TLDR
Key Points:
- Climate tech startup 44.01 raised $37 million in a Series A funding round
- Company focuses on turning CO2 into rock through mineralization technology
Carbon sequestration technology startup 44.01 has recently secured $37 million in a Series A funding round to further develop and commercialize its technology aimed at turning CO2 into rock. The company, founded in Oman in 2020, focuses on providing solutions to eliminate CO2 captured from the air or industrial processes by accelerating the natural process of CO2 mineralization.
44.01’s mineralization technology involves dissolving captured CO2 in water to create an acidic solution, which then reacts with cations in rock to mineralize the CO2. The fluid is deep underground, where high pressure, temperature, and CO2 concentration lead to rapid mineralization. This technology is touted as a cost-effective alternative to conventional geological carbon storage due to its quick and modular construction.
The funding round was led by Equinor Ventures and Shorooq Partners, among others, signaling confidence in 44.01’s mission to contribute to climate protection and repair. With a wealth of expertise from investors, including climate-focused firms and technology developers, the company aims to scale its mineralization technology globally. CEOs of both leading investor firms expressed excitement about supporting 44.01 and investing in innovative carbon sequestration solutions.
The positive response from investors underscores the growing interest and support for climate tech initiatives globally. The unique approach of turning CO2 into rock presents a promising solution for addressing carbon emissions and advancing sustainability efforts worldwide.
