ClimateCrete Inc. announces close of $3.3 million series A funding round led by Capital K
MENLO PARK, Calif., Dec. 5, 2023 /PRNewswire/ -- Sustainable construction aggregates startup ClimateCrete Inc. announced today the close of a $3.3 million series A funding round led by Capital K, a Silicon Valley VC firm specializing in deep tech startups, and joined by KAUST Innovation Ventures, the venture arm of Saudi Arabia's King Abdullah University of Science and Technology (KAUST).
The firm also announced the appointment of its first CEO, Peter Hadrovic, a veteran Silicon Valley CEO, startup advisor and attorney.
ClimateCrete makes concrete production sustainable and more climate friendly thanks to a patent-pending technology that uses abundant local sand, instead of increasingly scarce imported sand, in a formulation that requires less cement, the main source of concrete's CO2 footprint. Compared to conventional concrete, ClimateCrete™ has a significantly reduced carbon footprint and costs no more than comparable products.
"ClimateCrete's technology transforms abundant but unusable local sand into a precious new commodity for the construction industry worldwide," said Patrick Suel, Capital K's Managing Director. "The resulting concrete is stronger while reducing CO2 global emissions. Considering that the world is fast running out of construction sand, ClimateCrete is poised to radically change the economics and environmental impact of concrete applications."
ClimateCrete's technology was developed at KAUST in the laboratory of co-founder Jorge Gascon, Professor and Director at the KAUST Catalysis Center. His research was inspired by the fact that the vast sands of the Arabian peninsula were not, until now, suitable for use in concrete.
"Currently, only 5 percent of the world's sand can be used for concrete. At ClimateCrete, we have developed technology that modifies the surface of the sand particles, making a much more durable and stable concrete" said Professor Gascon. "ClimateCrete's modification process improves the quality of the concrete and reduces the need for cement, which is the source of concrete's CO2 profile. Transportation costs and CO2 emissions associated with sand imports are also eliminated."
ClimateCrete is delivering its first prototypes for concrete production to partners in Saudi Arabia, where more than $1.1 trillion in real estate and infrastructure projects are in development.
"The adoption of this technology presents an immense opportunity for Saudi Arabia," said William McDonough, another ClimateCrete co-founder and KAUST Distinguished ResearchProfessor, recently named as one the TIME 100 most innovative leaders driving climate action. "With an executable first pilot program to prove its technology and solution, ClimateCrete is positioned to establish a path for unprecedented growth within the construction manufacturing industry in Saudi Arabia and the region."
ClimateCrete's new CEO, Peter Hadrovic, has 23 years experience in Silicon Valley as a CEO, startup advisor and practicing attorney. His most recent roles include CEO at Integrated Tactical Technologies, CEO at Sonitus Technologies, and SVP at Adamas Pharmaceuticals. Hadrovic began his career in Silicon Valley at the Venture Law Group.
About
ClimateCrete is a US-based startup that converts previously unusable local sand into a sustainable new aggregate for concrete manufacturing, making concrete production sustainable by enabling production locally with a much reduced carbon footprint. ClimateCrete™ is the official, registered trademark of the patent-pending ClimateCrete™ process.
SOURCE ClimateCrete
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