Apr 30, 2021 - Economy

Solidia closes $78 million funding as carbon removal popularity grows

Illustration of a pair of hands laying down bricks made of hundred dollar bills. 

Illustration: Aïda Amer/Axios

Solidia Technologies, a firm with tech that absorbs CO2 in the concrete curing process, has raised another $78 million from some heavy-hitting VC players.

Why it matters: The funding is the latest sign of interest — and optimism — around various types of carbon removal technologies.

In addition to curing concrete with CO2 instead of water, New Jersey-based Solidia also uses a lower emissions cement manufacturing process.

Driving the news: The financing round is led by Imperative Ventures and Zero Carbon Partners, and new investors include Bill Gates' Breakthrough Energy Ventures.

  • Existing backers providing new funds include BP, John Doerr and OGCI Climate Investments, which is the VC arm of the Oil and Gas Climate Initiative, a consortium of multinational oil giants.
  • Solidia also named Bryan Kalbfleisch, a building materials industry veteran, as CEO.

The big picture: Cement production is a very large and high emissions industrial sector, accounting for an estimated 7% of global CO2.

  • That helps explain the interest in cutting those emissions and opportunities for absorbing CO2 in the production process.
  • CarbonCure, another firm that embeds CO2 in concrete, has backers including Amazon and Microsoft.
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