Carbon Upcycling Technologies, a Canadian carbon utilization company that converts CO2 into cement and concrete additives, has raised CAD 34.4 million (USD 26 million) in a Series A funding round co-led by Climate Investment and BDC Capital's Climate Tech Fund.

The round was also supported by CRH Ventures and CEMEX Ventures, alongside Clean Energy Ventures, Amplify Capital, and Oxy Low Carbon Ventures.

The company intends to use the funds to integrate its CCU technology into several commercial projects, including two co-located at cement plants. These include deployments with CRH in Canada and CEMEX in the UK. Both investors participated in the company’s Series A financing rounds through their respective venture arms.  

Analyst QuickTake: This financing round brings the company’s total funding to USD 32.3 million. Previously in April 2022 , the company raised USD 6 million in a venture round led by Clean Energy Ventures, alongside participation from Cemex Ventures, Amplify Capital, and Oxy Low Carbon Ventures. The funds were used for team expansion and to scale up the deployment of manufacturing facilities.