Specialist investor, the London Technology Fund (LTF), has made a follow-on investment into carbon negative cement company Novacem.
The funding, which was part of a syndicate including construction company Laing O’Rourke and existing investors Imperial Innovations and the Royal Society Enterprise Fund, totalled UK£1.6m (EUR1.86m). Cranch Lamble, investor director at LTF said the investment will help the development programme of the company.
‘They are working alongside industry members who may be potential end-users, which was another thing that makes the investment an attractive proposition,’ Lamble said.
Total funds raised now come to more than UK£2.5m and Stuart Evans, chairman of Novacem, said the further investment will enable it to continue its technology development programme.
‘The cement industry is working hard to improve current Portland cement technology and to reduce emissions, but the limestone raw material is a fundamental barrier to how far they can go. It’s clear that revolution is needed, not just adaptation, and at Novacem we are taking that challenge on.’
Novacem said it will deploy the capital in expanding its commercial activities in the run up to an expected Series-A financing.
In July, it announced the first closing of its Green Cement Bond, with building materials provider Lafarge as the first subscriber.