Carbon Upcycling Secures $10 Million for Cleaner Concrete Project
Calgary-based cleantech startup Carbon Upcycling Technologies has secured up to $10 million USD in financing from San Francisco’s ATEL Ventures. The funding, which is asset-backed and includes an option for future investment, will support the company’s first commercial carbon capture and utilization (CCU) project at the Ash Grove Mississauga Cement Plant near Toronto. Carbon Upcycling aims to combat the concrete industry's significant carbon footprint, responsible for eight percent of global CO₂ emissions, by converting captured CO₂ and industrial byproducts into eco-friendly cement alternatives. The technology allows for the partial replacement of traditional cement, improving economics for producers while reducing environmental impact. CFO Suzy Taherian stated that this financing marks a new phase of commercial readiness for the firm. The Mississauga facility is expected to begin operations in the second half of 2026, with an annual production capacity of up to 30,000 tonnes of low-carbon cement materials. This deal follows an $18 million convertible note investment announced in June 2025 and recent leadership changes within the company.
Wire timeline
Carbon Upcycling Secures $10 Million for Cleaner Concrete Project
Calgary-based cleantech startup Carbon Upcycling Technologies has secured up to $10 million USD in financing from San Francisco’s ATEL Ventures. The funding, which is asset-backed and includes an option for future investment, will support the company’s first commercial carbon capture and utilization (CCU) project at the Ash Grove Mississauga Cement Plant near Toronto. Carbon Upcycling aims to combat the concrete industry's significant carbon footprint, responsible for eight percent of global CO₂ emissions, by converting captured CO₂ and industrial byproducts into eco-friendly cement alternatives. The technology allows for the partial replacement of traditional cement, improving economics for producers while reducing environmental impact. CFO Suzy Taherian stated that this financing marks a new phase of commercial readiness for the firm. The Mississauga facility is expected to begin operations in the second half of 2026, with an annual production capacity of up to 30,000 tonnes of low-carbon cement materials. This deal follows an $18 million convertible note investment announced in June 2025 and recent leadership changes within the company.
BetaKit