Carbon Upcycling Secures $10M in Financing from ATEL Ventures to Support Clean Cement Manufacturing

Carbon Upcycling Technologies Inc. ("Carbon Upcycling"), the leading commercial platform provider for low-carbon cement materials, today announced that it has entered an agreement with ATEL Ventures ("ATEL") for up to USD 10 million in asset-secured financing.

The agreement marks an important milestone in Carbon Upcycling's commercialization journey by reinforcing the financeability of its technology. It will support the company's flagship project at the Ash Grove Mississauga Cement Plant, which will permanently sequester CO₂ from the cement kiln and utilize it to transform locally produced industrial byproducts into high-quality, low-carbon supplementary cementitious materials (SCMs). Once operational, the facility will have the capacity to produce up to 30,000 tonnes of SCMs annually, supporting regional construction supply chains.

>> In Other News: CUR8 and Isometric Launch Derisked Carbon Removal Portfolio for Corporate Net Zero Goals

"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 Carbon Upcycling's assets, and ATEL receives an option to make a future investment in the company.

"Carbon Upcycling exemplifies the kind of breakthrough technology we seek to support in venture-backed companies," said Sam Cash, VP & Director at ATEL Ventures. "Their platform converts industrial byproducts and captured CO₂ 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 its flagship project set to begin operations in the second half of 2026 and new financing in place, Carbon Upcycling is establishing the financial and commercial foundation necessary to scale localized, clean cement manufacturing infrastructure in North America and beyond.

About Carbon Upcycling

Carbon Upcycling is advancing cement manufacturing to meet the demands of a new era. Its platform system transforms industrial byproducts and CO₂ into high-quality cement materials, building a sustainable and cost-effective pathway to strengthen local supply chains, enable industrial onshoring, and accelerate the transition to low-carbon infrastructure.

Carbon Upcycling is backed by a syndicate of strategic investors, including Builders Vision, the Business Development Bank of Canada, Climate Investment, Oxy Low-Carbon Ventures, Amplify Capital, and Clean Energy Ventures, as well as three of the world's leading cement manufacturers: CRH Ventures, Cemex Ventures, and TITAN Group. In recognition of its breakthrough technology, Carbon Upcycling has been named a three-time Global Cleantech 100, Reuters 100 Innovators Leading the Energy Transition, and a Keeling Curve Prize Laureate.

For more information, visit www.carbonupcycling.com

About ATEL Ventures

ATEL Ventures provides growth capital and equipment financing solutions to startups backed by top-tier venture capital firms. ATEL's venture loans support the ability of startups to reach critical milestones and growth targets while preserving equity.

ATEL Ventures is part of ATEL Capital Group, a private credit firm providing asset-backed lending, supporting more than 1,000 businesses globally to date. In addition to ATEL Ventures, ATEL Capital Group owns ATEL Leasing Corporation—which provides business-critical equipment finance to investment-grade Fortune 1000s and other leading global enterprises—and ATEL Properties, a real estate investment business..

Across all business lines, ATEL brings together a seasoned team, global network, and decades of experience to deliver strategic capital and enduring partnership.

For more information, visit www.atel.com

SOURCE Carbon Upcycling Technologies Inc.