CTC #44 - Carbon Upcycling closes Series A for low-carbon cement

Hi there,

I’m trying out a shorter format for the newsletter this week - let me know what you think by hitting reply or dropping a note in the comments 🙏🏻

This week in Canadian climate tech:

• Carbon Upcycling closes their Series A for low-carbon cement

• A cap for oil & gas emissions is delayed to next year

• Hear pitches from 12 climate ventures at Foresight’s Summer Pitch showcase

And much more - let’s get into it!

📬 Have a deal, upcoming raise, or announcement for the newsletter? Hit reply to let us know.

💻 Post or find a role on our job board.

Funding

🏭 Carbon Upcycling (Calgary, AB) closed a $34.4M Series A led by BDC Capital and Climate Investment, a UK-based oil and gas venture fund. Carbon Upcycling’s solution combines CO2 with industrial by-products to produce a cement alternative, capturing carbon and avoiding carbon-intensive cement. The funding will be used to deploy its carbon capture and utilization technology at cement plants in North America and Europe. Cement producers CRH and CEMEX both participated in the round.

👉🏼 Check out our deep-dive on low-carbon concrete here for more.

🌎 In the news

NATIONALCapping emissions: Canada will introduce plans for a cap on oil & gas emissions by mid-2024, with a draft expected by this October. The plans were originally expected at the end of this year. The update comes after major changes to fossil fuel subsidies were announced last week - expect oil-producing provinces to push back. More here on why a cap is needed.

A G20 summit last week failed to deliver commitments on emissions reduction targets despite Canada’s push to phase-out unabated fossil fuels and a moratorium on coal. 

Canada’s buses are getting a lot more sustainable with almost $400M in funding for zero-emission buses in cities across Ontario and B.C. 

U.S. efforts to limit “foreign entities of concern” in EV supply chains may make the market more imbalanced according to some Canadian battery players.

BlackBerry’s software will act as the “plumbing” behind Foxconn’s Project X, an open platform for EV manufacturers to introduce new vehicles quickly with low-cost.

A group of seven major automakers plans to build 30,000 new EV fast chargers across North America.

Porsche is the latest major automaker considering Canada as it searches for a home for a planned $3.3B EV battery plant.

PROVINCIALThe B.C. government is investing $3.3M in a mass-timber training hub at BCIT to create needed talent for the industry.

Manitoba’s new energy policy will rely on wind and solar instead of hydro to meet growing demand. The province will double or triple generating capacity by 2040.

Emissions Reduction Alberta announced $50M in new funding for hydrogen innovation split across early- and later-stage technology.

ICE, the owner of the NYSE, is opening a futures market for carbon credits in Alberta’s TIER carbon trading system.

A study out of McMaster University found that half of the energy for heating in buildings could be met by capturing wasted energy.

☕ Here & There

• Score some vintage finds with Canada Goose’s new recommerce platform

• How a life-changing diagnosis led to this Vancouver climate startup

• RailVision is helping train engineers make small tweaks with a big climate impact

• See how your province ranks on EV-charging infrastructure

• Take a virtual ride on Montreal’s new light rail system

📣 What’s Going On

🗓️ Foresight Summer Pitch Showcase: Climate tech innovators will present their solutions to investors, industry leaders and others in the ecosystem. Featuring companies like Carbon Graph (product-level carbon footprints), Volterra (EV-battery health for fleet managers) and Breeze Traffic (smart sensors to monitor city emissions). Online, August 15th.

💡Atlantic Canada Cleantech Scale-up and Investment Challenge: Applications are open for the Investor cohort of this program that aims to connect Atlantic climate tech ventures with investors while building the knowledge and skills of future climate tech investors. Applications for investors close September 15th.

📌 Jobs

Visit our job board to see open roles at some of Canada’s most innovative companies, working on next-generation batteries, on-demand transit, plant-based materials, and much more! Find your next role today:

Hiring? Submit your posting to the job board here.

Thanks for reading! Let me know what you think about this shorter / more frequent version. And if you’re enjoying the newsletter, share it with a friend or co-worker to help support my work!

Justin