A $37 million Series A funding round has concluded, according to 44.01. Equinor Ventures, in partnership with Shorooq Partners in the United Arab Emirates, is leading the round. Other investors include Siemens Financial Services, Sumitomo Corporation, Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, and several others, listed in alphabetical order. Participating in the round are longstanding investors, such as Breakthrough Energy Ventures, who have reaffirmed their commitment to 44.01’s technology.
The fundraising demonstrates faith in 44.01’s mineralization technology to remove CO2 in a safe, long-term, and large-scale manner. The money will allow 44.01 to carry out technological advancements, create projects of a commercial nature, and broaden its application globally.
Talal Hasan, Founder and CEO of 44.01, said “We believe mineralisation can play a significant role in protecting and repairing our climate. We are grateful to our investors for committing to that mission and for demonstrating their confidence in our technology.
“Our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralise CO2 at scale world-wide.”
44.01’s mineralization technology is a truly global solution to climate change because mafic and ultramafic rock formations that are capable of mineralizing CO2 are found on every continent. As a quick and modular construction method, mineralization projects provide an affordable substitute for traditional geological carbon storage.
Head of Equinor Ventures, Lars Klevier, said “Equinor Ventures is proud to announce the investment in 44.01, a company specializing in carbon dioxide (CO2) mineralisation technology. This investment represents another step in Equinor’s commitment to test and explore innovative solutions for climate change mitigation.
“We are excited to support 44.01 as they continue to break new ground in CO2 mineralisation and look forward to working together to mature the technology and verify its potential.”
Mahmoud Adi, Founding Partner of Shorooq Partners, commented on the investment: “We are thrilled to make our first lead investment in climate tech with 44.01, a company at the forefront of innovative carbon sequestration solutions globally. The UAE has been playing a vital role in advancing climate tech initiatives with the nation’s leadership paving the way, and we are proud to contribute to this mission. We believe in the transformative potential of 44.01’s mineralisation technology, which offers a safe, permanent, and scalable solution to CO2 elimination. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future.”
