon Upcycling. The investment signals Cemex’s dedication to achieving carbon neutrality and their confidence in our capabilities to help them achieve their 2030 decarbonisation targets through immediate implementation of our technology,” says Apoorv Sinha, CEO of Carbon Upcycling. “Our joint flagship project in the UK is a prime example of the collective impact possible when innovative companies and industry leaders convene.”
This investment is part of Cemex’s Future in Action programme, which focuses on achieving sustainable excellence through climate action, circularity, and natural resource management with the primary objective of becoming a net-zero CO₂ company by 2050.
