Sweden’s LKAB Signs Green Cement Deal With EQT-Backed Startup
Swedish state-owned miner LKAB AB has signed a contract with a startup company to supply it with so-called green cement, a product that strips out emission-heavy limestone and heating from the manufacturing process.
Cemvision AB — which is backed by Breakthrough Energy Ventures, Norrsken and EQT — said the deal with LKAB marks the manufacturer’s first commercial agreement, with pilot deliveries scheduled to begin in March, according to a statement.
The cement industry is one of the most polluting sectors, accounting for about 8% of global emissions. Cemvision says its product will slash carbon emissions by 95% compared to traditional methods. Its cement is currently being made in a demo plant in southern Poland, with capacity for 4,000 metric tons per year. By 2030, the company aims to produce 5 million tons annually.
“Over the next four years, we will sign and operationalize a large number of commercial contracts and reach significant scale in the market,” Cemvision Chief Executive Officer Oscar Hallen said.
Hallen says the company is in the process of raising new capital to set up the necessary organization and infrastructure to operate plants in Europe and the US.
There’s “a significant funding need” over the coming years, he said.
