Holcim Invests in Omani Climatetech Startup 44.01

A pilot already running in the UAE

The deal builds on an existing relationship. Since July, the two companies have been running a pilot under live industrial conditions at Holcim's Fujairah cement plant in the United Arab Emirates. According to the companies, CO₂ is now being safely stored underground and mineralised into solid rock there.

Ram Muthu, Head of Operational Excellence at Holcim, said the technology allows storage close to the point of production when the geology is right. It fits Holcim's NextGen Growth 2030 strategy, he said, and could help manage captured carbon at inland sites where access to offshore storage may be limited.

Investors and track record

44.01 counts JERA, Breakthrough Energy Ventures, Equinor Ventures, Air Liquide Venture Capital and Siemens Financial Services among its investors. In July 2024 it closed a $37 million Series A round led by Equinor Ventures, with Shorooq Partners and others taking part.

For Holcim, the investment adds to a portfolio of digital and decarbonisation technologies. The group has made 22 investments to date through Holcim MAQER Ventures, its corporate venture capital and open innovation unit.

The deal matters because cement production is a major source of concentrated CO₂ emissions. A storage route that works near the plant, without transport to the coast, could make carbon capture more practical for inland sites.