July 11, 2023

CarbonCure Secures $80M USD In New Equity Round Led By Blue Earth Capital

The new funding will boost the global scale of CarbonCure’s carbon removal technologies across the concrete industry & expand its supply of high quality carbon credits. 

Halifax, Nova Scotia, July 11, 2023 — CarbonCure Technologies, the global leader in carbon dioxide removal technologies for the concrete industry, today announces a major investment led by Blue Earth Capital, as part of a broader collaborative investment round totaling more than $80 million USD.

The new funding also includes strong and substantial support from existing shareholders, including Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund and 2150. New strategic investors include BH3 Growth Equity (BH3) and Samsung Ventures (Corporate VC fund backed by Samsung C&T). In addition to their financial backing, these firms are force multipliers of sustainability and innovation, with direct involvement in new product development and acting as market demand catalysts.

The investment will enable CarbonCure to accelerate toward its mission to reduce and remove millions of metric tons of carbon dioxide emissions from the atmosphere each year. Already operating in 30 countries, this funding will support CarbonCure in achieving its growth plans and accelerating its product roadmap, allowing its hardware and software platform to deliver commercial value and sustainability benefits to concrete producers while meeting global climate goals.

“The financial backing of this special syndicate of investors is an exciting endorsement of CarbonCure as a go-to solution for low embodied carbon concrete, a leader in carbon removal technologies and a provider of the highest quality carbon credits in the voluntary carbon market,” said Robert Niven, Chair and CEO of CarbonCure Technologies. 

“This latest investment underscores the growing appetite across the public and private sectors for proven solutions and the most impactful strategies to advance industrial decarbonization and accelerate carbon removal pathways that are immediate, permanent and verifiable,” Niven said. 

Blue Earth Capital is a mission-driven, global investment firm. It is an advocate for sustainability through its growth investments, supporting companies that have the potential to deliver measurable impact alongside attractive financial returns. Via its Climate Growth Strategy, Blue Earth Capital provides equity capital to help businesses scale, focusing on companies that offer products and services to facilitate the global energy transition as well as decarbonising key economic sectors including large scale production and consumption.

“Blue Earth Capital seeks to address pressing environmental and social challenges globally. To achieve this and as part of our Climate Growth Strategy, we look to support promising technologies and companies enabling the redesign or supplementation of major industrial processes by using lower carbon-intensive materials and/or enabling raw materials to be reused. CarbonCure’s technologies achieve both, on the one hand enabling concrete production with less carbon-intensive cement and on the other creating less solid waste and using less fresh water. Solutions like these are urgently needed to help meet global climate goals,” said Kayode Akinola, Head of Private Equity at Blue Earth Capital.

CarbonCure intends to use the capital investment to accelerate its product roadmap and geographical expansion to meet its mission to reduce and remove millions of metric tons of carbon dioxide from the atmosphere each year. Supporting these efforts, Citi acted as a financial advisor to CarbonCure during its financing.

“Our solutions help concrete producers deliver high quality, lower carbon concrete in an efficient, economical and non-disruptive way,” said Niven. “With more than 750 systems sold, this latest investment will drive CarbonCure’s deployment across the global concrete industry as the private sector doubles down on sustainability in new construction and as federal, state and even municipal procurement policies requiring green building materials continue to multiply.”

To date, CarbonCure’s technologies have already been used to produce nearly five million truckloads carrying more than 37 million cubic yards (28 million cubic meters) of lower carbon concrete, saving about 290,000 metric tons of carbon dioxide, the equivalent to taking more than 64,000 gas-powered cars off the road for a year.


About CarbonCure

CarbonCure Technologies, a fast-growing carbon dioxide removal tech company, has developed easy-to-adopt solutions that enable concrete producers to use captured carbon dioxide to produce reliable, low carbon concrete mixes and achieve market differentiation amid surging demand for greener building materials among architects, engineers, owners and developers. With hundreds of CarbonCure systems operating around the world, roughly five million truckloads of this concrete have supplied a broad spectrum of sustainable construction projects. CarbonCure’s cutting-edge research and innovation have garnered global recognition and prestigious titles, most notably Carbon XPRIZE Grand Prize Winner, 2022 CNBC Disruptor 50 List Company and Cleantech 100 Hall of Fame Company. CarbonCure’s investors also include Amazon’s Climate Pledge Fund, BDC Capital, Breakthrough Energy Ventures, Carbon Direct, GreenSoil Investments, Microsoft Climate Innovation Fund, Mitsubishi Corporation, Pangaea, 2150 and Taronga Group. 

