MUSCAT: Oman’s award-winning climate tech startup, 44.01, has successfully completed a $37 million Series A funding round, marking a significant milestone in the fight against climate change. Internationally, the funding round was led by Equinor Ventures with Shorooq Partners in the UAE. Innovation Development Oman (IDO) is among a number of Omani investors. Other investors include (in alphabetical order) Air Liquide Venture Capital (ALIAD), Amazon’s Climate Pledge Fund, Climate Investment, Salica Oryx Fund, Siemens Financial Services and Sumitomo Corporation. Existing investors including Breakthrough Energy Ventures have also recommitted to 44.01’s technology by participating in the round.
44.01’s technology, which has been piloted in Oman and the UAE, leverages the natural mineralisation process to permanently eliminate carbon dioxide (CO2). The startup’s recent funding will be instrumental in refining this technology, developing commercial-scale projects, and expanding its reach internationally. Talal Hasan, Founder and CEO of 44.01, expressed gratitude for the investors' commitment and highlighted the technology's potential to protect and repair the climate.
In an exclusive interview with the Observer, Charlie Booth, Head of External Relations at 44.01, elaborated on the specific advancements and refinements that the new funding will enable. He said that the $37 million Series A funding will enable 44.01 to increase the efficiency of its technology and reduce costs, ensuring it can be deployed globally. Advancements are expected in areas like borehole drilling, water efficiency, and material selection, with several exciting projects in the pipeline.
The pilot projects in Oman and the UAE have been pivotal in demonstrating the technology’s effectiveness. "Our initial pilot in Oman was the first time anyone had ever mineralised CO2 in peridotite," Booth noted. In the UAE, 44.01 became the first company to use seawater for successful CO2 mineralisation. These projects have provided valuable insights that will inform the startup's future international expansion efforts.
The diverse group of investors backing 44.01 brings a wealth of expertise in climate investment and geological carbon storage, which the company plans to leverage to enhance its technology and commercialisation strategies. These investors have developed world-leading carbon storage projects and climate technologies, providing valuable knowledge to help 44.01 scale its technology quickly.
Rasha Sulaiman, Acting CEO of IDO, said “IDO is delighted to invest in such a leading Omani startup. We believe 44.01’s technology can play a big role in supporting the Sultanate of Oman to reach its Net Zero target, while also attracting investment and economic prospects to the country.”
Head of Equinor Ventures, Lars Klevier, said “Equinor Ventures is proud to announce the investment in 44.01, a company specialising in carbon dioxide (CO2) mineralisation technology. This investment represents another step in Equinor's commitment to test and explore innovative solutions for climate change mitigation. We are excited to support 44.01 as they continue to break new ground in CO2 mineralisation and look forward to work together to mature the technology and verify its potential.”
The diverse group of investors backing 44.01 brings a wealth of expertise in climate investment and geological carbon storage. Booth emphasised the importance of leveraging this expertise to enhance the company's technology and commercialisation strategies. "Our investors have successfully developed world-leading carbon storage projects and commercialised climate technologies. We plan to work closely with them to scale our technology as quickly as possible," he said.
Scaling 44.01’s technology across different geographical and regulatory environments presents both challenges and opportunities. The company aims to work closely with regulators worldwide to ensure safety and compliance, while also ensuring that host communities are involved and benefit from the projects. In Oman, 44.01 collaborates with the Ministry of Energy and Minerals, the Environment Authority, and the Governor of North Sharqiyah, among others, to ensure proper regulation and understanding of its processes.
44.01 envisions a significant role within the broader carbon sequestration and climate protection landscape. The involvement of major investors like Amazon’s Climate Pledge Fund and Siemens Financial Services will be crucial in scaling the technology globally. The company believes it can export this Omani technology to provide a truly global climate solution, as peridotite, the rock used in the mineralisation process, comes to the surface on every continent.
The International Energy Forum estimates that Oman’s ophiolite has up to 8.2 gigatonnes of carbon storage potential, which could provide significant economic benefits. Additionally, Carbon Capture and Storage and Hydrogen technologies could add up to $44 billion in GVA and create 245,000 jobs in the GCC by 2050.
44.01’s technology has been assessed by numerous international bodies and has won prestigious accolades, including the Earthshot Prize in 2022 and being named an XPRIZE Carbon Removal Top 20 Finalist. With the completion of its $37 million Series A funding round, 44.01 is poised to make significant strides in CO2 mineralisation technology, offering hope for a sustainable future.
Oman Observer is now on the WhatsApp channel. Click here
