The green technology startup “44.01” has announced the completion of its Series A funding round, raising $37 million. This round was led by Equinor Ventures in collaboration with Shorooq Partners in the United Arab Emirates, along with some prominent global investors.
Key Investors in 44.01
Equinor Ventures led the funding round with active participation from Shorooq Partners, and the round also included companies such as Air Liquide Venture Capital, Alumni Ventures, Amazon Climate Pledge Fund, Climate Investments, Oman Technology Fund, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, and Sumitomo, among others. Existing investors, including Breakthrough Energy Ventures, also participated, reaffirming their commitment to 44.01’s unique technology.
Importance of Funding and Technology
This funding represents strong confidence in 44.01’s potential in mining and safely, permanently, and extensively sequestering carbon dioxide. The funds will be used to improve the technology, develop large-scale commercial projects, and expand internationally.
Statements from Company Leaders
Talal Hasan, founder and CEO of 44.01, said, “We believe mining can play a vital role in protecting and addressing climate change. We thank our investors for their commitment and trust in our technology. Our investors bring a wealth of international expertise and experience that will help accelerate our development, enabling us to mine carbon dioxide on a global scale.”
Lars Klevier, head of Equinor Ventures, commented, “Equinor Ventures is proud to invest in 44.01, as this investment represents another step in our commitment to innovative solutions to mitigate climate change. We are excited to support 44.01 on their journey to developing and proving their technology’s potential.”
Mahmoud Adi, co-founder of Shorooq Partners, added, “We are pleased to lead our first climate technology investment with 44.01, a global leader in innovative carbon sequestration solutions. We believe in the transformative potential of 44.01’s technology, which provides a safe, permanent, and scalable solution for carbon dioxide removal. This investment aligns with our vision to foster leading technologies addressing critical global challenges and striving for a more sustainable and secure future.”
Achievements and Previous Trials
Mafic and ultramafic rocks, capable of converting carbon dioxide into minerals, form the basis of 44.01’s technology, making it a global solution for climate mitigation. This technology has been successfully trialed in Oman and the UAE, and won the Earthshot Prize in 2022. Recently, the “Hajar” project was announced as a finalist for the XPRIZE, among the top 20 companies for carbon removal.
Support and Future Partnerships
44.01 continues to receive support and partnerships from global companies such as Amazon, Climate Investment, and the Oman Technology Fund. Jamie Mulligan, head of Carbon Neutralization at Amazon, stated, “Amazon remains committed to decarbonization efforts and supporting initiatives to reduce carbon in our atmosphere. We are excited to support the growth of 44.01, a leader in efficient and permanent carbon sequestration.”
Cindy Boog, General Manager of Projects at Climate Investment, added, “We believe that 44.01’s innovative carbon mineralization technology can effectively contribute to decarbonizing industries worldwide. Climate Investment is well-positioned to help commercialize and scale this technology.”
44.01 is an innovative company striving for a more sustainable future through its pioneering carbon sequestration technologies. With the new funding and strong partnerships, the company is poised to make significant strides in addressing global climate change.
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