{"id":85401,"date":"2024-07-16T00:00:00","date_gmt":"2024-07-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/07\/16\/omans-44-01-reels-in-usd-37-mn-in-series-a-funding-round\/"},"modified":"2024-07-16T00:00:00","modified_gmt":"2024-07-16T00:00:00","slug":"omans-44-01-reels-in-usd-37-mn-in-series-a-funding-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/07\/16\/omans-44-01-reels-in-usd-37-mn-in-series-a-funding-round\/","title":{"rendered":"Oman\u2019s 44.01 reels in USD 37 mn in series A funding round"},"content":{"rendered":"

44.01<\/a><\/strong>, a Omani developer of carbon mineralization tech, closed a USD 37 mn<\/strong> series A funding round <\/strong>to advance its carbon sequestration and storage technology around the world, according to a statement<\/a>. The round was led by UAE\u2019s tech investor Shorooq Partners<\/a> and Norway\u2019s Equinor Ventures<\/a> \u2014 Equinor\u2019s corporate venture capital arm for early-phase and growth companies. Bill Gates\u2019 US-based Breakthrough Energy Ventures<\/a> also participated in the round with follow-on investments.<\/p>\n

Other new investors: <\/strong>Innovation Development Oman<\/a> was the only other regional investor but UK-based Salica Investment\u2019s Mena-focused Oryx Fund \u2014 which has an office in Abu Dhabi<\/a> \u2014 aso contributed to the funding. The rest was collected from a variety of international investors including Amazon\u2019s Climate Pledge Fund<\/a>, UK-based Climate Investment<\/a> (founded by the Oil and Gas Climate Initiative), Germany-based Planet A Ventures<\/a>, Germany-based Siemens Financial Services<\/a>, and Japan\u2019s Sumitomo Corporation<\/a>. <\/p>\n

Where\u2019s the money going?<\/strong> The funding will enable 44.01 to further develop its technology, scale commercial projects, and expand internationally, the statement adds. \u201cOur investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralise CO2 at scale worldwide,\u201d the company\u2019s founder and CEO Talal Hasan said.<\/p>\n

REFRESHER<\/strong>- How does their process work?<\/strong> 44.01\u2019s Carbon Capture and Mineralization technology<\/a> captures CO2 from the air, dissolves it in seawater, and injects it into formations of peridotite \u2014 a kind of rock that naturally mineralizes CO2 \u2014 deep underground. The technology can currently store approximately 50 to 60 tons of CO2 per day, Hasan said in a separate statement to Bloomberg<\/a>. The company is aiming to boost their capacity to achieve daily sequestration of 100 tons of CO2 per injection borehole at a commercial scale.<\/p>\n

44.01 is already active in Oman: <\/strong>The awardwinning<\/a> firm, which started its operations in Oman in 2022, partnered with direct air capture (DAC) company Aircapture last year to establish a DAC and mineralization project<\/a> in Oman. The project, set to start later this year, will have the capacity to deliver 500 tons of liquid CO2 annually with plans to increase the capacity later on. 44.01 is also collaborating with carbon capture specialist Climatework<\/a> to study the deployment of DAC with storage in peridotite formations in Oman. The firm also collaborated with Omani-British green energy venture X2E to establish a JV called G2X<\/a>, which will capture, process, and permanently store waste gasses in February.<\/p>\n

The firm has already expanded to the UAE: <\/strong>UAE\u2019s oil giant Adnoc invested USD 15 bn<\/a> in a partnership with the Fujairah Natural Resources Corporation, renewables developer Masdar, and Omani carbon removal and 44.01 to pilot technology to permanently mineralize CO2 in rock formations in Fujairah last year. <\/p>\n","protected":false},"excerpt":{"rendered":"

The funding will enable 44.01 to further develop its technology, scale commercial projects, and expand internationally<\/p>\n","protected":false},"author":1,"featured_media":85402,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[265],"tags":[68,11,151,92,264],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-carbon-storage","tag-enterpriseclimate","tag-investment-watch","tag-oman","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"56fa899e-3d2f-4400-b34f-3a0ce1a162f5","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1217.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Oman\u2019s 44.01 reels in USD 37 mn in series A funding round","related_issue":[85396],"teaser":"The funding will enable 44.01 to further develop its technology, scale commercial projects, and expand internationally","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.5a6eda4e-ba84-4c66-877f-3e09bdf312c1.mp3"},"yoast_head":"\nOman\u2019s 44.01 reels in USD 37 mn in series A funding round - 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