Participated · Series A · Jul 2023

Carbon Upcycling develops a platform system that transforms industrial byproducts and captured CO₂ into high‑quality, low‑carbon supplementary cementitious materials for cement manufacturing. Its flagship commercial project at the Ash Grove Mississauga Cement Plant is expected to begin operations in the second half of 2026 and has the capacity to produce up to 30,000 tonnes of SCMs annually. The company has secured asset‑backed financing of up to USD 10 million from ATEL Ventures to support that first commercial deployment. Carbon Upcycling is backed by a syndicate of strategic investors, including Builders Vision, the Business Development Bank of Canada, Climate Investment, Oxy Low‑Carbon Ventures, Amplify Capital, Clean Energy Ventures, CRH Ventures, Cemex Ventures, and TITAN Group. Management frames the financing as reinforcing the commercial readiness and financeability of its technology. The company aims to use the commercial project as the foundation to scale localized, low‑carbon cement manufacturing infrastructure across North America and beyond.