Carbon Upcycling Technologies has secured up to US$10 million in asset-secured financing from ATEL Ventures to support the commercialization of its low-carbon cement technology.

The agreement marks a milestone for the Calgary-based company, reinforcing the financeability of its platform as it advances its flagship project at the Ash Grove Mississauga Cement Plant in Mississauga, Ont. The facility will permanently sequester carbon-dioxide from the cement kiln and convert locally produced industrial byproducts into low-carbon supplementary cementitious materials (SCMs). Once operational, it is expected 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, CFO 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 the company’s assets, and ATEL has an option to make a future equity investment.

“Carbon Upcycling exemplifies the kind of breakthrough technology we seek to support in venture-backed companies,” said Sam Cash, a vice-president and director at ATEL. “Their platform converts industrial byproducts and captured [carbon-dioxide] into valuable cement materials, improving economics for producers while onshoring critical construction supply chains. We’re pleased to support the company’s first commercial deployment and look forward to seeing this technology scale across industrial infrastructure globally.”

With construction underway, the Mississauga project is expected to begin operations in the second half of 2026, positioning Carbon Upcycling to expand clean cement manufacturing infrastructure across North America and internationally.

Carbon Upcycling develops technology that converts captured carbon and industrial waste into low-carbon cement and other low-carbon products for hard-to-abate industries. Ash Grove, founded in 1882, is one of North America’s leading cement manufacturers with operations in Canada and the U.S.

Photo: Courtesy of Ash Grove and Carbon Upcycling