Omani-based carbon capture startup 44.01 has secured $37 million in Series A funding led by Shorooq Partners, Equinor Ventures, Amazon’s Climate Pledge Fund, and Breakthrough Energy Ventures. The firm aims to commercialize its carbon mineralization technology in Oman and the UAE.
This financing round was led by the UAE’s Shorooq Partners and Equinor Ventures, with participation from Amazon’s Climate Pledge Fund and Bill Gates’ Breakthrough Energy Ventures. The firm, backed by Sam Altman’s Apollo Projects, aims to commercialize its carbon mineralization technology in Oman and the UAE, where it has already completed pilot projects.
Founded four years ago, 44.01 employs 50 people across offices in Muscat, Abu Dhabi, and London. The company plans to double its headcount over the next two years, focusing on engineering and research roles to accelerate the development of its technology. This technology turns CO2 into rock by accelerating the natural mineralization process, which typically takes decades, to less than a year.
The startup’s technology involves injecting a mixture of CO2 and water into peridotite rock formations to sequester CO2 efficiently. The firm sees significant commercial potential and aims to expand its client base in industries that are challenging to decarbonize, such as steel and cement manufacturing.
Talal Hasan, Founder and CEO of 44.01, highlighted the global applicability of their technology, noting that suitable rock formations are found on every continent. “Our investors bring a wealth of international expertise and experience that will help us to accelerate our development and ultimately mineralize CO2 at scale worldwide,” Hasan stated.
44.01’s approach offers a more secure long-term storage solution compared to mainstream methods, virtually eliminating the risk of CO2 leakage. This funding will support the company’s goal of achieving commercial-scale projects and further refining its technology.
