The investment follows an operating pilot in Fujairah that connects cement-plant emissions with underground mineral storage, while bringing the Japanese power sector into the company’s investor base.
Omani carbon storage company 44.01 has secured investment from building materials group Holcim and Japanese energy company JERA as it prepares to develop commercial-scale projects in the Middle East and expand internationally.
Announced on 4 November, the funding also includes additional backing from existing investors ALIAD, Air Liquide’s venture capital arm, and Climate Investment.
The investment connects 44.01 with two industries exploring ways to manage captured carbon: cement production and power generation. Holcim already works with the company on a pilot in the UAE, while JERA’s participation marks its first investment from the power sector.
An industrial partnership becomes an investment
Holcim’s backing follows operating experience at its Fujairah cement plant, where the companies have been running a carbon capture and mineralisation pilot under industrial conditions since July 2026.
The project captures carbon dioxide from the plant and transports it to a nearby 44.01 site for underground storage.
For Holcim, the potential extends to facilities where conventional storage options are less accessible. Ram Muthu, the group’s head of operational excellence, said the technology could enable storage near production sites where suitable geology exists.
“This pathway can help us manage captured carbon at inland sites across our operations where access to offshore storage may be limited,” he said.
That geographical qualification is important. The approach depends on access to rock formations capable of reacting with the injected carbon dioxide. Its suitability therefore needs to be assessed alongside each industrial location.
What the Fujairah pilot demonstrates
The pilot was designed to capture between four and 4.5 tonnes of carbon dioxide per day from the cement plant’s flue gas, according to the partners’ commissioning announcement.
Captured carbon is injected into naturally occurring ultramafic rock, where chemical reactions convert it into solid carbonate minerals.
The project brings capture and storage together alongside an operating cement facility. It provides experience in connecting the different stages of the process, rather than demonstrating storage technology in isolation.
Its stated daily capacity is a design figure, not a published measurement of average throughput. The project remains a pilot intended to inform larger deployments.
Power-sector backing opens another route
JERA plans to combine its understanding of power-sector decarbonisation with 44.01’s technology to explore applications in electricity generation and opportunities in Japan and other markets.
The funding will support technology improvements, cost reduction and the development of first-of-a-kind commercial projects in the Middle East, 44.01 said.
The company also announced an $11.7 million carbon-removal purchase agreement with Frontier buyers, including Google, H&M, Shopify and Stripe. That agreement represents future demand for carbon removal, distinct from the investment capital backing the business.
From funding to deployment
The development builds on 44.01’s earlier fundraising, including the $37 million Series A covered by Rasmal in 2024.
The latest investment adds an industrial partner with operating experience of the technology and a power-sector investor exploring further applications.
It also highlights two different uses for carbon storage. Storing emissions captured from a cement plant can help prevent those emissions from reaching the atmosphere. Storing carbon captured from the atmosphere forms part of a carbon-removal process. The source of the carbon matters when assessing the climate benefit.
For 44.01, the next stage is translating its pilot experience and investor relationships into continuous commercial operations. The new backing supports that effort, with the Fujairah project providing a practical starting point.
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Last Updated on November 12, 2026 by Safiya K
