Oman's 44.01 completes $5m 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.
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