Amazon invests in Canadian ‘green’ concrete producer

Amazon and Breakthrough Energy Ventures co-lead investment in cleantech company, CarbonCure. Image courtesy CarbonCure Technologies
Amazon and Breakthrough Energy Ventures co-lead investment in cleantech company, CarbonCure.
Image courtesy CarbonCure Technologies

CarbonCure Technologies, a Canadian cleantech company that develops carbon dioxide (CO2) removal (CDR) solutions for the concrete industry, has gotten an investment by leading technology and property developers.

Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures (BEV) co-led the investment syndicate comprising Microsoft, BDC Capital, 2150, Thistledown Capital, Taronga Ventures, and GreenSoil Investments.

“We witnessed the tech industry setting climate change trends with their adoption of renewable energy sources like wind and solar. This investment in CDR signals a broader change for public and private infrastructure projects as industries and governments turn their focus toward the reduction of embodied carbon,” said Robert Niven, CEO of CarbonCure Technologies.

In 2019, Amazon co-founded the Climate Pledge, a commitment to be net-zero carbon by 2040—10 years ahead of the Paris Agreement. Amazon’s investment in CarbonCure aligns with this commitment.

“We are excited to invest in CarbonCure, a company producing stronger, more sustainable concrete, which will help Amazon and other companies meet the Climate Pledge,” said Kara Hurst, vice-president of sustainability, Amazon. “We are looking forward to lowering the carbon footprint of many of our buildings by using CarbonCure concrete, including in Amazon’s HQ2 building in Virginia.”

CarbonCure intends to use the capital investment to accelerate its product roadmap and geographical expansion to meet its goal of removing 500 megatonnes of CO2 annually from the concrete industry by 2030.

“Our solutions help producers deliver low embodied carbon concrete in an efficient, non-disruptive, and profitable way,” said Niven. “The latest investment presents a wonderful opportunity for the global concrete industry to capitalize on the increasing demand for sustainable concrete.”

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