News Summary

Calgary-based cleantech startup Carbon Upcycling has successfully closed a $24.5 million CAD convertible note investment round, led by Chicago-based impact investment firm Builders Vision. This funding will support the development of Carbon Upcycling’s carbon capture and utilization (CCU) technology, focusing on project pipeline expansion and corporate growth. Builders Vision will join Carbon Upcycling’s board as an observer. Other participants in the round include the Business Development Bank of Canada (BDC), Climate Investment, Amplify Capital, CRH Ventures, Oxy Low Carbon Ventures, and TITAN Group. The startup has raised $95.5 million CAD to date, with plans to scale up production of alternative materials for cement and concrete, aiming to reduce cement usage in concrete production by up to 50%. Carbon Upcycling is also engaged in a memorandum of agreement with TITAN Group for technical feasibility studies at two TITAN cement plants.