Climatetech 44.01 secures strategic investment from Holcim for scaling

Omani climatetech company 44.01 has secured a strategic investment from Swiss building materials company Holcim, made through its corporate venture capital activities. The investment amount and equity stake were not disclosed.

The investment will support 44.01’s commercial scaling and international expansion. It builds on an existing partnership between the two companies.

Other investors in 44.01 include JERA, Breakthrough Energy Ventures, Equinor Ventures, Air Liquide Venture Capital and Siemens Financial Services. In July 2024, the company closed a $37 million Series A round led by Equinor Ventures, with Shorooq Partners and other investors.

Founded in 2020 by Talal Hassan, Ehab Tasfai and Karan Khimji, 44.01 develops carbon mineralisation technology. It injects captured carbon dioxide into reactive underground rock formations, converting it into stable carbonate minerals for permanent storage.

The two companies have been running a pilot project at Holcim’s Fujairah cement plant in the United Arab Emirates since July. Under live industrial conditions, captured CO₂ is now being safely stored underground and mineralised into solid rock there.

Holcim has made 22 investments to date through Holcim MAQER Ventures, its corporate venture capital and open innovation unit. The investment adds to Holcim’s portfolio of digital and decarbonisation technologies, part of its open innovation ecosystem.

Ram Muthu, Head of Operational Excellence at Holcim, said: “This pathway can help us manage captured carbon at inland sites across our operations where access to offshore storage may be limited.”