Green cement company Ecocem has announced the completion of a €22.5 million equity investment by Breakthrough Energy Ventures and Breakthrough Energy Ventures-Europe.
This investment will enable Ecocem to bring new ultra-low-carbon cements to the market over the coming years.
Ecocem’s new technologies will enable the global cement industry to reduce its CO2 emissions rapidly and without excessive cost, providing high-performance cements with significantly lower clinker content.
Donal O’Riain, founder and Managing Director of Ecocem, said, “Everyone at Ecocem is very excited at what we can achieve with the support of BEV and BEV-E. We share the conviction that rapid decarbonisation of cement manufacture is vital for the planet, and that it can be achieved through innovation and the diffusion of new technology. Together we can now meet this challenge with renewed urgency and ambition.”
“The Paris agreement on climate change demands that annual carbon emissions from the cement industry fall by up to 50% by 2030 to limit global warming to 1.5- 2 centigrade. Innovative technologies in the sector are therefore more needed than ever. I am happy that EIB-support enables financing for a company that can substantially reduce the carbon footprint of cement.”
“There’s no question the cement and concrete sector is a massive contributor to global carbon emissions and one of the hardest to abate,” said Carmichael Roberts of Breakthrough Energy Ventures.
“That’s why we’re excited about the work Ecocem has been doing in Europe, and its continued focus, working with the existing cement industry to deploy new technologies and accelerate the adoption of ultra-low carbon cements. This type of cross industry collaboration is needed to drive real change.”