Carbon Upcycling Technologies announced it has secured up to $10 million in asset-backed financing from ATEL Ventures to support the commercialization of its clean cement technology.
The financing will fund the company’s flagship project at the Ash Grove Mississauga Cement Plant, where captured CO₂ from cement production will be permanently sequestered and converted into supplementary cementitious materials. The facility is expected to produce up to 30,000 tonnes of low-carbon cement materials annually once operational, supporting regional construction supply chains.
The agreement represents a key milestone in Carbon Upcycling’s commercialization efforts, reinforcing the financial viability of its platform. The financing is secured by company assets and includes an option for ATEL Ventures to make a future equity investment.
Carbon Upcycling’s platform transforms industrial byproducts and CO₂ into high-quality cement materials, aiming to enable localized production, strengthen supply chains, and accelerate the transition to low-carbon infrastructure. The company expects its flagship project to begin operations in the second half of 2026, positioning it for broader expansion across North America and global markets.
KEY QUOTES:
“Our partnership with ATEL signals Carbon Upcycling’s technology is entering a new phase of commercial readiness. Capital discipline is vital to building the next generation of clean, competitive industrial infrastructure. This agreement aligns the right financing with the right assets, helping us advance our first commercial project while laying the groundwork for repeatable growth.”
Suzy Taherian, Chief Financial Officer, Carbon Upcycling Technologies
“Carbon Upcycling exemplifies the kind of breakthrough technology we seek to support in venture-backed companies. Their platform converts industrial byproducts and captured CO₂ into valuable cement materials, improving economics for producers while onshoring critical construction supply chains. We’re pleased to support the company’s first commercial deployment and look forward to seeing this technology scale across industrial infrastructure globally.”
Sam Cash, Vice President & Director, ATEL Ventures
