Sustainability

Amazon fund invests in Omani startup

July 15, 2024, 10:17 AM

Omani CO2 44.01 — The world’s first commercial-scale peridotite mineralisation project will begin later this year in the Hajar mountains

$37m in fresh funding for 44.01
Company mineralises CO2
Technology speeds up natural process

Amazon is among a group of investors backing the Omani CO2 mineralisation startup 44.01 with $37 million in fresh funding.

44.01 won the 2022 Earthshot Prize for its development of a technique that harnesses the natural power of mineralisation in peridotite, a mineral that is found in abundance in the sultanate.

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The Series A funding round, which included the UAE-based Shorooq Partners, will allow 44.01 – named after the molecule mass of CO2 – to continue to refine its technology, develop commercial-scale projects and expand internationally.

Amazon’s funding was through its Climate Pledge Fund division and other investors including Innovation Development Oman, Siemens Financial Services and Sumitomo Corporation.

“We believe mineralisation can play a significant role in protecting and repairing our climate,” said Talal Hasan, founder and CEO of 44.01.

Moving mountains to lead in global carbon capture race

Mineralisation projects can be built quickly and modularly, offering a cost-effective alternative to conventional geological carbon storage.

Abu Dhabi National Oil Company (Adnoc) announced in January last year it was working with 44.01 on a pilot technology scheme in the emirate of Fujairah.

Mahmoud Adi, one of the founders of Shorooq Partners, said 44.01’s technology offers a “safe, permanent and scalable solution to CO2 elimination”.

Oman has set a target of 2050 to reach net zero carbon emissions.

The sultanate’s Ministry of Energy and Minerals and 44.01 are due to start work on a commercial-scale peridotite mineralisation project in the Hajar mountains.

Jamey Mulligan, head of carbon neutralisation at Amazon, said: “Carbon mineralisation, such as that developed by 44.01, is a promising technology that can help advance the carbon removal industry at scale.”