By Dieter Holger
Cemex SAB de CV has invested in an industrial carbon-capture startup that aims to bring down the costs of the nascent technology that heavy polluters say they need to eliminate their carbon-dioxide emissions.
The Mexico-based cement maker and its venture-capital arm Cemex Ventures said Tuesday that it has made an investment in London-based Carbon Clean Solutions Ltd., a deal that is part of the manufacturer's goal to make net-zero concrete by 2050.
The size of the investment wasn't immediately shared, but Cemex said its investment along with prior investors Equinor Ventures, ICOS Capital and WAVE Equity Partners, brings the total raised by Carbon Clean in the last year to $30 million.
Cemex's investment follows an agreement made in 2020 with Carbon Clean to jointly develop and deploy carbon capture across cement making.
Cemex said the goal of Carbon Clean's out-of-the-box, modular product is to provide CO2 capture at industrial sites with a 10 times smaller installation footprint and six times shorter build time, resulting in an up to 50% savings. The technology aims for as low as $30 per metric ton of CO2 at an industrial scale, Cemex said.
Cement is among heavy industries that are difficult to decarbonize. Unless breakthrough technologies become available, sustainability experts say that industrial carbon capture and carbon offets--such as tree planting and direct-air carbon capture--will likely be necessary to cancel out the industry's emissions.
Cemex ranks tenth among 74 publicly-traded construction-materials companies worldwide for its management of environmental, social and governance matters, including disclosures and programs, according to The Wall Street Journal's ESG scores. Marshalls PLC currently holds the top spot in the construction materials section of the rankings, which update as more data becomes available.
Write to Dieter Holger at email@example.com; @dieterholger
(END) Dow Jones Newswires
August 03, 2021 08:25 ET (12:25 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.