Carbon Upcycling Technologies entered an agreement with ATEL Ventures for up to $10 million in asset-secured financing. The investment will support the company’s flagship project at the Ash Grove Mississauga cement plant, which will permanently sequester CO₂ from the cement kiln and utilize it to transform locally produced industrial byproducts into high-quality, low-carbon supplementary cementitious materials (SCMs).
Once operational, the facility will have the capacity to produce up to 30,000 tonnes of SCMs annually, supporting regional construction supply chains.
“Our partnership with ATEL signals Carbon Upcycling’s technology is entering a new phase of commercial readiness,” said Suzy Taherian, chief financial officer of Carbon Upcycling. “Capital discipline is vital to building the next generation of clean, competitive industrial infrastructure. This agreement aligns the right financing with the right assets, helping us advance our first commercial project while laying the groundwork for repeatable growth.”
Under the agreement, the financing is secured by Carbon Upcycling’s assets, and ATEL receives an option to make a future investment in the company.
With its flagship project set to begin operations in the second half of 2026 and new financing in place, Carbon Upcycling is establishing the financial and commercial foundation necessary to scale localized, clean cement manufacturing infrastructure in North America and beyond.
