CarbonCure Technologies’ Growth Shifts Into High Gear Through Strategic Partner Agreement With ASTEC
Strategic partnership with ASTEC projected to exponentially expand and accelerate CarbonCure’s market penetration via one of North America’s largest comprehensive concrete equipment manufacturers
Halifax, Nova Scotia, October 1, 2021: CarbonCure Technologies, a Canadian company that enables concrete producers to reduce the carbon footprint of concrete, has entered into a strategic partner agreement with Astec Industries, Inc. ASTEC (NASDAQ: ASTE) is a leading global manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production, including the RexCon, CON-E-CO and BMH Systems brands.
CarbonCure is experiencing unprecedented growth to fulfill the demand for low carbon and circular concrete products and carbon removal credits. To date, CarbonCure’s scalable, sustainable concrete technology has been installed in more than 400 concrete plants around the world. With increasing infrastructure spending, the global concrete and cement products industry is expected to grow from $333 billion USD in 2020 to $481 billion USD in 2025.
“Our partnership with ASTEC advances CarbonCure’s significant growth momentum across North America and represents a shift in our business model as we expand our product distribution channels beyond direct sales and form strategic partnerships with industry leaders who share our commitment to sustainable innovation,” said Robert Niven, Chair and CEO of CarbonCure Technologies. “ASTEC’s notable presence in the industry and key relationships with concrete producers make them well suited to help advance our vision to make our concrete technology a standard for concrete production across the globe.”
A strategic partner agreement with one of the most established and reputable original equipment manufacturers (OEMs) in the industry, paired with big shifts in the concrete market, spurred by climate-related government policies, ESG investment trends and consumer preferences, places CarbonCure in a strong position to achieve its mission to reduce embodied carbon in the built environment by 500 million tonnes annually by 2030. Adoption of CarbonCure technology enhances the strong value proposition for ASTEC’s customers to gain new operational efficiencies and green market differentiation as more end users opt for sustainable building solutions, including low-carbon concrete.
“We are taking a more strategic approach to sustainability and have included it in our business model. We’re looking at it on two fronts – improving our own operations and offering products and services that support our customers’ sustainability initiatives,” said Barry Ruffalo, President and CEO of Astec Industries. “CarbonCure's technology offers a real solution to reduce embodied carbon at the early stage of concrete production where the opportunity is greatest. I’m excited to be able to offer this to our customers and the positive impact it can have on the environment.”
Architects, structural engineers, owners, and developers are seeking proven ways to reduce the embodied carbon of their building projects. Recognizing concrete as a solution, CarbonCure Technologies, a fast-growing carbon dioxide removal company and co-winner of the NRG COSIA Carbon XPRIZE, has developed an easy-to-adopt technology that enables concrete producers to use captured carbon dioxide to produce reliable, low-carbon concrete mixes and achieve market differentiation. Available from hundreds of concrete plants, more than one million truckloads of CarbonCure mixes have supplied a broad spectrum of sustainable construction projects around the world. CarbonCure’s investors include Breakthrough Energy Ventures, Amazon, BDC Capital, Pangaea, Microsoft, 2150, Carbon Direct, GreenSoil Investments, Taronga Group and Mitsubishi Corporation.
Since 1972, ASTEC has been connecting communities by providing innovative Rock to Road™ solutions for our customers. United by our purpose - Built to Connect - ASTEC is a leading global manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Operations are divided into two primary business segments. Infrastructure Solutions includes road building, asphalt and concrete plants, thermal and storage solutions. Materials Solutions includes aggregate and other material processing solutions. For more information, visit astecindustries.com and follow us on social media.
Astec Industries Inc.