• Omani climatetech company 44.01 has secured a strategic investment from Swiss building materials company Holcim through its corporate venture capital activities. The investment amount and equity stake were not disclosed.
• Founded in 2020 by Talal Hassan, Ehab Tasfai and Karan Khimji, 44.01 develops carbon mineralisation technology that injects captured carbon dioxide into reactive underground rock formations, converting it into stable carbonate minerals for permanent storage.
• The investment will support 44.01's commercial scaling and international expansion, building on its existing partnership with Holcim. Other investors in the company include JERA, Breakthrough Energy Ventures, Equinor Ventures, Air Liquide Venture Capital and Siemens Financial Services.
• In July 2024, 44.01 closed a $37 million Series A funding round, led by Equinor Ventures with Shorooq Partners and other investors.

Press release:

Holcim has invested in 44.01, a developer of breakthrough mineralisation technology where captured CO₂ is injected into naturally reactive ultramafic rock formations and mineralised into stable carbonate rock. The investment will support 44.01's scaling and international expansion and marks the next step in an established commercial relationship between Holcim and 44.01.

Since July, the two companies have been running a pilot project under live industrial conditions at Holcim's Fujairah cement plant in the United Arab Emirates, where CO₂ is now being safely stored underground and mineralised into solid rock. Other investors in 44.01 include JERA, Breakthrough Energy Ventures, Equinor Ventures, Air Liquide Venture Capital and Siemens Financial Services.

Ram Muthu, Head of Operational Excellence, Holcim: "Holcim’s investment in 44.01 builds on our existing project in the UAE, where together we are already storing captured carbon in rock formations near our Fujairah plant. 44.01’s breakthrough technology enables storage close to production given the right geological conditions, advancing decarbonisation in line with Holcim’s NextGen Growth 2030 strategy. This pathway can help us manage captured carbon at inland sites across our operations where access to offshore storage may be limited."

The investment is a valuable addition to Holcim's growing portfolio of digital and decarbonisation technologies, part of its open innovation ecosystem. Holcim has made 22 investments to date through Holcim MAQER Ventures, its corporate venture capital and open innovation unit, and is constantly working to scale groundbreaking technologies for the built environment.