Carbon Upcycling Technologies, a cleantech company, has secured $10 million in financing from ATEL Ventures to support the deployment of its carbon capture and utilisation technology.
The funding, structured against company assets and including an option for future investment, will be used to develop its first commercial project at the Ash Grove cement plant in Mississauga. The initiative aims to reduce emissions in cement production by converting captured CO₂ into alternative construction materials.
What The Company Does
Carbon Upcycling develops technology that captures carbon dioxide emissions and combines them with industrial byproducts to create materials that can partially replace traditional cement in concrete production.
Its process captures CO₂ directly from industrial sources, such as cement kilns, and uses it to transform locally available waste materials into supplementary cementitious materials. These alternatives are designed to maintain performance while reducing the carbon intensity of concrete.
By integrating carbon capture with material production, the company aims to improve both environmental outcomes and cost efficiency for cement manufacturers.
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Market Context / Industry Background
Cement production is responsible for approximately eight percent of global carbon dioxide emissions, making it a significant contributor to climate change. As demand for construction materials remains high, there is increasing pressure to reduce the environmental impact of concrete.
This has led to the emergence of technologies focused on carbon capture, alternative materials, and process optimisation. Companies across North America are developing solutions to either reduce emissions during cement production or replace portions of cement with lower-carbon alternatives.
Efforts to localise supply chains and utilise industrial waste streams are also gaining attention, as they can improve both sustainability and resilience in construction materials.
In addition, regulatory frameworks and public policy are beginning to play a more prominent role in accelerating the transition toward low-carbon cement. Governments are introducing stricter emissions standards, as well as incentives for adopting cleaner technologies, which is encouraging both established manufacturers and startups to invest in innovation. At the same time, large construction firms and developers are increasingly prioritising sustainability criteria in procurement processes, further driving demand for greener materials.
Another important factor is the advancement of digital tools and data-driven approaches that allow companies to monitor emissions more accurately and optimise production in real time. These capabilities not only improve efficiency but also enhance transparency across the value chain, which is becoming essential as stakeholders demand greater accountability. As a result, the decarbonisation of cement is evolving into a multi-dimensional effort that combines technological innovation, policy support, and market-driven change.
Founder / Investor Commentary
Sam Cash, vice-president and director at ATEL Ventures, noted that Carbon Upcycling’s platform enables the conversion of industrial byproducts and captured CO₂ into usable cement materials, supporting both economic and supply chain improvements.
Suzy Taherian, CFO of Carbon Upcycling, stated that the financing reflects the company’s transition toward commercial deployment, indicating that its technology is moving beyond development into operational implementation.
Growth Plans / Use Of Funds
The funding will be used to develop Carbon Upcycling’s flagship project at the Ash Grove Mississauga Cement Plant, where the company plans to capture emissions and produce low-carbon cement alternatives at scale.
The facility is expected to become operational in the second half of 2026, with a projected annual production capacity of up to 30,000 tonnes of alternative cement materials.
The financing follows earlier capital raised to advance the company’s project pipeline and supports its broader strategy to scale commercial deployment of its technology.
About Carbon Upcycling Technologies
Carbon Upcycling Technologies is a cleantech company focused on carbon capture and material conversion for the cement industry. Headquartered in Calgary. The company develops solutions that transform CO₂ emissions and industrial waste into low-carbon construction materials, aiming to reduce the environmental impact of concrete production.
