Carbon Upcycling Technologies Inc., a Calgary-based decarbonization firm, has successfully closed a Series A funding round worth $34 million. The funding round was co-led by BDC Capital’s Climate Tech Fund and Climate Investment, with participation from existing financial investors such as Clean Energy Ventures, CEVG, Amplify Capital, and strategic investors Oxy Low Carbon Ventures, CRH Ventures, and Cemex Ventures, who have all pledged support for strategically-relevant projects.

The funding will be utilized to deploy multiple commercial projects, including two directly co-located at cement plants. Carbon Upcycling officials anticipate that these projects will showcase the cost-effectiveness of their all-electric solution, which mineralizes CO2 emissions from industrial facilities and repurposes industrial byproducts into materials that reduce the carbon footprint of cement and concrete.

“Closing this round is a major milestone on the road to becoming the most impactful carbon tech company of this decade,” said Apoorv Sinha, founder and CEO of Carbon Upcycling. “Over the next year, our mission is to demonstrate our technology’s versatility, scalability, and operational elegance. Proving significant, cost-effective decarbonization potential in the cement industry is possible without a green premium.”

According to Pascal Lanctot, a partner with BDC Capital’s Climate Tech Fund, Carbon Upcycling is an exemplary Canadian company that has taken significant strides in addressing high-emitting sectors. “BDC’s role is to drive economic benefits for Canada by growing one business at a time. Apoorv and his team have positioned Carbon Upcycling for rapid growth,” said Lanctot. “The scale-up of the company’s technology will enable cross-industrial collaboration between cement, steel, mining, and other heavy industries and help build a clean, low-carbon, circular economy. This is exactly what our Climate Tech Fund II aims to do.”