n innovative Halifax company creating some of the most environmentally friendly concrete in the world is taking its product to market with an investment from the province.
CarbonCure Technologies Inc. has secured $1.1-million in venture capital from Innovacorp.
The investment closes a $4-million round of financing. Innovacorp joins several North American investors in the green building and construction sectors.
"Knowledge-based companies like CarbonCure play an important role in growing our province's economy," said acting Economic and Rural Development and Tourism Minister John MacDonell today, Feb. 28. "This investment supports the innovation and competitiveness priorities of jobsHere, our plan to grow the economy, and helps us deliver on our ambitious renewable energy and environmental targets."
The company's technology, the CarbonCure Block System, helps concrete plants use carbon dioxide to make cheaper, stronger and greener concrete products. The CarbonCure blocks meet a rapidly growing market demand for affordable green building materials. The recent financing will be used to bring the technology to market in the next 18 months.
"Concrete made with our technology is simply better concrete," said Robert Niven, CEO and founder of CarbonCure. "The technology enables concrete producers to produce stronger concrete; how they choose to take advantage of the higher strength is up to them. We are helping our partners use carbon dioxide as a value-added input for the world's most abundant commodity product, concrete. They are reducing cement, energy costs and defect rates while increasing productivity."
The CarbonCure Block System is the company's first product application in its steps toward developing affordable carbon-negative concrete on a large scale. CarbonCure is working with concrete producers who are keen to be early adopters of the technology, as well as builders looking to use the green blocks.
"CarbonCure's technology creates new opportunities in a very traditional market," said Thomas Rankin, investment manager at Innovacorp. "The technology is simple to install, creates significant efficiencies and can be adopted by virtually any precast concrete block facility globally."
This spring, the technology will be installed at three prominent concrete plants across North America: The Shaw Group in Lantz; Atlas Block, the leading concrete supplier to the Greater Toronto Area; and Basalite Concrete Products, the largest concrete block manufacturer in the western United States. The new CarbonCure blocks are slated to be installed at commercial buildings in Halifax, San Francisco and Toronto.
The company plans to expand to include other concrete product types, such as pipe and paver.
A video about the technology is available at WWW.YOUTUBE.COM/WATCH?V=YYBISH19MDM.
For more information, please contact:
T 902.424.8670 x 1197
Halifax, Nova Scotia, February 28, 2012