Vancouver, B.C. & Calgary, AB, May 02, 2022 (GLOBE NEWSWIRE) — Purpose ESG Holdings Inc. (“Purpose ESG” or the “Company”), an investment issuer building a portfolio of technology companies that support environmental, social, and governance (ESG) outcomes, is announcing its investment in Carbon Upcycling Technologies (“Carbon Upcycling”).
Carbon Upcycling is headquartered in Calgary, Alberta, and is focused on converting CO2 into advanced additives, primarily for use in concrete. It also produces complementary additives that can be used in plastics manufacturing, coatings, and consumer products.
A 2022 report from Deutsche Welle (DW) reported that the cement and concrete industry is responsible for 8% of total CO2 emissions worldwide.
“Carbon Upcycling has developed technology that is able to significantly reduce the negative environmental impact of concrete production by sequestering CO2 into cement alternatives. This has the added benefits of reducing the volume of cement required, while also strengthening the resulting concrete,” said Young Bann, CEO of Purpose ESG. “This is a win-win solution for the industry which can help it to meet the aggressive abatement targets that have been set for it by associations and governments.”
Carbon Upcycling offers a unique, single-step, low-energy solution that lowers carbon emissions from concrete by at least 10%, improves concrete durability by over 60%, and offers better protection for rebar.
“Scaling carbon-to-value (C2V) innovation will play a critical role in the decarbonization of our economy,” said Apoorv Sinha, CEO of Carbon Upcycling. “We are targeting emissions at the source by capturing CO2 emitted directly from the cement production kilns while contributing to the development of more robust, local supply chains.”
Carbon Upcycling has a patented carbon utilization technology and has already begun achieving significant commercial success, having deployed over 1,600 tonnes of its low carbon concrete additives into the market. It has signed memorandums of understanding (MOUs) with three of the world’s largest cement companies, including Lafarge Holcim and CEMEX, and has also been awarded over CA$11M in grants from national and provincial institutions such as National Resources Canada and Emissions Reduction Alberta.
Carbon Upcycling announced on April 21, 2022, that it secured a total of US$6.15m in financing from a national syndicate of Clean Tech investment companies including Purpose ESG.
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About Carbon Upcycling Technologies
Carbon Upcycling Technologies (“Carbon Upcycling”) was formed to use the waste of today to build the materials of tomorrow by converting CO2 gas into advanced material additives. Since 2014, Carbon Upcycling has scaled its ability to utilize CO2 emissions from point sources, such as power plants, by over 10 million times in reactor size. Carbon Upcycling’s carbon-enhanced additives primarily service the concrete industry, but have complementary additives that are used in plastics manufacturing, coatings, and consumer products. Carbon Upcycling Technologies can be found on Instagram, Facebook, LinkedIn, and Twitter.
About Purpose ESG Holdings Inc.
Purpose ESG Holdings Inc. (“Purpose ESG”) is an investment issuer with a portfolio focused on environmental, social, and governance (ESG) outcomes, with a focus on electrification, food tech, hydrogen power, carbon capture, and technologies supporting the circular economy. Purpose ESG provides its investors with the opportunity to participate in the growth of a portfolio of breakthrough technologies and value chain solutions with market leadership potential. The Company will work closely with its portfolio companies to drive their growth and success, ultimately working to build a smarter, cleaner, and more sustainable future. Learn more: https://purposeesg.com/
ON BEHALF OF THE BOARD OF DIRECTORS:
Young Bann, CEO
Purpose ESG Holdings Inc.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Purpose ESG in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the securities may not be offered or sold within the U.S. or to U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.