Cemvision Raises €10 Million to Scale Green Cement
Cemvision has secured a record €10 million in seed funding, the largest known in the cement industry to date. The priority is now to double both team and production capacity. This will lay the groundwork for the next phase: investing in new cement plants to bring more green cement to the global market.
In June 2023, Cemvision transitioned from pilot to demonstration production levels, marking an important milestone as a startup. At the end of that year, Cemvision signed its first commercial contract with LKAB, a Swedish state-owned mining company. This agreement marks the first kick-off deliveries of green cement from Cemvision's new demonstration facility. The recent closure of the €10 million seed funding round further strengthens Cemvision’s commitment to scaling up its green cement production.
"This milestone demonstrates that we continue to have the confidence and support from both existing and new investors to keep growing. This investment allows us to expand both our team and production capacity to accommodate our current priority: delivering our green cement to our first customers", says Oscar Hållén, CEO of Cemvision.
The €10 million seed funding was led by existing investors BackingMinds and Polar Structure, with additional contribution from new investor Zacua Ventures, which specializes in sustainable construction projects.
"Cemvision's potential is nothing short of extraordinary - the company is ready to lead the cement industry's evolution towards zero emissions. With a top-class team that combines heavy industrial experience with a fresh approach, they are ready to significantly shake things up. We are incredibly excited to embark on this journey together with the team and our highly respected co-investors", says Juan Nieto, General Partner at Zacua Ventures.
The global cement market, valued at nearly $400 billion and responsible for 8% of worldwide carbon emissions, presents a significant climate challenge but also opportunity for change. And the demand for change is larger than what Cemvision currently has capacity for. The funds will be used to strategically scale in 2024 by expanding both the workforce and production capabilities of the company. The current team of 15 employees is set to at least double, and the production capacity is planned to increase from 4,000 tons to over 10,000 tons annually.
“To meet the significant demand for our green cement, these expansions will position us well for the next step as we continue to build out our production capacity. A major advantage for Cemvision is our ability to leverage existing infrastructure as we continue to scale.”, says Hållén, CEO.
Read more about the seed funding here:
About Cemvision
Cemvision offers an alternative to traditional Portland cement, reducing CO2 emissions by over 95% while maintaining durability and performance. It is produced using raw materials recycled from industrial waste and kilns powered by green energy at much lower temperatures. Cemvision's cement achieves early strength up to 5 times faster than Portland cement, enabling increased productivity. The company was founded by three experienced leaders from major global cement giants.
