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.

Also read: 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.

Prime Minister Narendra Modi virtually inaugurated the India Energy Week 2025 on February 11. He underscored that the next two decades would be decisive for India’s future in terms of energy. The PM, in his speech, outlined the renewable energy roadmap comprising an ambitious set of targets the country is committed to achieving by 2030. He claimed India was well set to meet some of the significant goals over the next five years, particularly related to renewable energy and sustainable practices.

Increase in Renewable Energy Capacity

A key point in the Prime Minister’s speech was India’s goal to add 500 GW of renewable energy by 2030. As a part of the energy policy, it will position India firmly in the top league as a global producer of solar energy.India now stands at the world’s third position in terms of its output of solar power, and within such short periods, the non-fossil fuel energy capacity has only increased by threefold.

PM Modi added that India was also progressing steadily in biofuels. India has already achieved a 19% ethanol blending rate and plans to increase it to 20% by October 2025. In its pursuit of a green energy vision, India has targeted the production of 5 million metric tons of green hydrogen annually by 2030. PM Modi pointed to the rapidly expanding biofuel sector of India. The sector is fueled by 500 million metric tons of such sustainable feedstock that drives the energy transition.

Strengthening Global Biofuel Alliances

India established the Global Biofuel Alliance during its G20 presidency, a key initiative that is continuing to expand globally. So far, 28 countries and 12 organizations have joined the alliance, focusing on turning waste into wealth and advancing biofuel.

PM Modi also discussed India’s efforts to maximize hydrocarbon resources, boosted by major discoveries and the expansion of gas infrastructure. The country’s natural gas sector is growing significantly, and India is now the fourth-largest refining hub globally. Efforts are underway to expand refining capacity by 20% to support growing energy needs.

Also read: India Energy Week 2024: OPEC Secretary General says global energy demand to soar 23% by 2045

Five Key Pillars of India’s Energy Strategy

PM Modi outlined five strategic pillars that are driving India’s energy future stating “One, Abundant resources, which we are harnessing efficiently; second, encouraging innovation by leveraging the country’s brilliant minds; third, Strong economic foundation and political stability, enabling long-term investments; fourth, Strategic geographical location, which enhances India’s role in global energy trade and fifth, Commitment to global sustainability, fostering new opportunities in India’s energy sector.”

India’s Role in Global Energy Transition

PM Modi pointed out that the country’s energy transition is a new game-changer for the rest of the world, emphasizing its growing role in energy dynamics as the global economy shifts toward sustainability.