Omani climate tech startup raises $37 M
Oman may not be the first one to come to mind when we talk about climate technology. But that narrative is shifting. In the heart of this Gulf nation, a startup named 44.01 has introduced an innovative approach to combat carbon emissions.
The company is named after the molecular mass of carbon dioxide (CO2). In simple terms, they remove planet-warming carbon dioxide from the air and turn it to stone. In theory, the carbon remains locked up in those rocks for hundreds of years.
Series A investment: The Omani climate startup closed a $37 million Series A funding round in mid-July 2024 to build the world’s first commercial-scale peridotite mineralization project in Oman.
Led by Equinor Ventures, with significant contributions from Shorooq Partners and other global investors, the funding is set to refine 44.01’s technology and expand its reach internationally. Key investors in this round include Air Liquide Venture Capital (ALIAD), Alumni Ventures, and Amazon’s Climate Pledge Fund.
Shorooq Partners also sees tremendous promise in 44.01’s innovative approach to address one of the most pressing challenges of our time. Mahmoud Adi, Founding Partner, said “44.01’s mineralization technology offers a safe, permanent, and scalable solution to CO2 elimination,” aligning with their vision of supporting innovative technologies to address critical global challenges and move towards a more sustainable future.
Key Points
- After successful pilot projects completed in Oman and UAE, 44.01 is planning to expand globally, scale commercial projects, and improve technology with the latest funding.
- $37 million Series A Funding is led by Equinor Ventures, joined by Shorooq Partners, ALIAD, Amazon Climate Pledge Fund, and others.
- 44.01’s innovative technology transforms CO2 into rock through mineralization, offering a permanent solution to carbon capture.
- The Middle East is emerging as a carbon capture and storage leader. The three main carbon capture, use, and storage projects in Saudi Arabia, Qatar, and the UAE account for about 10% of the 40 million tonnes of carbon dioxide captured globally.
Carbon Mineralization
Oman is relatively new to the innovation scene, yet it is fast becoming a crucial player in the fight against climate change. Founded in 2020 by Talal Hassan, Ehab Tasfai, and Karan Khimji, 44.01’s pioneering tech helps eliminate CO2 by converting it into rock — a process known as carbon mineralization. By turning carbon dioxide into solid rock, the method promises permanent CO2 removal from the atmosphere.
But what can you do with the carbon dioxide once it’s been captured? Their answer lay in Oman’s abundant peridotite rocks, which have been naturally mineralizing CO2, turning it into rock for millennia. “Our challenge was to speed up that process to enable permanent carbon removal at the scale required to help fix our climate,” according to Tasfai.
By dissolving CO2 in large volumes of water and injecting it deep underground into peridotite formations, the company speeds up the mineralization process over 100,000 times, allowing CO2 to be converted into rock in under 12 months. This approach ensures that carbon is not stored in a temporary form but is permanently sequestered, offering scalable and lasting climate solutions.
“We believe mineralization can play a significant role in protecting and repairing our climate,” says Talal Hasan, Founder and CEO of 44.01. He added that investors bring a wealth of international expertise and experience to help the team accelerate its development and ultimately mineralize CO2 globally.
Amazon, through its Climate Pledge Fund, continues to expand its decarbonization efforts by supporting technologies like 44.01’s carbon mineralization. Jamey Mulligan, Head of Carbon Neutralization at Amazon, said: “We are excited to support the growth of 44.01, a company at the forefront of unlocking effective, durable, and verifiable carbon sequestration.”
With successful pilot projects already underway in Oman and the UAE, 44.01’s Earthshot prize-winning carbon capture and mineralization technology is set to transition from pilot to commercial scale. The recent funding will enable the company to develop large-scale projects and expand its deployment across more continents.
Rasha Sulaiman, Acting CEO at Innovation Development Oman, emphasized the national significance of 44.01’s work saying: “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.”
What is Carbon Capture and Storage?
Carbon capture and storage (CCS) is a crucial technology for reducing carbon dioxide emissions and combating global warming. The process involves three key steps: capturing CO2 from power generation or industrial activities, transporting it, and permanently storing it deep underground.
How does CCS work?
- Storage: CO2 is injected into deep underground rock formations, where it is securely stored permanently.
- Capture: CO2 is separated from other gases produced by industrial processes, such as those in power plants or cement factories.
- Transport: The captured CO2 is compressed and transported to a storage site via pipelines, roads, or ships.
Why do we need Carbon removal technology?
The Earth is experiencing unprecedented warming due to greenhouse gas emissions, with May 2024 marking the hottest May ever recorded, part of a streak of 12 consecutive months of record heat. This relentless rise in temperatures is driving more extreme weather such as rising sea levels, heatwaves, and increased risks of disasters.
In response, nations are working to reduce emissions and enhance carbon capture to meet the Paris Agreement targets. Experts warn that to meet climate goals, the world must boost CO2 removal from 2 billion to 10 billion tonnes annually by 2050. The IPCC’s (Intergovernmental Panel on Climate Change) scenarios for limiting global temperature rise to 2°C or less emphasize the critical role of carbon removal and storage. Given the severe impacts already seen at under 1.5°C of warming, there is extreme concern about the effects of 2°C or more, underscoring the urgent need for accelerated carbon reduction.
Can CO2 removal save the world?
Carbon removal involves taking carbon dioxide out of the air and storing it for long periods, from decades to thousands of years. This can help slow or even reverse climate change, but it alone cannot help much.
However, the scientific consensus on climate change is clear: immediate and drastic cuts in emissions are essential. Reducing emissions and increasing carbon removal are both crucial to limit global warming. Dr. Steve Smith from Oxford’s Smith School of Enterprise and the Environment, and the lead author of the State of Carbon Dioxide Removal report, emphasizes that to keep warming below 2°C, we must both cut emissions and boost carbon removal through ecosystem restoration and new technologies.
Middle East is a key player in carbon capture
44.01 has also partnered with the Abu Dhabi National Oil Company (ADNOC) to launch a groundbreaking pilot project in Fujairah, set to become one of the largest peridotite mineralization initiatives. This project, notable for being the first to utilize seawater for CO2 injection, has the potential to mineralize billions of tons of captured carbon across the region.
The Middle East is making significant strides in carbon capture, utilization, and storage (CCUS), with major projects in Saudi Arabia, Qatar, and the UAE collectively accounting for around 10% of the global total of 40 million tonnes of CO2 captured. Despite high per capita emissions, the GCC is pivoting towards sustainable practices and integrating CCS into its climate strategy.
Looking ahead, the region’s CCS ambitions are significant. ADNOC aims to sequester five million tonnes of CO2 by 2030, Qatar plans to store over 11 million tonnes annually by 2035, and Saudi Arabia targets an ambitious 44 million tonnes by 2035. These efforts highlight the Middle East’s commitment to becoming a global leader in carbon capture technology.
