Cemex increases its investment in innovative carbon tech company
Cemex first invested in Carbon Upcycling in February 2022 and has been working with the carbon utilization company to support their scale-up since early 2020. In June of 2022, the companies began working to establish the world’s first commercial-scale plant that produces cement additives by sequestering CO₂ in glass byproducts. This project, located at Cemex’s Rugby cement plant, is expected to sequester over 1,600 metric tons of CO₂ annually and was awarded £2.3 million in funding from UK Research and Innovation.
Cemex aims to roll out additional carbon mitigation projects in partnership with Carbon Upcycling in selected cement plants across Cemex’s EMEAA, U.S., and Mexico operations.
“Cemex is committed to supporting decarbonization for the built environment, and our follow-on investment in Carbon Upcycling demonstrates such ambition,” said Gonzalo Galindo, Head of Cemex Ventures. “Carbon Upcycling provides a scalable solution that effectively reduces the carbon footprint of cement. Increasing the supply and use of cementitious materials aligns with Cemex’s goals of reducing CO₂ emissions and becoming fully net-zero by 2050”.
“We are thrilled by Cemex Venture’s decision to further invest in Carbon Upcycling. The investment signals Cemex’s dedication to achieving carbon neutrality and their confidence in our capabilities to help them achieve their 2030 decarbonization targets through immediate implementation of our technology,” says Apoorv Sinha, CEO of Carbon Upcycling. “Our joint flagship project in the UK is a prime example of the collective impact possible when innovative companies and industry leaders convene.”
This investment is part of Cemex’s Future in Action program, which focuses on achieving sustainable excellence through climate action, circularity, and natural resource management with the primary objective of becoming a net-zero CO₂ company by 2050.
About Cemex
Cemex, S.A.B. de C.V. (“Cemex”) (NYSE: CX) is a global construction materials company that is building a better future through products and solutions designed with sustainability in mind. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex intends to be at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com
About Cemex Ventures
Launched in 2017, Cemex Ventures focuses on helping to solve the main challenges and capitalize on the opportunity areas in the construction ecosystem through sustainable solutions. Cemex Ventures has created an open and collaborative platform to lead the revolution of the construction industry by engaging startups, entrepreneurs, universities, and other relevant actors to tackle the industry's toughest challenges and shape tomorrow's value ecosystem. For more information about Cemex Ventures, please visit: www.cemexventures.com
About Carbon Upcycling
Carbon Upcycling is a carbon tech company delivering technology to bridge the gap between today and a net zero tomorrow. Carbon Upcycling’s patented technology permanently stores CO₂ in industrial byproducts and minerals, transforming them into low-carbon materials for cement, plastics, and consumer products. The Company aspires to reduce the carbon impact of industrial processes, divert industrial materials from landfills, and enable a circular economy. Carbon Upcycling has received global recognition for its industry-leading innovation. Notably, Carbon Upcycling was named Carbon XPrize’s X-Factor winner, NRMCA’s 2023 Innovative Company, Cleantech Group’s Global Cleantech 100, and Foresight 50’s Canada’s Most Investable Cleantech Ventures. Carbon Upcycling’s investors include Cemex Ventures, CRH Ventures, Clean Energy Ventures, Oxy Low Carbon Ventures, and Amplify Capital. For more information on Carbon Upcycling Technologies, please visit: www.carbonupcycling.com