44.01, a startup backed by Sam Altman’s Apollo Projects, announced the completion of a $37 million Series A funding round. The startup is developing a technology that injects CO2 a kilometer underground, where chemical reactions turn it into stone.
In addition to funding from Altman’s group, the Oman-based startup has secured a $37 million Series A round led by Equinor Ventures, with Shorooq Partners from the United Arab Emirates to support its international expansion.
Other investors in this round include Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures.
Talal Hasan, Founder and CEO of 44.01, said, “We believe mineralization can play a significant role in protecting and repairing our climate. We are grateful to our investors for committing to that mission and for demonstrating their confidence in our technology.”
44.01’s storage process involves injecting a mixture of CO2 and water down a borehole into peridotite, a naturally fractured rock. This rock sequesters CO2 through carbon mineralization, a process where specific minerals react with the CO2 to form solid carbonates.
44.01 announced mafic and ultramafic rock formations, capable of mineralizing CO2, are present on every continent, making 44.01’s mineralization technology a truly global climate solution.
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These mineralization projects can be developed rapidly and in a modular fashion, providing a cost-effective alternative to traditional geological carbon storage methods.
44.01 has completed pilot projects in Oman and the UAE. The company won the Earthshot Prize in 2022 in the ‘Fix our Climate’ category, and its Project Hajar in Oman was recently named a Top 20 Finalist in the XPRIZE Carbon Removal competition.