About Blue Earth Capital

Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and sustainable financial returns. The company operates dedicated private equity, private credit and fund solutions. Blue Earth Capital is owned by the Blue Earth Foundation, a Stiftung (charity/trust) registered in Switzerland that focuses on deep impact to support initiatives and business ventures to help deliver a more equitable and sustainable future.

About Breakthrough Energy Ventures

Backed by many of the world’s top business leaders, Breakthrough Energy Ventures has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.

BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.

About Taronga Ventures

Taronga Ventures is one of the world’s leading technology investors focused on driving innovation across real asset sectors such as real estate and infrastructure. The group consists of the RealTech Ventures funds, the RealTechX innovation programs, and Taronga Advisory, which provides institutional real asset owners and operator strategic advice on critical areas of sustainability and technology. Taronga Ventures’ funds are backed by leading global institutional investors and major real asset owners and operators. Taronga Ventures covers markets across Asia-Pacific, North America, Europe and the Middle East.

About Samsung C&T

Samsung C&T Engineering and Construction Group is a global leading EPC constructor with more than 40 years of experience operating throughout the world. The group has a variety of experienced construction and engineering professionals ranging from industrial plants to renewable energy, and utilizes the latest and the most advanced techniques, tools, and solutions to deliver the highest value to all its clients. Its landmark projects include the Burj Khalifa - the world's tallest building, Riyadh Metro Project in Saudi Arabia, and the UAE's Barakah Nuclear Power Plant Project. 

Samsung Ventures was established to promote promising small and medium-sized companies engaging in the development of new technologies. Our collaboration is based on managerial know-how and trust, and actively investing in future-oriented businesses based on new and innovative technologies that are expected serve as new growth engines.

About BH3 Growth Equity

BH3 Growth Equity (“BGE”) is the growth private equity arm of BH3 Management (“BH3”), a vertically-integrated real estate investment and development firm, led by co-founders Daniel Lebensohn and Gregory Freedman, and Executive Chairman Eric Edidin, along with 23 professionals in New York City, South Florida, and Denver. BH3's core real estate related investment strategies include: Credit Opportunities, Development and Opportunistic Equity, and Growth Equity. The firm and its partners place a strong emphasis on value creation and making a positive impact on the communities where they invest. For more information, visit www.bh-3.com.

About Amazon’s Climate Pledge Fund

Amazon co-founded The Climate Pledge in 2019, committing to reach net-zero carbon by 2040—10 years ahead of the Paris Agreement. The Pledge now has nearly 400 signatories, including Best Buy, IBM, Microsoft, PepsiCo, Siemens, Unilever, Verizon, and Visa. Amazon continues to transform its transportation network, including electrifying its delivery fleet and sourcing alternatives to fossil fuels—it currently has thousands of electric delivery vehicles from Rivian in more than 100 cities and regions in the U.S., more than 5,000 electric vans delivering packages to customers in Europe, and several electric vehicle partnerships in APAC. The company is also investing $2 billion in the development of decarbonizing services and solutions through The Climate Pledge Fund. For more information, visit https://sustainability.aboutamazon.com/.

About 2150

2150 is a venture capital firm investing in the sustainable reshaping of the broad urban environment. 2150 backs entrepreneurs working at the forefront of the climate transition and helps scale the companies and technologies with long-term equitable impact across the whole 'urban stack', including how cities are built, designed, constructed, and powered, to the way people live, work and are cared for.

2150 is part of Urban Partners, a platform of vision-aligned, differentiated, investment verticals shaped around urban problem solving.

Media Contacts:

CarbonCure Technologies
Mike Carter-Conneen
Sr. Director of Corporate Communications

Blue Earth Capital 
Kekst CNC 

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