44.01 was backed by Sam Altman’s Apollo Projects and other leading investment companies. (Photo: 44.01)
Carbon capture technology is advancing rapidly and continues to attract significant investment from venture capital firms. Oman-based startup 44.01, which is developing a method to inject carbon dioxide into rocks, announced on July 15 that it has completed a Series A funding round of $37 million, drawing investments from major venture capital firms such as Microsoft and Amazon subsidiaries. Prior to this, Sam Altman, CEO of OpenAI, supported the project through his Apollo Projects initiative.
44.01’s solution speeds up sequestering CO2 underground
According to its official website, 44.01, established in 2020, takes its name from the molecular mass of carbon dioxide and primarily captures atmospheric CO2 dissolved in seawater or wastewater, injecting it into fissures in olivine up to 1 kilometer deep, and then sealing the CO2 underground through accelerated mineralization processes.
According to Bloomberg, founder and CEO Talal Hasan stated that their process of sequestering CO2 underground takes less than 10 months, much faster than the natural process, which can take decades.
44.01 has already completed pilot projects in Oman and the United Arab Emirates (UAE) and is currently seeking commercial opportunities. The newly acquired funding is expected to be used for technological upgrades, commercialization, and market expansion. Based on testing results, the current technology can sequester 50 to 60 metric tons of CO2 per day, with a commercial target of 100 metric tons per day.
44.01 had commenced injecting CO2 at its mineralisation site in 2023 in Fujairah, UAE. (Photo: 44.01)
Leading investors back 44.01 to help expand market and upgrade technology
The latest round of investors includes "Breakthrough Energy," backed by Microsoft founder Bill Gates, Amazon's Climate Pledge Fund, Siemens Financial Services, and Sumitomo Corporation of Japan. Breakthrough Energy, originally an investor, has increased its investment.
Similarly, German green venture capital fund Planet A Ventures, which has also increased its investment, has pointed out that 44.01's operations result in a carbon removal rate of 88% to 91% across its supply chain. This means that storing 1,000 kilograms of CO2 produces only 90 to 120 kilograms of carbon emissions, mainly because Oman has abundant olivine, significantly reducing carbon emissions caused by transportation, combined with the use of renewable energy to mitigate environmental impact.
Currently, there are two main methods for permanently storing CO2 underground. 44.01 and another Icelandic startup, Carbfix, both employ carbon mineralization. The other method involves storing liquid CO2 in saline aquifers or depleted oil and gas reservoirs, which is commonly used by oil and carbon capture companies and is a more mature technology but carries the risk of leakage. Carbon mineralization offers better results but costs three times more than the latter method.
Source: Bloomberg、44.01、Planet A
