Oman's 44.01 completes $5mln additional Series A investment
MUSCAT: Award-winning Omani climate tech startup 44.01 has received an additional $5 million in Series A investment from Norwegian sovereign investor Nysnø Climate Investments and MENA-focused VC fund Jasoor Ventures, bringing the total Series A fundraise to $42 million.
The Series A round was led by Equinor Ventures in July 2024 with Shorooq Partners in the UAE, as well as (in alphabetical order) Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon's Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation and several other investors. Existing investors including Breakthrough Energy Ventures also recommitted to 44.01's technology by participating in the round.
Nysnø Climate Investments, the Norwegian state's climate investment company, invests in companies and funds with technology for reducing greenhouse gas emissions. With a managed capital of 5.4 billion NOK, Nysnø invests in renewable energy, digital technologies, resource efficiency, sustainable consumption and circular economy.
Additional investment from Norway and MENA reflects international optimism about the potential of mineralisation to help countries meet their Net Zero ambitions. Mafic and ultramafic rock formations capable of mineralising CO2 are found on every continent making 44.01's mineralisation technology a truly global climate solution. Mineralisation projects can be built quickly and modularly, offering a cost-effective alternative to conventional geological carbon storage.
44.01 is now working to further develop and commercialise its technology. In 2024, 44.01 and ADNOC announced plans to scale up deployment of carbon mineralisation in the UAE following a successful pilot. 44.01 is also evaluating international opportunities, including in Norway where the company has recently established an office.
Talal Hasan, Founder and CEO of 44.01, said 'I am excited to welcome Nysnø and Jasoor to 44.01. We believe carbon mineralisation will play a significant role in helping protect and repair our climate, and I look forward to working with our new investors to help scale our technology internationally.'
John E Johannessen at Nysnø Climate Investments, said 'We are very excited to support the talented 44.01 team and to join a strong investor consortium. Norway has long been a frontrunner in carbon capture and storage, and we are now looking forward to seeing 44.01's solution for permanent CO2 removal through mineralisation being adopted and scaled in Norway as well as internationally, making significant impact in reducing climate gas emissions to the atmosphere.'
44.01 won the Earthshot Prize in 2022 and the company's Project Hajar in the UAE was named an XPRIZE Carbon Removal Top 20 Finalist.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
25 minutes ago
- Gulf Today
Adnoc L&S, Borouge sign deal to boost UAE petrochemical exports
Borouge and Adnoc Logistics & Services (Adnoc L&S) have entered a 15-year strategic partnership that will support a significant increase in the production and export of petrochemicals from the UAE. The mutually beneficial service agreement will deliver a minimum guaranteed value of $531 million (Dhs1,950 million), supporting the next phase of Borouge's accelerated growth plans, driving operational cost savings over the full contract term, realising more than $50 million in cost savings and efficiencies in the first five years alone, and enhancing the company's supply chain network. The agreement covers port management, container handling, and feeder container ship services for the Borouge Container Terminal in Al Ruwais Industrial City, Abu Dhabi. Adnoc L&S will manage the transportation of up to 70 per cent of Borouge's annual production, which will increase significantly following the completion of the Borouge 4 plant expansion. It will deploy a minimum of two dedicated container feeder ships to transport Borouge's products from Al Ruwais to the deepwater ports of Jebel Ali in Dubai and Khalifa Port in Abu Dhabi. Hazeem Sultan Al Suwaidi, CEO of Borouge, commented, 'This agreement builds on our long-standing collaboration with Adnoc L&S, a partnership that has been instrumental in meeting the evolving needs of our customers in high-growth markets. 'It brings significant benefits to Borouge; driving substantial operational cost savings and enhancing our Logistics Variable Cost (LVC), as well as complementing our existing rail operations and expanding the flexibility of our supply chain network.' 'With the rapid increase in our production capacity, we are advancing our capabilities in delivering differentiated products and solutions efficiently, while keeping pace with rising global demand.' As Borouge plans to ramp up production capacity by 1.4 million tonnes per annum by the end of 2026 through its Borouge 4 mega project, Borouge will become the world's largest single-site polyolefin complex. The partnership with Adnoc L&S will further enhance Borouge's supply chain efficiency as well as reinforcing Adnoc L&S' commitment to delivering innovative, integrated supply chain solutions that enhance trade, strengthen industrial resilience, and support the UAE's vision for economic diversification and global leadership. Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, said, 'This comprehensive container terminal agreement marks a major milestone in our successful partnership with Borouge, delivering on Adnoc L&S' strategy to provide seamless, end-to-end logistics solutions that power the UAE's industrial growth and export ambitions. By leveraging our extensive maritime and logistics expertise, we are ensuring that Borouge's world-class petrochemical products reach global markets efficiently and competitively.' WAM
