$37M series a funding to advance CO2 mineralisation technology

44.01 has announced the completion of a $37 million Series A funding round. This round was led by Equinor Ventures and Shorooq Partners from the UAE, alongside Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation, and several other investors. Existing backers, including Breakthrough Energy Ventures, also participated, reaffirming their commitment to 44.01’s innovative technology.

The successful fundraise underscores confidence in 44.01’s mineralisation technology, which promises to safely and permanently eliminate CO2 at scale. This new funding will facilitate further refinement of the technology, development of commercial-scale projects, and international expansion.

Talal Hasan, Founder and CEO of 44.01, stated, “We believe mineralisation can play a significant role in protecting and repairing our climate. We are grateful to our investors for committing to that mission and for demonstrating their confidence in our technology. Our investors bring a wealth of international expertise and experience that will help us accelerate our development and ultimately mineralise CO2 at scale worldwide.”

Mafic and ultramafic rock formations, which can mineralise CO2, are found on every continent, making 44.01’s technology a truly global climate solution. These mineralisation projects can be rapidly and modularly built, offering a cost-effective alternative to conventional geological carbon storage methods.

Lars Klevier, Head of Equinor Ventures, said, “Equinor Ventures is proud to announce the investment in 44.01, a company specialising in carbon dioxide (CO2) mineralisation technology. This investment represents another step in Equinor's commitment to testing and exploring innovative solutions for climate change mitigation. We are excited to support 44.01 as they continue to break new ground in CO2 mineralisation and look forward to working together to mature the technology and verify its potential.”

Mahmoud Adi, Founding Partner of Shorooq Partners, commented, "We are thrilled to make our first lead investment in climate tech with 44.01, a company at the forefront of innovative carbon sequestration solutions globally. The UAE has been playing a vital role in advancing climate tech initiatives with the nation’s leadership paving the way, and we are proud to contribute to this mission. We believe in the transformative potential of 44.01’s mineralisation technology, which offers a safe, permanent, and scalable solution to CO2 elimination. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future."

Jamey Mulligan, Head of Carbon Neutralisation at Amazon, added, “Amazon remains committed to our decarbonisation efforts and supporting efforts that aim to help remove carbon from our atmosphere. Carbon mineralisation, such as that developed by 44.01, is a promising technology that can help advance the carbon removal industry at scale. This investment complements Amazon’s existing efforts in carbon reduction, including investments in electric vehicles, renewable energy, lower-carbon fuels, and hydrogen. We are excited to support the growth of 44.01, a company at the forefront of unlocking effective, durable, and verifiable carbon sequestration.”

Cindi Bough, Managing Director of Ventures at Climate Investment, remarked, “We are pleased to announce our investment in 44.01. We believe 44.01’s innovative carbon mineralisation technology could contribute to efficient industrial decarbonisation around the world. Climate Investment is well-placed to help commercialise and scale this technology through our unique partner network and significant experience in CCUS, and we are looking forward to working closely with the 44.01 team.”

A spokesperson from Innovation Development Oman stated, “IDO is delighted to invest in such a leading Omani startup. We believe 44.01’s technology can play a big role in supporting the Sultanate of Oman to reach its Net Zero target, while also attracting investment and economic prospects to the country.”