In a major development for the carbon sequestration technology sector, startup company 44.01 has announced a significant milestone today. The company has successfully secured million in a Series A funding round, with the primary objective of advancing its cutting-edge technology and expanding its operations on a global scale.
Founded in the Middle Eastern country of Oman in 2020, 44.01 is dedicated to providing innovative solutions for the elimination of CO2 emissions. The company specializes in capturing CO2 from the atmosphere or from challenging industrial processes and converting it into rock. This is achieved through their unique technology that expedites the natural process of CO2 mineralization. By dissolving captured CO2 in water to create an acidic solution, 44.01 mobilizes cations within rocks that react with the CO2, leading to its mineralization. The resulting fluid is then injected deep underground, where the combination of high pressure, temperature, and CO2 concentration triggers a rapid mineralization process.
One of the key advantages of 44.01’s mineralization technology is its cost-effectiveness compared to traditional geological carbon storage methods. The company’s modular and quickly deployable solution offers a promising alternative for carbon capture and storage initiatives.
Talal Hasan, the Founder and CEO of 44.01, expressed his enthusiasm for the company’s mission and the support received from investors. He highlighted the crucial role that mineralization can play in combating climate change and emphasized the significance of investors’ confidence in the technology’s potential for global scalability.
The recent funding round was spearheaded by Equinor Ventures and Shorooq Partners, a UAE-based alternative investment manager. The participation of various climate-focused investors, experts in geological carbon storage, and technology developers underscores the industry’s recognition of 44.01’s innovative approach. Notable contributors to the funding round include Air Liquide Venture Capital, Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, and Sumitomo Corporation, as well as existing investor Breakthrough Energy Ventures.
Lars Klevier, Head of Equinor Ventures, expressed excitement about the opportunity to collaborate with 44.01 and further explore the potential of CO2 mineralization. He emphasized the importance of advancing technology in this critical area to address the challenges of climate change effectively.
Mahmoud Adi, Founding Partner of Shorooq Partners, highlighted the significance of their investment in 44.01 as a groundbreaking step in the climate tech sector. He commended the company for its innovative carbon sequestration solutions and recognized the UAE’s leadership in promoting climate tech initiatives.
The successful completion of the Series A funding round positions 44.01 as a key player in the emerging field of carbon sequestration technology. With a strong financial foundation and support from prominent investors, the company is well-positioned to advance its technology, drive international expansion, and contribute significantly to global efforts to combat climate change.
As the demand for sustainable solutions to address carbon emissions continues to grow, 44.01 stands out as a frontrunner in developing innovative and practical approaches for carbon sequestration. By leveraging their mineralization technology, the company is poised to make a meaningful impact in reducing greenhouse gas emissions and safeguarding the environment for future generations.