fbpx

Climate Tech Startup 44.01 Secures USD 37M in Series A Funding

Climate Tech Startup 44.01 Secures USD 37M in Series A Funding

– 44.01, an Omani tech firm, has raised $37 million in Series A funding, led by Equinor Ventures and Shorooq Partners, with contributions from notable investors like Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures.

– The funding will enable 44.01 to enhance its CO2 mineralization technology, develop commercial-scale projects, and expand internationally, aiming to safely and permanently eliminate CO2 at scale.

– The startup innovative technology, which won the Earthshot Prize in 2022, has the potential to support global climate goals. Their Project Hajar in Oman was recently recognized as a Top 20 Finalist in the XPRIZE Carbon Removal competition.

Omani Climate tech startup 44.01 has closed a $37 million Series A funding round. The funding round was led by Equinor Ventures, with participation from Shorooq Partners in the UAE.

The funding sees participation from investors including 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 backers like Breakthrough Energy Ventures also participated, reaffirming their support for 44.01’s technology.

This funding underscores confidence in 44.01’s mineralization technology, which aims to eliminate CO2 safely, permanently, and at scale. The funds will help the company refine its technology, develop commercial-scale projects, and expand its international deployment.

Talal Hasan, Founder and CEO of 44.01, stated, “We believe mineralization can significantly contribute to climate protection and repair. We are thankful to our investors for their commitment to our mission and their confidence in our technology.

Their international expertise will accelerate our development and global scale of CO2 mineralization.”

The 44.01’s technology utilizes mafic and ultramafic rock formations found on every continent, making it a global climate solution. These projects can be built quickly and modularly, providing a cost-effective alternative to conventional geological carbon storage.

Lars Klevier, Head of Equinor Ventures, said, “Equinor Ventures is proud to invest in 44.01. This investment aligns with Equinor’s commitment to explore innovative solutions for climate change mitigation. We look forward to maturing this technology together.”

Mahmoud Adi, Founding Partner of Shorooq Partners, added, “We are excited to lead our first climate tech investment with 44.01. This aligns with the UAE’s leadership in advancing climate tech initiatives. 44.01’s technology offers a safe, permanent, and scalable CO2 elimination solution.”

Cindi Bough, Managing Director, Ventures at Climate Investment, stated, “We are pleased to invest in 44.01. Their innovative technology can contribute to industrial decarbonization globally. Climate Investment is well-placed to commercialize and scale this technology.”

A spokesperson at Innovation Development Oman remarked, “IDO is proud to invest in 44.01, a leading Omani startup. Their technology supports Oman’s Net Zero target and attracts investment to the country.”

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.