44.01 Secures Additional $5M in Series A Funding

44.01, a leading carbon mineralisation company, has raised an additional $5 million in Series A funding from Norwegian sovereign investor Nysnø Climate Investments and MENA-focused VC firm Jasoor Ventures. This brings the total amount raised in the Series A round to $42 million, further solidifying investor confidence in the company’s technology and global potential.

The Series A funding round, initially led by Equinor Ventures in July 2024, also saw participation from Shorooq Partners in the UAE, as well as several global investors, including 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 Breakthrough Energy Ventures.

Mineralisation Technology: A Global Climate Solution

The additional investments highlight global optimism about 44.01’s carbon mineralisation technology, which can permanently remove CO2 from the atmosphere. Mafic and ultramafic rock formations capable of mineralising CO2 exist on every continent, making the technology a global solution for helping countries meet their Net Zero goals. Mineralisation projects build quickly and modularly, offering a cost-effective alternative to traditional geological carbon storage methods.

ADNOC and 44.01 Announce Carbon-to-Rock Scale-Up Project in Fujairah

Plans for Scaling Up Carbon Mineralisation Projects

44.01 is actively developing and commercializing its mineralisation technology. The company, in collaboration with ADNOC, unveiled plans to increase its carbon mineralisation activities in the UAE by 2024, after completing a successful pilot project. Additionally, 44.01 is exploring opportunities for international expansion, including opening a new office in Norway to help scale its solution globally.

Talal Hasan, Founder and CEO of 44.01, said, "I am excited to welcome Nysnø and Jasoor to 44.01. We believe carbon mineralisation will play a significant role in helping protect and repair our climate, and I look forward to working with our new investors to help scale our technology internationally.”

John E Johannessen from Nysnø Climate Investments expressed excitement about supporting the talented 44.01 team and joining a strong investor consortium. He mentioned that Norway has long been a leader in carbon capture and storage and that they were looking forward to seeing 44.01’s solution for permanent CO2 removal through mineralisation being adopted and scaled both in Norway and internationally, making a significant impact in reducing greenhouse gas emissions.

44.01’s work has already garnered significant recognition. Additionally, the company won the Earthshot Prize in 2022 and became a Top 20 XPRIZE finalist with its Project Hajar.