{"id":93885,"date":"2024-07-16T00:00:00","date_gmt":"2024-07-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/shorooq-partners-backs-omani-carbon-mineralization-startup\/"},"modified":"2024-07-16T00:00:00","modified_gmt":"2024-07-16T00:00:00","slug":"shorooq-partners-backs-omani-carbon-mineralization-startup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/16\/shorooq-partners-backs-omani-carbon-mineralization-startup\/","title":{"rendered":"Shorooq Partners backs Omani carbon mineralization startup"},"content":{"rendered":"

Shorooq Partners invests in Oman-based carbon mineralization startup: <\/strong>Omani carbon mineralization firm 44.01<\/a> raised USD 37 mn (AED 135.9 mn) in a series A funding round led by Equinor Ventures<\/a> and Abu Dhabi-based venture capital firm Shorooq Partners<\/a>, according to a press release<\/a>. The investment marks Shorooq\u2019s first lead investment in climate tech.<\/p>\n

Where the money is going:<\/strong> 44.01 will use the funds to refine its technology, develop commercial-scale projects, and expand its global footprint.<\/span><\/p>\n

What they said: <\/strong>\u201c44.01\u2019s mineralisation technology \u2026 offers a safe, permanent, and scalable solution to CO2 elimination. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future,\u201d said Shorooq founding partner Mahmoud Adi.<\/p>\n

The round also saw participation from <\/strong>Air Liquide Venture Capital, Alumni Ventures, Amazon\u2019s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation, and existing investors, including Breakthrough Energy Ventures. <\/p>\n

About 44.01: <\/strong>44.01's technology accelerates the natural CO2 mineralization process, turning CO2 into rock permanently in less than one year to contribute to decarbonization and sustainable atmospheric CO2 levels. The Omani start-up already has presence in the UAE, after Adnoc invested USD 15 bn in partnership with the Fujairah Natural Resources Corporation, renewables developer Masdar, and 44.01 to pilot technology to permanently mineralize CO2 in rock formations in Fujairah last year. <\/p>\n

OTHER STARTUP NEWS-<\/p>\n

Local virtual token marketplace <\/strong>Tokinvest<\/a><\/strong> has raised USD 500k in pre-seed funding <\/strong>from several investors, including BSO Networks<\/a> CEO Michael Ourabah (LinkedIn<\/a>), according to a press release<\/a>. The marketplace plans to use the funds to expand its team, develop the platform\u2019s infrastructure, and accelerate its market reach. <\/p>\n

About Tokinvest: <\/strong>Headquartered in Dubai, Tokinvest streamlines investment in virtual tokens by offering tokens which represent rights to real assets. The platform\u2019s services range from initial investment planning to trading and asset management. The platform recently received initial approval for licensing from Dubai\u2019s Virtual Assets Regulatory Authority. <\/p>\n","protected":false},"excerpt":{"rendered":"

44.01 will use the funds to develop its technology and expand its global footprint<\/p>\n","protected":false},"author":1,"featured_media":93886,"comment_status":"","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":[1557],"tags":[388,7,25,758,1353],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-decarbonization","tag-enterpriseam-uae","tag-investment-watch","tag-shorooq-partners","tag-startup","wpautop","entry"],"acf":{"mongo_id":"a8b347bc-2ae1-42ce-a7be-93a9854d4b51","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1213.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Shorooq Partners backs Omani carbon mineralization startup","related_issue":[93869],"teaser":"44.01 will use the funds to develop its technology and expand its global footprint","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.8c73d4dd-1d89-4a66-add8-0f47a39fdb6c.mp3"},"yoast_head":"\nShorooq Partners backs Omani carbon mineralization startup - 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