Secures $5M USD in Financing from BDC
Summary
For every tonne of concrete produced using this process, 150 kg of CO2 are abated/removed.We are tremendously proud to be among the first financing recipients of BDCs new Climate Tech Fund II, says Chris Stern, CarbiCretes CEO. This type of technology is critical to reducing GHG emissions and helping Canada reach its net zero goals, said Pascal Lanctot, Principal, Investments in BDC Capitals Cleantech Practice.On November 2, BDC announced the launch of its new $400M Climate Tech Fund II, a renewed commitment to play a leadership role in creating world-class Canadian cleantech champions. The new envelope brings the Funds committed investments in the innovative cleantech/climate tech sector to $1 billion.In the coming weeks, CarbiCrete will begin commercial operations at its pilot facility housed at hardscape manufacturer Patio Drummonds precast plant in Drummondville, Quebec. The project will yield the worlds first commercially-available carbon-negative concrete blocks.BDC Capital is the investment arm of BDC, Canadas Business Development Bank. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage.