The $37 million Series A fundraising round for the Oman-based climatetech 44.01 has been closed. The deal was led by Equinor Ventures and included Shorooq Partners, Alumni Ventures, Air Liquide Venture Capital (ALIAD), and other investors.
44.01, founded in 2020 by Talal Hassan, Ehab Tasfai, and Karan Khimji, converts CO2 into rock in order to eliminate it.
The money will allow 44.01 to carry out technological advancements, create projects of a commercial nature, and broaden its application globally. In Oman and the UAE, 44.01’s technology has been tested.
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Company closes $37 million Series A investment. Equinor Ventures, Shorooq Partners in the UAE, Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation, and others led the round. The financing recommitted existing investors including Breakthrough Energy Ventures to 44.01’s technology.
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The campaign shows faith in company s mineralization technology to remove CO2 in a way that is safe, long-lasting, and large-scale. With the help of the money, It will be able to develop projects of a commercial scope, enhance its technology, and broaden its deployment globally.
Talal Hasan, Founder and CEO of 44.01, said “We believe mineralisation can play a significant role in protecting and repairing our climate. We are grateful to our investors for committing to that mission and for demonstrating their confidence in our technology.Our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralise CO2 at scale world-wide.”
Every continent has mafic and ultramafic rock formations that can mineralize CO2, making mineralization technology a truly worldwide answer to the climate problem. Mineralization projects are a financially viable substitute for traditional geological carbon storage since they can be constructed swiftly and in modular fashion.
Head of Equinor Ventures, Lars Klevier, said “Equinor Ventures is proud to announce the investment in 44.01, a company specializing in carbon dioxide (CO2) mineralisation technology. This investment represents another step in Equinor’s commitment to test and explore innovative solutions for climate change mitigation. We are excited to support 44.01 as they continue to break new ground in CO2 mineralisation and look forward to working together to mature the technology and verify its potential.”
It has successfully finished pilot projects in the UAE and Oman. In the ‘Fix our Climate’ category, 44.01 won the 2022 Earthshot Prize, while the company’s Project Hajar in Oman was been named an XPRIZE Carbon Removal Top 20 Finalist.
About 44.01
44.01 Using the natural process of mineralization, they convert CO2 into rock and therefore eliminate it.
