- 44.01 has raised $37 million, led by Equinor Ventures and Shorooq Partners, with participation from prominent investors like Amazon’s Climate Pledge Fund and Siemens Financial Services.
- The funds will enhance 44.01’s CO2 mineralization technology, aiming to refine and scale commercial projects globally.
- The technology leverages mafic and ultramafic rock formations worldwide, offering a cost-effective and scalable alternative to traditional carbon storage methods.
- 44.01 has won the Earthshot Prize and is an XPRIZE Carbon Removal Top 20 Finalist, validating its innovative carbon sequestration approach.
44.01 is a pioneering company in carbon dioxide (CO2) mineralization technology that has successfully completed a $37 million Series A funding round. This significant financial milestone will propel the company towards advancing its technology, commercializing its solutions, and expanding its reach internationally.
Leading Investors and Their Commitment
The funding round was spearheaded by Equinor Ventures and Shorooq Partners from the UAE. Other prominent investors included Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, and Sumitomo Corporation, among others. Existing investors, including Breakthrough Energy Ventures, also reaffirmed their confidence by participating in this round.
Utilisation of the Funds
The newly raised funds will be utilized to refine 44.01’s mineralization technology, develop commercial-scale projects, and enhance its international deployment.
The technology, which has already been piloted in Oman and the UAE, shows promise as a safe, permanent, and scalable carbon sequestration solution.
Leadership’s Vision
Talal Hasan, Founder and CEO of 44.01, emphasized the crucial role of mineralization in climate protection and repair. He expressed gratitude towards the investors for their commitment to the mission and confidence in the technology.
Hasan highlighted that the international expertise and experience brought by the investors would accelerate the company’s development and help mineralize CO2 at a global scale.
Global Potential of Mineralization Technology
44.01’s mineralization technology leverages mafic and ultramafic rock formations capable of mineralizing CO2, which are found on every continent.
This capability positions the technology as a truly global solution for climate change. The modular and rapid deployment of mineralization projects offers a cost-effective alternative to traditional geological carbon storage methods.
Investor Perspectives
Lars Klevier, Head of Equinor Ventures, expressed pride in investing in 44.01 and reiterated Equinor’s commitment to innovative climate solutions. He emphasized the potential of 44.01’s technology in mitigating climate change and looked forward to working together to mature and verify its potential.
Mahmoud Adi, Founding Partner of Shorooq Partners, celebrated their first lead investment in climate tech with 44.01. He praised the UAE’s leadership in advancing climate tech initiatives and recognized the transformative potential of 44.01’s mineralization technology in offering a safe, permanent, and scalable solution to CO2 elimination.
Jamey Mulligan, Head of Carbon Neutralization at Amazon, highlighted Amazon’s dedication to decarbonization and support for promising technologies like 44.01’s carbon mineralization. Mulligan pointed out that this investment aligns with Amazon’s broader efforts in carbon reduction, including investments in electric vehicles, renewable energy, and hydrogen.
Cindi Bough, Managing Director at Climate Investment, expressed pleasure in investing in 44.01. She emphasized the potential contribution of 44.01’s technology to efficient industrial decarbonization worldwide. Bough highlighted Climate Investment’s unique partner network and experience in CCUS (Carbon Capture, Utilization, and Storage) as valuable assets in commercializing and scaling the technology.
Rasha Sulaiman, Acting CEO at Innovation Development Oman, celebrated the investment in 44.01 as a significant step for the Omani startup. She underscored the technology’s potential in helping Oman achieve its Net Zero target while attracting investment and economic opportunities to the country.
Successful Pilots and Recognition
44.01 has demonstrated the effectiveness of its technology through successful pilot projects in Oman and the UAE. The company gained international recognition by winning the Earthshot Prize in 2022 in the ‘Fix Our Climate’ category. Additionally, 44.01’s Project Hajar in Oman was recently announced as an XPRIZE Carbon Removal Top 20 Finalist, further validating its innovative approach to carbon sequestration.
The completion of the $37 million Series A funding round marks a significant milestone for 44.01. With the support of leading investors, the company is well-positioned to advance its CO2 mineralization technology, commercialize its solutions, and expand its global impact. This innovative approach to carbon sequestration holds immense potential in addressing climate change and promoting a sustainable future.
About 44.01
44.01 is dedicated to eliminating CO2 by transforming it into rock. The company’s groundbreaking technology accelerates the natural process of CO2 mineralization, ensuring the permanent removal of captured CO2 in less than twelve months.
This process involves capturing CO2 directly from the air or from hard-to-abate industrial processes, thus aiding the decarbonization of essential industries and contributing to a sustainable atmospheric CO2 level. The technology is safe, scalable, and provides a long-lasting solution to carbon sequestration.
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Last Updated on July 17, 2024 by Safiya K
