London Technology Fund invests in Novacem
London Technology Fund (LTF) announced it has completed an investment in Novacem, a start-up company developing a carbon-negative cement. LTF was joint lead in a syndicate which included Imperial Innovations Group plc and the Royal Society Enterprise Fund, together investing over £1m.
Novacem, a spin-out from Imperial Innovations Group plc, is developing a cement which has the potential to transform the cement industry from being a significant emitter of CO2 to being an absorber of CO2. The annual production of over 2.5 billion tonnes of conventional Portland cement is already responsible for 5% of global CO2 emissions, and cement volumes are expected to double by 2050. In contrast to Portland cement, Novacem cement absorbs more CO2 over its life cycle than it emits. Novacem estimates that for every tonne of ordinary Portland cement replaced by Novacem cement, around 0.75 tonnes of CO2 could be captured and stored indefinitely in construction products.
Stuart Evans, Chairman of Novacem, said: “We are delighted to have raised investment from such a strong syndicate of specialist investors. They will help us position the company as a dominant provider of carbon negative cement to the construction industry. We are assembling a world-class team and these funds will help us grow the team, complete an initial pilot plant before the end of 2009 and accelerate development and commercialisation”.
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