44.01 closes $37m Series A for carbon mineralisation projects
Equinor Ventures and Shorooq backed the July 2024 round to support commercial deployment and international expansion.
44.01 announced the completion of a $37 million Series A on 15 July 2024, led by Equinor Ventures with Shorooq. The Omani company will use the funding to refine its carbon mineralisation technology, develop commercial-scale projects and expand internationally.
Participants include ALIAD, Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services and Sumitomo Corporation. Existing backer Breakthrough Energy Ventures also participated.
44.01 accelerates natural reactions that turn carbon dioxide into stable carbonate minerals within underground rock formations. At the time of the announcement, it had completed pilot projects in Oman and the UAE.
Use of funds
Technology development
Commercial-scale projects
International deployment