The Breakthrough Energy Ventures fund was created to accelerate the world’s transition to clean energy, and is backed by an investor group that includes many of the world’s top business leaders. The round includes the GreenSoil Building Innovation Fund and a notable follow-on investment by the Industrial, Clean and Energy Technology Venture Fund of BDC Venture Capital. Prominent investors from prior rounds include Pangaea Ventures, 350 Capital, Innovacorp, Brightpath Capital Partners, Neo Ventures, the Shaw Group, Power Generations, and Carmanah Management.
“We’ve made it simple and profitable for the construction industry to build resilient structures with lower CO2 emissions. Every tonne of CO2 utilized in concrete production with the CarbonCure Technology results in a multiplier effect that saves an additional 28 tonnes of CO2 and over $3,100 in production efficiencies,” explains Rob Niven, Founder & CEO of CarbonCure. “This strategic investment allows CarbonCure to scale our impact by expanding into international markets and commercializing new value-added solutions for the concrete industry that further improve its sustainability and production efficiencies.”
Following the investment, Breakthrough Energy Ventures gained a seat on CarbonCure’s Board of Directors. “Breakthrough Energy Ventures invests in technology with the potential to eliminate a half gigaton of greenhouse gas emissions per year,” stated Carmichael Roberts of Breakthrough Energy Ventures. “CarbonCure represents a triple threat in achieving this goal: compelling economics with a solution that delivers value for customers from day-one, products in market today, and a measurable impact on reducing carbon emissions in the built environment.”
GreenSoil Building Innovation Fund Managing Partner Jamie James elaborated, “Through GreenSoil’s relationship with Toronto real estate developer Tridel, who incorporated the CarbonCure Technology into a series of high-rise construction projects, we saw firsthand the benefits of using CO2 to reduce our buildings’ environmental footprint. We’re excited to work with more of our real estate partners to accelerate CarbonCure’s growth into new markets that are opened up by this financing round.”
CarbonCure’s announcement comes on the heels of the Global Climate Action Summit, where world leaders in politics and business gathered to expand upon the ambitious targets set out by the historic Paris Agreement. Emerging at the forefront of discussions was the topic of embodied carbon, which refers to emissions created by the manufacturing and transportation of building materials prior to their arrival on construction sites.
“There is an urgency to act now to reduce the embodied carbon in new construction development,” says Stacy Smedley, Director of Sustainability at Skanska, a Swedish multinational construction and development company. “It’s imperative that as designers, developers, and builders we support the rapid scaling of technologies, tools, and processes that reduce carbon emissions from the manufacturing of building materials.”
With its expanded portfolio of technologies and entry into international markets, CarbonCure has the potential to reduce up to 700 megatonnes of embodied carbon emissions each year.
CarbonCure is leading a global mission to reduce the carbon footprint of the built environment, using recycled CO2 to improve the manufacturing process of the world's most abundant man-made material: concrete. The CarbonCure Technology is being used by over 100 concrete producers across North America to reduce concrete’s carbon footprint, create new production cost savings and gain a competitive sales advantage.
For more information visit www.carboncure.com.
About Breakthrough Energy Ventures
Breakthrough Energy Ventures (BEV) is a for-profit, investor-led fund created to accelerate the world’s transition to clean energy. BEV has more than $1 billion in committed capital to fund scientific breakthroughs with the potential to deliver affordable, reliable clean energy. The fund prioritizes investments across the five grand challenges that contribute most to greenhouse gas emissions: electricity, transportation, agriculture, manufacturing and buildings. BEV was created by the Breakthrough Energy Coalition in 2016 and is backed by an investor group that includes many of the world’s top business leaders.
For more information visit www.b-t.energy/ventures/.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, their mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures.
For more information visit www.bdc.ca.
About Greensoil Building Innovation Fund
The Greensoil Building Innovation Fund (GBIF) is a growth equity fund investing in companies that provide products, services and technologies which make real estate and infrastructure more productive, efficient and sustainable. Our investors are primarily real estate owners and developers, and our management team has extensive operational industry and investment experience.
For more information visit www.greensoil-investments.com.