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Climate tech startup Cemvision announced that it has raised €10 million in a seed funding […]]
Green Cement Startup Cemvision Raises €10 Million – ESG Today
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Green Cement Startup Cemvision Raises €10 Million
Mark Segal
March 25, 2024
Climate tech startup Cemvision announced that it has raised €10 million in a seed funding round, aimed at accelerating the company’s near-term efforts to provide high-performance, ultra-low CO2 footprint and resource-efficient, 100% circular cement.
Building materials are a key source of global greenhouse gas emissions. Cement production, an ingredient in concrete, accounts for approximately 8% of global carbon dioxide emissions, with over 900 kg of CO2 emissions generated for every 1000 kg of material produced.
Founded in 2020 by Paul Sandberg, Claes Kollberg and Marcus Olsson, Sweden-based Cemvision provides an alternative to traditional Portland cement, produced using raw materials recycled from industrial waste instead of virgin limestone, and utilizing kilns powered by green electricity at much lower temperatures, with a 95% lower carbon footprint. According to the company, its solution provides a series of additional benefits over traditional cement products, including early compressive strength, allowing for shorter construction times, as well as ultra-low heat and high chemical resistance.
The seed funding round follows the achievement by the company in July 2023 of its first largescale pilot production of fossil-free cement, and its first green cement supply agreement in December with Swedish state-owned miner LKAB AB.
Oscar Hållén, CEO of Cemvision, said:
“This investment will accelerate our near-future operations, right before we make the next jump, which is not too far away. Having met and retained interest from VCs worldwide, we concluded some of the very best ones were right around the corner, and we are delighted to have them doubling down on Cemvision.”
The seed round was led by Sweden-based VC investor BackingMinds and infrastructure-focused Polar Structure, with participation from California-based venture fund Zacua Ventures.
Susanne Najafi, founding partner of BackingMinds, said:
“Cemvision is addressing a $400 billion market, precisely meeting the increased environmental and regulatory needs of the industry. With the overwhelmingly positive market response, we’re thrilled to keep backing the Cemvision team as they pioneer global sustainable construction.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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