Arabian Business
5 hours ago
- Arabian Business
UAE franchise sector generates $27.2bn revenue a year
The UAE's franchise industry has become a significant contributor to the national economy, with annual revenues exceeding AED100bn ($27.2bn) and an annual growth rate of 15 per cent. Regionally, the MENA market is valued at more than AED120bn ($32.7bn), while globally the sector generates more than AED6tn ($1.63tn) and supports over 19m jobs through 2m franchisees. In celebration of World Franchise Day on June 11, the Emirates Franchise Association, affiliated with the Abu Dhabi Chamber of Commerce and Industry, hosted a high-profile forum under the theme 'Franchise Unites Us and Innovation Leads Us.' UAE franchises pass $27.2bn in revenue The event, held at the Chamber's headquarters, brought together a group of entrepreneurs, decision-makers, and public-private sector representatives with a shared interest in the rapidly growing franchise sector. Organised in collaboration with the Khalifa Fund for Enterprise Development and the Abu Dhabi Businesswomen Council, the forum focused on strategies to expand UAE-based franchise brands both locally and globally. This economic footprint underscores franchising's role in empowering entrepreneurs, creating jobs, and fostering sustainable business ecosystems. Noor Al Tamimi, Chairwoman of the Emirates Franchise Association, said that celebrating World Franchise Day reinforces the franchise sector's status within the UAE's economic ecosystem, especially considering national efforts to diversify sources of income and promote an entrepreneurial culture. She emphasised that franchising today is a practical tool for business growth, enabling entrepreneurs to operate within an integrated operational system, allowing them to benefit from knowledge, training, and institutional support. Al Tamimi said: 'The Emirates Franchise Association continues to implement its national strategy aimed at enabling Emirati brands to expand locally and globally. The relaunch of the Association's corporate identity has been a significant turning point in its journey, especially after it received official recognition from the World Franchise Council, which made it the accredited representative of the UAE at this international forum.' She confirmed that the Association hopes to be a strategic partner in building an integrated franchise ecosystem in the UAE, one that is based on supportive legislation, accessible financing, specialised training, and international representation. The forum featured a key dialogue session titled 'Meeting of Minds', where franchise owners, consultants, and experts discussed opportunities and challenges in growing local franchises. Topics included legal frameworks, operational readiness, and financial support mechanisms critical to achieving competitive and sustainable expansion. A presentation showcased successful Emirati brands that have scaled through franchising, and celebrated the Association's ongoing efforts to build a future-ready franchise landscape based on innovation and efficiency. Among the highlights of the event was the 'Franchise Walk,' a showcase of select local and international brands, providing attendees with direct insights into diverse business models. Meanwhile, advisory sessions were held in collaboration with professional consultancy firms, offering hands-on guidance regarding the legal, regulatory, and operational aspects of franchising.
Al Etihad
7 hours ago
- Al Etihad
Trump: China trade deal 'done,' includes access to rare earths
11 June 2025 18:34 WASHINGTON (AFP)US President Donald Trump touted ties with China as "excellent" on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their trade said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for US industries -- while Washington would allow Chinese students to remain in US post came hours after top US and Chinese negotiators announced a "framework" agreement late Tuesday following two days of marathon talks in London."Our deal with China is done," Trump wrote, adding that the agreement was still "subject to final approval with President Xi (Jinping) and me.""President XI and I are going to work closely together to open up China to American Trade," he said in a second post. "This would be a great WIN for both countries!!!" US stock markets showed little enthusiasm despite Trump's latest statements, with the broad-based S&P 500 and the Dow flat while the tech-heavy Nasdaq edged higher in morning deals.
