44.01 completes $37m Series A investment round

• $37m fundraise will enable technology development, commercialisation and international expansion
• Investors include climate investment leaders, geological carbon storage experts and technology developers
• 44.01’s technology already piloted in Oman and the UAE
• Potential for CO₂ mineralisation on every continent making 44.01’s technology a safe, permanent, and scalable carbon sequestration solution

15 July 2024: 44.01 announces the completion of a $37m Series A funding round. The round is led by Equinor Ventures with Shorooq Partners in the UAE, as well as (in alphabetical order) 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 several other investors. Existing investors including Breakthrough Energy Ventures have also recommitted to 44.01’s technology by participating in the round.

The fundraise reflects confidence in the potential of 44.01’s mineralisation technology to eliminate CO₂ safely, permanently and at scale. The funding will enable 44.01 to continue to refine its technology, develop commercial-scale projects, and expand its deployment internationally.

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.”

Mafic and ultramafic rock formations capable of mineralising CO₂ are found on every continent making 44.01’s mineralisation technology a truly global climate solution. Mineralisation projects can be built quickly and modularly, offering a cost-effective alternative to conventional geological carbon storage.   

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 work together to mature the technology and verify its potential.”

Mahmoud Adi, Founding Partner of Shorooq Partners, commented on the investment: 'We are thrilled to make our first lead investment in climate tech with 44.01, a company at the forefront of innovative carbon sequestration solutions globally. The UAE has been playing a vital role in advancing climate tech initiatives with the nation’s leadership paving the way, and we are proud to contribute to this mission. We believe in the transformative potential of 44.01’s mineralisation technology, which offers a safe, permanent, and scalable solution to CO₂ elimination. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future.'

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

Cindi Bough, Managing Director, Ventures at Climate Investment, said “We are pleased 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-placed to help commercialise and scale this technology through our unique partner network and significant experience in CCUS, and we are looking forward to working closely with the 44.01 team.”

A spokesperson at Innovation Development Oman, said “IDO is delighted to invest in such a leading Omani startup. We believe 44.01’s technology can play a big role in supporting the Sultanate of Oman to reach its Net Zero target, while also attracting investment and economic prospects to the country.”

44.01 has completed successful pilot projects in Oman and the UAE. 44.01 won the Earthshot Prize in 2022 for the ‘Fix our Climate’ category and the company’s Project Hajar in Oman was recently announced as an XPRIZE Carbon Removal Top 20 Finalist.