Climate Tech Startup 44.01 Raises $37 Million to Scale Solution to Turn CO2 into Rock

Carbon sequestration technology startup 44.01 announced today that it has raised $37 million in a Series A funding round, with proceeds aimed at developing and commercializing its technology, and enabling its international expansion.

Founded in Oman in 2020, 44.01 provides solutions to eliminate CO2 captured from the air or from hard-to-abate industrial processes by turning it into rock, through its technology to accelerate the natural process of CO2 mineralization. The company’s solution takes captured CO2 and dissolves it in water, creating an acidic solution that mobilizes cations within rock that reacts with the CO2 and mineralizes it, and injects the fluid deep underground, where high pressure, temperature and high CO2 concentration causes a rapid mineralization process.

According to 44.01, the company’s mineralization technology offers a cost-effective alternative to conventional geological carbon storage, due to its ability to be built quickly and modularly.

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.”

The funding round was led by Equinor Ventures and UAE-based alternative investment manager Shorooq Partners in the UAE, with participation from climate-focused investors, geological carbon storage experts and technology developers including Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, and Sumitomo Corporation, in addition to existing investors including Breakthrough Energy Ventures.

Lars Klevier, Head of Equinor Ventures, said:

“We are excited to support 44.01 as they continue to break new ground in CO2 mineralisation and look forward to work together to mature the technology and verify its potential.”

Mahmoud Adi, Founding Partner of Shorooq Partners, added:

“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.”