Canada’s Carbon Upcycling has entered into an agreement with an investment company for up to 10m USD in asset-secured financing. The proceeds will support the company’s flagship project at the Ash Grove cement plant in Mississauga.
The project provides for the capture of CO₂ directly from the cement kiln with its subsequent permanent sequestration. The captured CO₂ will be utilized to transform industrial byproducts, including steel slag, into high-quality, low-carbon supplementary cementitious materials (SCMs).
The facility will have a production capacity of up to 0.03 Mta of SCMs.
Under the agreement, the financing is secured by Carbon Upcycling’s assets, while the investment company receives an option to make a future equity investment in the company.
