44.01 develops mineralisation technology that accelerates the natural process of turning captured CO2 into stable rock, achieving permanent removal in less than twelve months. The company says its approach can be deployed where mafic and ultramafic rock formations exist, which are found on every continent, enabling global scalability. 44.01 has completed pilot projects in Oman and the UAE and won the Earthshot Prize in 2022; its Project Hajar was also named an XPRIZE Carbon Removal Top 20 Finalist. The business raised a $37M Series A to continue refining its technology, build commercial‑scale projects, and expand international deployment. The funding round signals investor confidence and will support commercialization and modular project rollouts as an alternative to conventional geological carbon storage. 44.01 is building a system to mineralize CO2 by accelerating the natural reaction between carbonated water and peridotite to produce calcite. Its approach uses engineered boreholes to maximize rock surface area and cyclic injection of highly carbonated water with no catalysts or toxic additives. The company is working the logistics side to minimize operational emissions, including a biodiesel supply line with Wakud and nighttime solar offset plans. A scientific committee including Peter Kelemen and Juerg Matter advises the effort, and 44.01 is partnering with Climeworks and other carbon‑capture companies to source CO2. The initial work is focused on the large exposed peridotite deposits on Oman's northern coast, with a possible first commercial site across the border in the UAE. The seed funding is intended to secure permits, studies and demonstration equipment; the company acknowledges the $5M is far short of building full commercial operations.

Total raised

$42M

Funding rounds

2

Latest round

Series A

Latest activity

Jul 2024