Lux Research has rated green building technology developer CarbonCure Technologies favourably in its most recent company report. The Halifax, Nova Scotia, clean technology company is one of a few venture-backed companies that achieved the coveted “positive” rating, based on metrics such as addressable market size, barriers to growth, intellectual property position, partnerships and momentum.
The rating coincides with CarbonCure’s launch of its $1-3 million Series B fundraising campaign set to close this fall. Chief financial officer Keith Abriel says, “This round we’re looking for strategic investors that will complement our go-to-market and technology strategy for new concrete applications, as we expand into large markets like precast and ready-mix concrete.”
To date CarbonCure has been funded through angel investment, industry partners, government funding programs, and venture capital firm Innovacorp.
Thomas Rankin, investment director at Innovacorp, says, “In the past year, CarbonCure has achieved significant technical milestones while receiving positive market signals from early adopters and end-users in the building industry. Like Lux, we have a favourable outlook on the company and expect the technology to become widely adopted in the marketplace.”
The most recent Lux publication on green building materials, circulated globally amongst investment groups, recently upgraded CarbonCure from “wait-and-see” to “positive.” Aditya Ranade, senior analyst at Lux, says CarbonCure’s rating was upgraded due to “the company’s delivering on the demonstration project goals, getting close to the first royalty revenue, and introducing new products going beyond the block market into pavers, and then ready-mix.”
CarbonCure’s market potential also falls directly in line with Lux’s take on investment trends in the green building materials market. With $4.06 billion in venture capital investments since 2010, Lux has advised its clients that “low-carbon cement and concrete are all technology areas investors should pursue.”
CarbonCure’s retrofit technology chemically converts waste CO2 into limestone to make stronger, greener concrete products. The technology is currently available for concrete blocks, pavers and segmented retaining walls, and will be expanded to the lucrative precast and ready mix markets. The company is currently partnering with the world’s largest industrial gas supplier, Air Liquide, and concrete products manufacturers across North America – Shaw, Basalite and Atlas Block. CarbonCure products are being well received in the marketplace, having recently been specified in construction projects worth more than $1 billion in Ontario.
About CarbonCure Technologies Inc.
CarbonCure Technologies is a clean technology developer deploying CO2 sequestration solutions to concrete products manufacturers. The company’s proprietary technology is a unique method of repurposing waste CO2 to make concrete less carbon-intensive. The Halifax, Nova Scotia-based Company is commercializing its technology with market leaders in California (Basalite Concrete Products), Ontario (Atlas Block) and Nova Scotia (Shaw Group).
For more information please contact:
Vice President of Marketing
CarbonCure Technologies Inc.
Halifax, Nova Scotia, April 10, 2013