Oil and Gas Industry Leaders Invest in Solidia Technologies’ Sustainable Cement and Concrete Innovations
Investment will aid in reducing greenhouse gas emissions by bringing technology to market
PISCATAWAY, N.J.--(BUSINESS WIRE)-- Solidia Technologies® announced today that OGCI Climate Investments has made in an investment in the company to support the adoption of Solidia’s patented cement and concrete technology using CO2.
The Oil and Gas Climate Initiative (OGCI) is a CEO-led initiative of ten oil and gas companies that collaborate on action to lead the industry response to climate change. OGCI Climate Investments, its billion dollar investment arm, supports the development, deployment and scale up of new technologies that will significantly reduce greenhouse gas emissions.
“We believe that Solidia Technologies’ product and process can provide a step change in lowering the greenhouse gas and water footprint of the cement and concrete industry,” said OGCI Climate Investments CEO Dr. Pratima Rangarajan. “We are committed to helping them commercialize on a global scale to increase the adoption of their carbon recycling technology.”
Solidia’s technologies start with sustainable Solidia Cement™ and cure Solidia Concrete™ with CO2 instead of water, reducing carbon emissions up to 70% and recycling 60-80% of the water used in production. Targeting the estimated US$1 trillion concrete and US$300 billion cement markets, Solidia’s processes offer manufacturers significant cost savings based on faster curing times, lower energy and raw material consumption, reduced waste generation, and reduced labor requirements.
“Bringing a sustainable technology to market is impossible without support from investors like OGCI Climate Investments,” said Solidia CEO and President Tom Schuler. “It’s admirable that leaders in oil and gas have come together to address climate change. Their commitment to reducing greenhouse gas emissions through funding ground-breaking solutions will speed adoption.”
The Oil and Gas Climate Initiative is a CEO-led initiative which aims to show sector leadership in the response to climate change. OGCI is made up of ten oil and gas companies that collaborate on action to reduce greenhouse gas emissions. OGCI Climate Investments (OGCI CI) will invest $1 billion dollars over ten years to support start-ups and help develop technologies with the potential to reduce greenhouse gas emissions significantly. Please visit www.oilandgasclimateinitiative.com/.
Source: Solidia Technologies
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