Press Releases

April 21, 2022

• CEMEX has invested in Carbon Upcycling Technologies, a solution that enables the reduction of carbon emissions in cement and concrete production by up to 30% through clinker substitutes.
• The technology will help scale CEMEX’s capability to reduce clinker in its cement production process.

CEMEX, S.A.B. de C.V. (“CEMEX”), announced today that CEMEX Ventures, its corporate venture capital and open innovation unit, is investing in Carbon Upcycling Technologies, a Canadian startup and global leader in developing carbon utilization and grinding technologies for the cement industry.

Carbon Upcycling's proprietary solution infuses carbon into a grinding process for industrial residues, such as slag and fly ashes, to produce a more reactive supplementary cementitious material. These materials can then be used to replace clinker in cement production. The blended cement and concretes resulting from this process can achieve CO₂ reductions of up to 30%.

"Our investment in Carbon Upcycling allows us to leverage the utilization of CO₂ in building materials and transform industrial residue into sustainable building material resources. This is another step in our roadmap to decarbonize the cement production process and achieve carbon neutrality by 2050," said Gonzalo Galindo, Head of CEMEX Ventures. "We continue expanding our green construction investment portfolio and looking for new technologies to create a more sustainable industry."

The production of clinker, the main component of cement, is the most carbon-intensive part of the cement manufacturing process. The addition of clinker substitutes without compromising the strength attributes of cement is a critical challenge to the industry's decarbonization effort in the short term.

This investment will facilitate the continued development and scaling of Carbon Upcycling's technology and business roadmap to reduce reliance on clinker in cement production. The investment will also fund the rollout of its commercial carbon utilization solution across cement facilities in North America, Europe, and Asia.

CEMEX and Carbon Upcycling have worked together since 2020 as part of CEMEX's Future in Action program. The companies agree to test and scale up the startup's technology in CEMEX's R&D facilities and develop industrial-scale projects across cement and ready-mix operations.

"We are grateful for CEMEX's continued support in our journey towards decarbonizing the cement industry," said Apoorv Sinha, CEO of Carbon Upcycling. "We are well on our way to becoming the most impactful carbon utilization company of this decade, and we are thrilled to have CEMEX and other investors on board with us."

The Future in Action program focuses on reducing the carbon footprint of CEMEX's operations and products to become a net-zero CO₂ company by 2050. Through CEMEX Ventures, the company is discovering and investing in companies that will provide proven, scalable technologies to achieve carbon neutrality.

About Carbon Upcycling Technologies
Carbon Upcycling was formed to use the waste of today to build the materials of tomorrow by converting CO₂ gas into advanced material additives. Since 2014, Carbon Upcycling has scaled its ability to utilize CO₂ emissions from point sources, such as power plants, by over 10 million times in reactor size. Carbon Upcycling’s carbon-enhanced additives primarily service the concrete industry but have complementary additives that are used in plastics manufacturing, coatings, and consumer products.

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 CEMEX
CEMEX (NYSE: CX) is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is 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 use 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

CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations, including the investments to not reflect the results stated in this press release. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.