Earthshot winner 44.01 receives $37 million in Series A

Climate technology 44.01 has raised $37 million in Series A for its mineralization technology designed to safely, permanently and at scale eliminate CO2. The funding will enable 44.01 to further refine its technology, develop commercial-scale projects and expand its deployment internationally.

44.01 eliminates CO2 by turning it into rock. The company’s groundbreaking technology accelerates the natural process of CO2 mineralization and permanently removes trapped CO2 in less than twelve months.

Mafic and ultramafic rock formations capable of mineralizing CO2 exist on every continent, making 44.01’s mineralization technology a true global climate solution. Mineralization projects can be set up quickly and modularly, offering a cost-effective alternative to conventional geological carbon storage.

Lars Klevier, Head of Equinor Ventures, said: “Equinor Ventures is proud to announce the investment in 44.01, a company specialising in carbon dioxide (CO2) mineralisation technology. This investment is a further step in Equinor’s commitment to test and research innovative solutions to mitigate climate change.

“We are excited to support 44.01 as it continues to break new ground in CO2 mineralization and look forward to working with them to further develop the technology and validate its potential.”

The round is led by Equinor Ventures with UAE-based Shorooq Partners, as well as 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, Sumitomo Corporation and several other investors. Existing investors, including Breakthrough Energy Ventures, have also recommitted to 44.01’s technology by participating in the round.

Talal Hasan, Founder and CEO of 44.01, said: “We believe mineralization can play an important role in protecting and restoring our climate. We are grateful to our investors for committing to this mission and demonstrating their confidence in our technology.”

“Our investors bring a wealth of international expertise and experience that will help us accelerate our development and ultimately mineralize CO2 on a large scale worldwide.”

Commenting on the investment, Mahmoud Adi, Founding Partner of Shorooq Partners, said: “We are delighted to make our first major climate technology investment with 44.01, a company at the forefront of innovative carbon sequestration solutions globally. The UAE has played a critical role in advancing climate technology initiatives, with the country’s leadership paving the way, and we are proud to contribute to this mission. We believe in the transformative potential of 44.01’s mineralization technology, which provides a safe, permanent and scalable solution to carbon removal. This investment is in line with our vision to advance breakthrough technologies that address critical global challenges and work towards a more sustainable and secure future.”

Jamey Mulligan, Amazon’s carbon neutrality lead, said: “Amazon remains committed to our decarbonization efforts and supports efforts aimed at removing carbon from our atmosphere. Carbon mineralization, as developed by 44.01, is a promising technology that can help advance the carbon removal industry at scale. This investment complements Amazon’s existing carbon reduction efforts, including investments in electric vehicles, renewable energy, low-carbon fuels, and hydrogen. We are excited to support the growth of 44.01, a company at the forefront of unlocking effective, permanent, and verifiable carbon sequestration.”

Cindi Bough, Managing Director, Ventures at Climate Investment, said: “We are delighted to announce our investment in 44.01. We believe 44.01’s innovative carbon mineralisation technology could contribute to efficient industrial decarbonisation around the world. Climate Investment is well positioned to help commercialise and scale this technology through our unique partner network and extensive experience in CCUS and we look forward to working closely with the 44.01 team.”

A spokesperson for Innovation Development Oman said: “IDO is delighted to invest in such a leading Omani startup. We believe 44.01’s technology can play a huge role in helping the Sultanate of Oman achieve its net zero goal, while also attracting investment and economic prospects to the country.”

44.01 has completed successful pilot projects in Oman and the United Arab Emirates. 44.01 won the 2022 Earthshot Prize in the Fix our Climate category and the company’s Hajar project in Oman was recently announced as one of the XPRIZE Top 20 Carbon Removal Finalists.