Oman's Climate Tech Startup 44.01 Secures $37M in Series A Funding
44.01, an Oman-based climate tech startup, has raised $37 million in a Series A funding round co-led by Equinor Ventures and Shorooq Partners. The funding round also saw participation from Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, and Sumitomo Corporation. Existing investors, including Breakthrough Energy Ventures, also contributed to the round.
Founded in 2020 by Karan Khimji, Talal Hasan, and Ehab Tasfai, 44.01 focuses on addressing carbon dioxide (CO2) emissions through a process known as CO2 mineralization. This innovative method converts CO2 into rock by leveraging the natural interaction between specific rocks and CO2, securely storing the carbon and preventing its release back into the atmosphere.
The company captures CO2 from the air and challenges industrial processes, aiding in the decarbonization of critical industries and contributing to sustainable atmospheric CO2 levels. According to 44.01, their mineralization projects can be constructed rapidly and in a modular fashion, offering a cost-effective alternative to traditional geological carbon storage methods. The company's technology accelerates CO2 mineralization, permanently converting captured CO2 in less than twelve months.
This new investment underscores confidence in 44.01’s mineralization technology, which aims to eliminate CO2 safely, permanently, and at scale. The capital will be used to refine their technology, develop commercial-scale projects, and expand international deployment.
“We believe mineralization can significantly contribute to climate protection and repair. We are thankful to our investors for their commitment to our mission and their confidence in our technology. Their international expertise will accelerate our development and global scale of CO2 mineralization,” said Talal Hasan, founder and CEO of 44.01.
The technology utilized by 44.01 leverages mafic and ultramafic rock formations found on every continent, making it a global climate solution. These projects can be built quickly and modularly, providing a cost-effective alternative to conventional geological carbon storage.
Lars Klevier, Head of Equinor Ventures, expressed pride in the investment, stating, “This investment aligns with Equinor’s commitment to explore innovative solutions for climate change mitigation. We look forward to maturing this technology together.”
Mahmoud Adi, Founding Partner of Shorooq Partners, added, “We are excited to lead our first climate tech investment with 44.01. This aligns with the UAE’s leadership in advancing climate-tech initiatives. 44.01’s technology offers a safe, permanent, and scalable CO2 elimination solution.”
Cindi Bough, Managing Director of Ventures at Climate Investment, remarked, “Their innovative technology can contribute to industrial decarbonization globally. Climate investment is well-placed to commercialize and scale this technology.”
A spokesperson from Innovation Development Oman commented, “IDO is proud to invest in 44.01, a leading Omani startup. Their technology supports Oman’s Net Zero target and attracts investment to the country.”